The global flame retardants market was worth more than USD xx billion in revenue in 2018 and is expected to cross USD xx billion in 2023, growing at a healthy CAGR of over xx% during the forecast period.
Flame retardants are specialty chemicals used to treat materials to improve their fire resistance. Flame retardants are highly effective in preventing and curbing the development of domestic and industrial fires. The major use of flame retardants is for electrical/electronics, construction, automobiles and other domestic and industrial applications.
Based on the type of chemicals used, flame retardants can be Inorganic, phosphorus-based, nitrogen-based and halogenated.
As flame retardants are used to treat electrical/electronics, construction materials, automobile components, furniture and others, demand from these industries is expected to increase the growth of flame retardants market. Demand from electrical/electronics, construction, automobiles, furniture and other markets are actually increasing because of growing population and extra income in developing countries. Additionally, rising demand from various other industries such as textiles, aviation and others is likely to drive flame retardants market.
Drivers and Restraints of Flame Retardants Market
Growing investments in electrical/electronics, construction, automobiles, furniture and other industries in regions like Asia and the Americas are likely to offer tremendous possibilities for flame retardants market in the future. As the business requires low intensive capital and has higher accessibility to raw material, many multinational businesses are investing in the market.
Flame retardants have an adverse effect on human surroundings if exposed to it for a longer duration. Their acute toxicity often makes environmental regulatory institutions to implement strict regulations on flame retardants usage. Existing and future regulations concerning the use of halogenated flame retardants are likely to hinder the market growth.
Flame Retardants Market by Region
Asia was the largest consumer of flame retardants and this pattern is anticipated to be identical over the following few years. Consumption in Asia is showing upward trend because of increase in economic activity. Growing demand from automobile, aviation, electrical/electronic, construction and other industries will drive flame retardants market in Asia. With major production capacities in Asia, the region is likely to grow in terms of global supply capability. Consumption of flame retardants in the Americas is likely to grow at a significant rate due to demand from automobile and construction industry. Demand from Europe was low relatively and is likely to stay same in the next few years.
Top players in this market include Apexical Inc., BASF SE, Clariant AG, DaihachiChemical Industry Co. Ltd, DIC Corporation, DSM N.V., DowDuPont, EtiMaden, Huber Engineered Materials (J.M. Huber Corporation), ICL, ItalmatchChemicals S.p.A., Jiangsu Yoke Technology Co., Ltd., MpiChemie B.V., Lanxess, Nabaltec AG, Nippon Carbide Industries Co., Inc. (Sanwa Chemical Co. Ltd), Nyacol Nano Technologies Inc., Rin Kagaku Kogyo Co. Ltd., RTP Company, Shandong Brother Sci. &Tech. Co. Ltd., Sumitomo Corporation, Thor Industries and TOR Minerals among others.
The report covers exhaustive analysis on:
- Global Market Segments
- Global Market Size
- Supply & Demand
- Global Market Competitive Landscape
- Production Technology
- Global Market Value Chain
Regional analysis includes:
- Middle-East and Africa
- In depth summary of parent market
- Altering market characteristics in the industry
- Detailed market segmentation
- Historical and forecast market size in terms of volume and value
- Current industry developments
- Competitive landscape
- Strategies of key players and products available
- Potential and niche segments, regions showing promising growth