Flame Retardants Market
Flame Retardants Market: Global Market Size, Trends, Competitive, Historical & Forecast Analysis, 2020–2030 - The increasing regulations regarding fire safety along with the rise in commercial buildings and other end user industries have created lucrative growth opportunities for the Flame Retardant Market players.
The Global Flame Retardants Market was valued at $8.39 billion in 2019, and is expected to reach $16.6 billion by 2030, with a CAGR of 6.4% during the forecast period 2020- 2030.
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Top Companies: Broadview Technologies Inc., The Dow Chemical Company, BASF SE, Clariant Corporation, Dover Corporation, Akzo Nobel N.V., ICL Industrial Products, Albemarle Corporation and others.
Improvement in the infrastructures and the increase in the number of end user industries as well as commercial buildings have led to the rapid increase in the demands for flame retardant market. The flame retardants are chemicals added to highly combustible materials like plastic, wood, insulation foams and some semi-conductors in order to lower the ignition rate of the same. However, the excessive contact with these substances can cause serious damage to endocrine, reproductive and respiratory system, which acts as a restrains for the growth of flame retardant market. However, expanding industrial sector and the growth in commercial buildings due to rising population accompanied by greater risk of accidental fire will provide ample opportunities leading to rapid and remunerative growth in the flame retardant market in the coming years.
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The global flame retardants market has been bifurcated on the basis of type, application, end use industry, and geography. By type, the market is divided into alumina tri-hydrate, brominated flame retardants, antimony trioxide, phosphorus flame retardants, and others. On the basis of application, the global flame retardants market is bifurcated into unsaturated polyester resins, epoxy resins, PVC, rubber, polyolefin, and others. By end user industry, the global flame retardants market has been segmented into construction, automotive & transportation, electronics, and others (textile, aerospace, and adhesives). Geographically, the global flame retardants market is segmented into North America, Europe, Asia-Pacific, and Row.
The report suggests that North America has been the leading consumer of Flame Retardants due to strict and enhanced fire safety norms followed by the Asia Pacific region. Asia-Pacific region is expected to witness increasing consumption of flame retardant in the coming years due to the growth in population. This substantial growth in population would lead to rapid construction of infrastructures including industrial and commercial buildings, which in turn would enhance the growth of flame and retardant market.
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