According to the latest report by IMARC Group, titled “Flame Retardants Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global flame retardants market reached a value of US$ 8.5 Billion in 2021. Flame retardants are substances or chemicals that are applied to materials to prevent the start or slow the growth of a fire. They are manufactured using organophosphates, organohalogens, and various active compounds, such as phosphorus, nitrogen, aluminum, bromine, chlorine, magnesium, boron, and carbon. These chemicals are widely used in polystyrene (PS) and polyurethane (PU) insulation foams, electric cables, and building and construction materials. Flame retardants are also employed to manufacture seat covers, automobile bumpers, overhead compartments, furnishing items, and electronic devices, such as laptops, personal computers, and televisions.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Flame Retardants Market Trends-
One of the key factors driving the market growth is the widespread product utilization across various industrial verticals to slow down fire spreads and prevent property loss. For instance, manufacturers in the consumer electronics sector are widely using flame retardants in electric wire insulations in circuit boards, electronic casing, and wires and cable systems to prevent fires. Additionally, the increasing product demand in residential buildings and public spaces due to the rising need for effective fire management solutions, supported by the growing utilization of flammable materials, such as plastics, foams, and composites, is acting as another growth-inducing factor. Apart from this, the introduction of safer alternatives, such as phosphorous, bromine, and chlorine-based non-halogenated flame retardants that are sustainable and safe for humans upon exposure, is providing a considerable boost to the market growth. Other factors, including the significant growth in the chemical industry, extensive research and development (R&D) activities, and the implementation of various government initiatives toward fire safety standards and regulations to lower explosion-related accidents in offices, industries, and public places, are anticipated to drive the market toward growth. On account of the aforementioned factors, the market value is expected to reach US$ 12.7 Billion by 2027, exhibiting a CAGR of 6.9% during 2022-2027.
- On the basis of the type, the market has been classified into alumina trihydrate, brominated flame retardants, antimony trioxide, phosphorus flame retardants, and others.
- Based on the application, the market has been divided into unsaturated polyester resins, epoxy resins, PVC, rubber, polyolefins, and others.
- On the basis of the end use industry, the market has been classified into construction, wires and cables, automotive and transportation, electrical and electronics, and others.
- On a regional basis, the market has been categorized into 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 Middle East and Africa.
- The competitive landscape of the industry has also been examined, with some of the key players being 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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