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Flame Retardants Market worth $9.5 billion by 2028 Globally, at a CAGR of 5.2% says MarketsandMarkets™

By Globenewswire June 6, 2024 • 4:30 pm

Chicago, June 06, 2024 (GLOBE NEWSWIRE) — The Global Flame Retardants Market is estimated to grow from USD 7.0 billion in 2022 to USD 9.5 billion by 2028, at a CAGR of 5.2%, as per the recent study by MarketsandMarkets™. The flame retardants market is mainly driven by the increase in fire accidents in various industries and fire safety guidelines. The increasing demand for consumer electronics in the emerging markets of Asia Pacific are expected to provide growth opportunities for players in the flame retardants market.

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List of Key Players in Flame Retardants Market:

  • Albemarle Corporation (US)
  • Clariant AG (Switzerland)
  • LANXESS AG (Germany)
  • BASF SE (Germany)
  • ICL Group Ltd. (Israel)
  • Nabaltec AG (Germany)
  • Huber Engineered Materials (US)
  • ADEKA Corporation (Japan)
  • Italmatch Chemicals S.p.A. (Italy)
  • Avient Corporation (US)

Drivers, Restraints, Opportunities and Challenges in Flame Retardants Market:

  • Drivers: Strict fire safety guidelines to increase the demand for flame retardants in various applications
  • Restraints: Harmful chemicals used in flame retardants
  • Opportunity: Rising demand for wires & cables globally
  • Challenges: Growing emphasis on environmental protection and sustainability

Key Findings of the Study:

  • Nitrogen is projected to register the highest CAGR, in terms of value, of the global flame retardants during the forecast period.
  • Building & construction is estimated to be the largest end-use industry of the flame retardants, in terms of value, during the forecast period.
  • Epoxy is estimated to be the largest application of the flame retardants, in terms of value, during the forecast period.
  • Western Europe is estimated to be the second-largest market for the flame retardants market, in terms of value, during the forecast period.

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Based on type, the flame retardants market is segmented as aluminium trihydrate (ATH), antimony oxide, brominated, chlorinated, phosphorus, nitrogen, and others. Governmental regulations and directives, and the increasing liking towards eco-friendly materials by customers and original equipment manufacturers (OEMs) resulted in restricted use of halogenated additives that are largely used in flame retardancy applications, especially in the electrical & electronics industry. This has in turn driven the demand for non-halogenated flame retardants such as phosphorus and aluminium trihydrate.

Based on end-use industry, the flame retardants market is segmented as building & construction, electronics & appliances, automotive & transportation, wires & cables, textiles, and others. The necessity to safeguard buildings and occupants from fire threats and other safety-related issues are major drivers driving the demand for flame retardants in the building and construction sector. Building codes and regulations in many countries and regions mandate the use of flame-retardant materials in various construction applications. These rules are made to improve fire safety and lessen the possibility of building fires spreading. Flame retardants must be used in construction materials to comply with these requirements. All these factors drive the demand for flame retardants in building & construction end-use industry.

Based on application, the flame retardants market is segmented as epoxy, polyolefins, unsaturated polyesters, polyvinyl chloride, polyurethane, ABS & blends, polystyrene, and others. Building codes and fire safety rules frequently demand that materials used in the building, electronics, transportation, and other industries fulfil fire performance standards. Epoxy flame retardants lessen the flammability and increase the fire resistance of epoxy-based materials, assisting them in complying with these laws. All these factors driven the demand for flame retardants in epoxy materials.

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Based on region, Western Europe accounted for the second largest market share, both in terms of value and volume, in 2022. A significant demand for flame retardants in Western Europe can be attributed to several variables, including building & construction activities, factors related to safety regulations, industry needs, environmental concerns, and technological advancements. Flame retardants are used in various applications across industries, and their demand in Western Europe reflects these diverse requirements.

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