Flame Retardants Market worth $9.5 billion by 2028 Globally, at a CAGR of 5.2% says MarketsandMarkets™
Chicago, Nov. 02, 2023 (GLOBE NEWSWIRE) — The Global Flame Retardants Market is projected to reach USD 9.5 billion by 2028, at a CAGR of 5.2%, between 2023 and 2028, as per the recent study by MarketsandMarkets™. The flame retardants market is mainly driven by the increase in fire accidents in various industries and fire safety guidelines. The increasing demand for consumer electronics in the emerging markets of Asia Pacific are expected to provide growth opportunities for players in the flame retardants market.
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List of Key Players in Flame Retardants Market:
- Albemarle Corporation (US)
- Clariant AG (Switzerland)
- LANXESS AG (Germany)
- BASF SE (Germany)
- ICL Group Ltd. (Israel)
- Nabaltec AG (Germany)
- Huber Engineered Materials (US)
- ADEKA Corporation (Japan)
- Italmatch Chemicals S.p.A. (Italy)
- Avient Corporation (US)
- among others
Drivers, Restraints, and Opportunities in Flame Retardants Market:
- Driver: Strict fire safety guidelines to increase the demand for flame retardants in various applications
- Restraints: Harmful chemicals used in flame retardants
- Opportunities: Rising demand for wires & cables globally
- Challenges: Growing emphasis on environmental protection and sustainability
Key Findings of the Study:
- Based on type, nitrogen is projected to register highest CAGR, in terms of value, during the forecast period
- Based on end-use industry, building & construction was the largest segment for flame retardants market, in terms of value, in 2022.
- Based on application, polyolefins were the largest segment for flame retardants market, in terms of value, in 2022
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Governmental regulations and directives, and the increasing liking towards eco-friendly materials by customers and original equipment manufacturers (OEMs) resulted in restricted use of halogenated additives that are largely used in flame retardancy applications, especially in the electrical & electronics industry. This has in turn driven the demand for non-halogenated flame retardants such as phosphorus and aluminum trihydrate.
The necessity to safeguard buildings and occupants from fire threats and other safety-related issues are major drivers driving the demand for flame retardants in the building and construction sector. Building codes and regulations in many countries and regions mandate the use of flame-retardant materials in various construction applications. These rules are made to improve fire safety and lessen the possibility of building fires spreading. Flame retardants must be used in construction materials to comply with these requirements. All these factors drive the demand for flame retardants in building & construction end-use industry.
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Building codes and fire safety rules frequently demand that materials used in the building, electronics, transportation, and other industries fulfil fire performance standards. Epoxy flame retardants lessen the flammability and increase the fire resistance of epoxy-based materials, assisting them in complying with these laws. All these factors driven the demand for flame retardants in epoxy materials.
A significant demand for flame retardants in Western Europe can be attributed to several variables, including building & construction activities, factors related to safety regulations, industry needs, environmental concerns, and technological advancements. Flame retardants are used in various applications across industries, and their demand in Western Europe reflects these diverse requirements.
Key players companies have reliable manufacturing facilities as well as strong distribution networks across key regions, such as North America, Europe, and Asia Pacific. They have an established portfolio of reputable products and services, a robust market presence, and strong business strategies. Furthermore, these companies have a significant market share, products with wider applications, broader geographical use cases, and a larger product footprint.
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