“Increasing number of fire accidents and stringent regulations across the globe to boost demand for flame retardants”
The global flame retardants market is estimated to be USD 7.2 billion in 2022 and is projected to grow at a CAGR of 5.1% during the forecast period. One of the key drivers of the rising demand for flame retardants is the stringent regulations towards fire safety across the globe. To reduce fire-related hazards and associated impacts, many countries have strict fire standards. Manufacturers of various sectors must adhere to these standards. However, one of the widely used flame retardants i.e. halogenated flame retardants is facing massive scrutiny because of its toxic effects on the environment. But, this brings in better opportunities for flame retardant manufacturers to develop solutions that are environment-friendly.
“By type, nitrogen is expected to be the fastest-growing segment for flame retardants market during the forecast period”
The key driver towards the growth of nitrogen flame retardants is the shift toward more environmentally friendly solutions. Halogenated flame retardants like brominated and chlorinated have applications in every sector, but their toxic effects on the environment have impacted their usage. Many regions like Europe and North America have banned some of the brominated and chlorinated flame retardants. This has brought in a lucrative opportunity for nitrogen flame retardants. Nitrogen flame retardants have high thermal stability and decomposition temperatures with low smoke emissions. These flame retardants are among the most widely used halogen-free flame retardants.
“Polyolefin is expected to be the fastest growing application for flame retardants market during the forecast period”
Polyolefin is the most widely used polymer and has a plethora of applications across all industries. The use of polyethylene and polypropylene is increasing in various consumer-centric industries. Polyethylene and polypropylene are the most widely used polymers. These polymers are mostly used for packaging and wires & cables. To maintain fire resistance to these polymers, a suitable amount of flame retardants is added.
“Based on region, Asia Pacific is the fastest growing region for flame retardants market during the forecast period.”
Asia Pacific is the most promising market for plastics and related industries, including electronics & appliances. It is the largest and fastest-growing market for flame retardants. The increasing demand from, electronics and automotive applications is driving the market for flame retardants in the region. The rising purchasing power of the middle class population also acts as a key market driver. The rising demand for environment-friendly products is driving innovation in the plastics industry. High-end products such as consumer goods and electronic devices demand better fire safety standards. Thus, the need for flame retardants in the region is growing.
In the process of determining and verifying the market size for several segments and sub segments identified through secondary research, extensive primary interviews were conducted. A breakdown of the profiles of the primary interviewees are as follows:
- By Company Type: Tier 1 – 69%, Tier 2 -23%, and Tier 3 – 8%
- By Designation: C-Level – 23%, Director Level – 37%, and Others – 40%
- By Region: North America – 32%, Europe – 21%, APAC- 28%,Middle East & Africa – 12%, and South America-7%
The key players in this market are Clariant AG (Switzerland), LANXESS AG (Germany), Albemarle Corporation (US), Israel Chemicals Ltd. (Israel), Nabaltec AG (Germany), Huber Engineered Materials (US), Italmatch Chemicals (Italy), and Budenheim Chemicals KG (Germany).
Research Coverage
This report segments the market for flame retardants market on the basis of type, end-use industry, application and region, and provides estimations for the overall value of the market across various regions. A detailed analysis of key industry players has been conducted to provide insights into their business overviews, products & services, key strategies, new product launches, expansions, and mergers & acquisition associated with the market for flame retardants market.
Reasons to buy this report
This research report is focused on various levels of analysis—industry analysis (industry trends), market ranking analysis of top players, and company profiles, which together provide anoverall view on the competitive landscape; emerging and high-growth segments of the flame retardants market; high-growth regions; and market drivers, restraints, opportunities, and challenges.
The report provides insights on the following pointers:
- Market Penetration: Comprehensive information on the flame retardants market offered by top players in the global flame retardants market
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the flame retardants market
- Market Development: Comprehensive information about lucrative emerging markets-the report analyzes the markets for flame retardants market across regions
- Market Diversification: Exhaustive information about new products, untapped regions, and recent developments in the global flame retardants market
- Competitive Assessment: In-depth assessment of market shares, strategies, products, and manufacturing capabilities of leading players in the flame retardants market
- Impact of COVID-19 on flame retardants market
