The global Flame Retardant Market size is anticipated to reach USD 12.99 billion by 2028, registering a CAGR of 8.0% over the forecast period, according to a new report by Grand View Research, Inc. This growth can be attributed to the growing application scope in key end-use industries including automotive, electrical & electronics, transportation, construction, and others. In addition, increasing demand for these products in applications, such as polyolefin, Engineering Thermoplastics (ETP), epoxy resins, Polyvinyl Chloride (PVC), and rubber, coupled with the presence of favorable government regulations, especially in Asia Pacific, North, America, and Europe, will drive the market in the coming years.
Halogenated products, including brominated,
chlorinated, phosphate-based, and antimony trioxide-based, are widely used in
various applications, such as printed wiring boards, wires &
cables, floorings, flexible polyurethane foams,
polyolefins, polyamides, wall sheeting, refrigeration, and others. The
demand for environmentally friendly products, such as non-halogenated flame
retardants, is growing at a rapid pace. The Asia Pacific, North America, and
Europe regions have emerged as the largest consumers owing to the presence of
stringent environmental sustainability policies and the rising awareness about
fire safety among consumers.
Phosphorus-based flame retardants, both chlorinated
and non-halogenated, are extensively used in flexible and rigid
polyurethane foams and the demand is anticipated to augment in the coming
years. They have wide application prospects, and it is a vital part of
inorganic flame retardants. These products can be divided into inorganic and
organic phosphorous products. Asia Pacific holds a substantially high share
owing to the increasing product penetration in the end-use industries including
automotive, electrical & electronics, construction, and others. The markets
in Asia Pacific are witnessing high production, especially in countries, such
as India, China, Japan, and South Korea, owing to the growing emphasis on
eco-labeled fire resistance products.
The COVID-19 pandemic has highly impacted the growth
of the automotive and construction, sectors. The halting of manufacturing
activities, slowing down of construction projects, and ongoing labor shortages
owing to travel restrictions are expected to affect the demand for the products
and their derivatives in construction applications over the forecast period.
The global market is highly competitive due to the presence of a large number
of multinationals that are engaged in constant R&D activities. Companies,
such as BASF SE, Clariant, DuPont, DSM, Albemarle Corp., and LANXESS have a
global presence and dominate the market due to a wide range of products for
each application market. A majority of these companies have integrated their business
operations across the value chain.
Related Press Release@ Flame Retardant Market Report
Flame Retardant Market Report
Highlights
- Asia Pacific was the dominant regional market in 2020 owing to the
increased investments in the end-use industries, such as transportation
and construction, especially in developing countries like India
- The U.S. accounted for the largest share of the North America
regional market in 2020 due to the large-scale production and rapid growth
of the electrical & electronics, automotive, and construction sectors
in the U.S.
- The non-halogenated product segment accounted for the highest
revenue as well as volume share in 2020 owing to increased environmental
concerns and stringent government regulations
- The bromine-based halogenated product segment led the market in
2020, in terms of revenue, owing to the high demand as a result of their
low cost and high performance
- In 2020, aluminum hydroxide emerged as the largest non-halogenated
product segment, in terms of both volume and revenue, owing to its
non-toxic nature and low cost
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