The Flame Retardant Market is growing rapidly and is expected to be worth more than $7.5 billion by 2022 at a CAGR of 5.4%. This growth is being driven by the need to protect people, property, and the environment from the dangers of fire. Flame retardants are chemicals that are added to materials such as plastics, textiles, and foams in order to reduce their flammability.
Flame retardants can either be synthetic or natural. The most common type of flame retardant is a halogenated hydrocarbon, which contains bromine or chlorine. These types of flame retardants have been linked to a number of health concerns, including cancer and reproductive problems. As a result, there has been a move away from using halogenated hydrocarbons in favor of more environmentally friendly flame retardants such as phosphorus-based compounds and silicones.
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Some of the major factors driving the flame retardant market are high demand from current & emerging applications, demand from emerging economies, advancement in technology, increased security measures and the new regulatory guidelines for reducing toxic chemicals.
Governments across the globe are setting improved safety standards for smoke and flammability range in different products. The growth in automotive, construction and other major end use industries are increasing the demand of flame retardant market globally. Nanotechnology is expected to play a major role in improving performance of a flame retardant market in the years to come.
The major growth opportunities for the flame retardant market includes equipment & electronics, automotive & construction, in the emerging economies especially the one which are expanding in the infrastructure applications. The growth in these segments in emerging economies is likely to increase the market demand for flame retardant and the products based on it.
Key Players-
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An important element limiting market expansion is price inflation, which could further reduce demand. Due to the increase in feedstock costs, the major producers are hiking the pricing of flame retardants. Additionally, there is a toxicity problem during the manufacture of flame retardants, which could further hurt the business.
The greatest market for flame retardant sales is in Asia Pacific. Approximately 24% of the world’s demand for flame retardants comes from China alone. The country’s expanding chemical and automobile industries are the main causes of the high demand there.
India is also expected to increase its share in the global market on the basis of increasing foreign investment which will result in increasing number of new industries in the country.
Asia Pacific is expected to continue in its leadership position in the forecasted period due to the growing end-user markets in countries such as China and India. North America continues to be the second largest sales market followed by Western Europe. Currently, the Middle East and South American countries have a very low market share; however it is expected to increase in the coming years.
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Key Questions Answered in the Flame Retardant Market Report
How is the Flame Retardant Market expected to grow over the projected period?
What direction is the Flame Retardant Market expected to take in terms of volume and value during the forecast period?
What is the impact of macroeconomic factors on the Flame Retardant Market in future?
What are the key market drivers in the Flame Retardant Market?
What are significant opportunities and improvement areas for Flame Retardant Market manufacturers?
What are the key developments and trends taking over the Flame Retardant Market?
Which are the emerging countries that are expected to create significant growth opportunities in the Flame Retardant Market?
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