The global flame retardants market size reached US$ 9.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 13.5 Billion by 2028, exhibiting a growth rate (CAGR) of 6.6% during 2023-2028. The growing demand in long-distance telecommunications, increasing utilization of coat industrial machinery and electrical devices, and rising purchase of personal cars represent some of the key factors driving the market.
Rising Renovation and Construction Activities Augmenting Market Growth
Flame retardants slow down the spread of fire, which is essential in providing time to evacuate during emergencies. This, coupled with the rising global population and inflating income levels, is resulting in increasing renovation and construction activities worldwide and impelling the market growth. Flame retardants are also used in large polystyrene sheets and rigid polyurethane foam panels, which insulate walls and ceilings and create soundproof interiors of homes and commercial buildings. Moreover, building engineers and architects are finding different ways to utilize flame retardants in the construction process of building.
Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. The market structure is consolidated as various product manufacturers who have launched new products catering to specific end-use industries. The volume of new entrants in the market is low due to the presence of high barriers and the requirement for sophisticated technology to set up a production unit.
What are Flame Retardants?
Flame retardants are substances comprising a wide variety of chemicals, such as chlorine, bromine, aluminum, antimony oxides, molybdenum compounds, zinc, magnesium oxides, organic phosphate esters, halogenated phosphorus, and inorganic phosphorus-containing salts. They are manufactured from organophosphates and various active compounds and consist of nitrogen compounds, graphene, graphite, and silicon-based materials. Flame retardants are often applied on the surface of wooden furniture to protect them from fire and enhance its safety. They reduce the ability of fire to spread and the quantity of heat it emits. They provide building and home occupants more time to escape a fire and guard against loss and property damage caused by fire. Flame retardants are used in the manufacturing of automobile bumpers, overhead compartments, and seat covers. They are also utilized in manufacturing various electronic devices, such as televisions (TVs), smartphones, laptops, and computers. They are employed for preventing, stopping, or slowing down the combustion of various flammable materials, such as wood, plastic, paper, and rubber. They also find applications in fireproofing various furnishing products, such as carpets, curtains, and upholstery.
The outbreak of the coronavirus caused severe impacts on the flame retardants market. Many of the flame retardants manufacturing units were completely shut down, and operations were disrupted due to lockdowns imposed by the government. In addition, the enforcement of social distancing led the flame retardant manufacturing units to downscale their capacity or temporarily pause their production, which hindered the growth of the market. Apart from this, the demand for flame retardants in various end-use industries, such as automotive, construction, electronics, and transportation sectors, also declined during the pandemic, which negatively impacted the growth of the flame retardants market. Furthermore, the restrictions imposed on roads led logistics providers to reduce their activities, and many were unable to transport the raw materials, which interrupted the growth of the flame retardants market.
Flame Retardants Market Trends:
At present, the increasing utilization of fire retardants to coat industrial machinery and electrical devices to decrease fire-related hazards and strengthen the safety of employees and workers represents one of the primary factors influencing the market positively. Besides this, the rising purchase of personal cars to avoid public transportation and travel comfortably is propelling the growth of the market. In addition, governing agencies of various countries are implementing stringent rules and regulations for industries to improve fire safety and encourage the utilization of flame retardants. Apart from this, the increasing demand for flame-retardant optical fibers in long-distance telecommunications between buildings to provide high-speed internet access is contributing to the growth of the market.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global flame retardants market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on type, application and end use industry.
- Alumina Trihydrate
- Brominated Flame Retardants
- Antimony Trioxide
- Phosphorus Flame Retardants
The report has provided a detailed breakup and analysis of the flame retardants market based on the type. This includes alumina trihydrate, brominated flame retardants, antimony trioxide, phosphorus flame retardants, and others. According to the report, brominated flame retardants represented the largest segment as they fulfill the requirement of regional and energy efficiency benchmarks. In addition, the increasing employment of brominated flame retardants in the construction industry is propelling the growth of the respective segment.
- Unsaturated Polyester Resins
- Epoxy Resins
A detailed breakup and analysis of the flame retardants market based on the application has also been provided in the report. This includes unsaturated polyester resins, epoxy resins, PVC, rubber, polyolefins, and others. According to the report, epoxy resins accounted for the largest market share as it can be incorporated into curing agents, accelerators, and fillers. Apart from this, the rising employment of epoxy resins in the automotive industry and for manufacturing high-performance lamination is contributing to the growth of the market.
End Use Industry Insights:
- Wires and Cables
- Automotive and Transportation
- Electrical and Electronics
A detailed breakup and analysis of the flame retardants market based on the end use industry has also been provided in the report. This includes construction, wires and cables, automotive and transportation, electrical and electronics, and others. According to the report, electrical and electronics accounted for the largest market share due to the increasing utilization of various electrical appliances. In addition, the growing employment of flame retardants in the manufacturing of electrical equipment as they are under constant threat of short circuits is offering a favorable market outlook.
- North America
- South Korea
- United Kingdom
- Latin America
- Middle East and Africa
The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others) was the largest market for flame retardants. Some of the factors driving the Asia Pacific flame retardants market included the growing manufacturing output and advancements in technologies, rising adoption of nanotechnology in the production of flame retardants, enhanced security measures and new regulatory guidelines to maintain fire safety in industries, etc.
The report has also provided a comprehensive analysis of the competitive landscape in the global flame retardants market. Some of the companies covered in the report include:
- Almatis GmbH
- BASF SE
- Borealis GmbH (OMV Aktiengesellschaft)
- Budenheim Iberica S.L.U
- Campine NV
- Clariant AG
- Dover Chemical Corporation (ICC Industries Inc.)
- Dow Inc.
- ICL Group Ltd
- Lanxess AG
- Otsuka Chemical Co. Ltd.
- RTP Company (Miller Waste Mills Inc.)
Please note that this only represents a partial list of companies, and the complete list has been provided in the report.
|Base Year of the Analysis
||Type, Application, End Use Industry, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||Almatis GmbH, BASF SE, Borealis GmbH (OMV Aktiengesellschaft), Budenheim Ibérica S.L.U, Campine NV, Clariant AG, Dover Chemical Corporation (ICC Industries Inc.), Dow Inc., ICL Group Ltd, Lanxess AG, Otsuka Chemical Co. Ltd. and RTP Company (Miller Waste Mills Inc.)
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Key Benefits for Stakeholders:
- IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the flame retardants market from 2017-2028.
- The research study provides the latest information on the market drivers, challenges, and opportunities in the global flame retardants market.
- The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
- Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the flame retardants industry and its attractiveness.
- Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.