The increasing stringency of fire safety regulations in different countries, increased security measures & the new regulatory guidelines for reducing toxic chemicals are propelling the flame retardant market growth.
Newark, Dec. 01, 2022 (GLOBE NEWSWIRE) -- Brainy Insights estimates that the flame retardant market will grow the USD 8.55 billion in 2022 and reach USD 15.03 billion by 2030. In just eight years, the government's increasing focus on safety and security and the significant growth in resin consumption across both economies are also helping to drive market growth. Further increasing demand for electrical & electronic goods, increased demand and usage of flame retardant chemicals, numerous government initiatives, and high demand from present and developing applications are also anticipated to drive market growth during the forecast period.
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Key Insight of the Flame Retardant Market
Asia Pacific to account for the largest market size during the forecast period
Asia Pacific is expected to have the largest market share in the flame retardant market. Key factors favouring the growth of the flame retardant market in Asia Pacific include the increasing demand for fire-resistant material from different end-use industries, growing demand for residential units, and the strong awareness regarding the toxicity of halogenated flame retardants. Further, a growing number of regulations about fire and safety are expected to drive market growth in this region.
The epoxy segment is expected to augment the flame-retardant market during the forecast period.
The epoxy segment held the largest market share in 2022 and is expected to continue during the forecast period owing to market players' development of high-performing & lightweight vehicles and the introduction of fire safety regulations associated with automobiles. Also, flame retardants in epoxy resins have different applications in automotive, aerospace, construction, electronics, heavy engineering, transport, food & beverage packing, composites, coatings, adhesives, aviation, and wind energy industries. Further, by 2030, the polyolefin segment will likely dominate the market due to the increasing use of polyolefins as plastics in multiple applications.
The brominated & chlorinated segment is anticipated to dominate the market by 36.12% in 2030
The brominated & chlorinated segment is anticipated to dominate the market in the forthcoming years, owing to the rising fire safety laws. Further, by 2030, the non-halogenated segment will likely dominate the market due to the penetration of electric vehicles along with innovation in electrical products.
The electrical & electronics segment accounted for the largest market share of 28.16% in 2022
The electrical & electronics segment held the largest share in the global flame retardant market, owing to the increasing demand for safety materials for wires and pipes utilised in the electrical industry, coupled with developing electricity infrastructure in emerging economies like Brazil, Russia, India, and China. The construction segment exhibited the highest CAGR during the forecast period owing to the growing construction industry and rising awareness regarding the importance of fire protection.
Flame Retardant Market Scope:
Growth momentum & CAGR
Accelerate at a CAGR of 7.30%
Market growth 2022-2030
USD 15.03 Billion
APAC, Europe, North America, South America, and MEA
Performing market contribution
Asia Pacific to account for the largest market size during the forecast period 2022-2030
Leading companies, competitive strategies, consumer engagement scope
BASF SE,Lanxess AG,The Dow Chemical Company,Broadview Technologies Inc.,Clariant Corporation,Nabaltec AG,ICL Industrial Products,Dover Chemical Corporation,DSM,Broadview Technologies Inc.,Adeka Corporation,Akzo Nobel N.V.,LyondellBasell,Asahi Kasei,Budenheim
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for the forecast period.
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Advancement in market
In December 2021, Clariant AG Company started building a flame retardant production structure at its existing site in Huizhou, Daya Bay, Guangdong Province, and China.
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Driver: The rising fire and safety regulation stringency:
The increasing awareness among the masses regarding the requirement for effective fire management solutions to control fire incidents & property loss is also helping to boost the market growth. Moreover, the general adoption of phosphorous-based flame retardants in rigid polyurethane foams is also helping to drive market growth. Additionally, the different product innovations, like developing halogen-free variants that are safe and sustainable for humans upon exposure, propel market growth. Also, the increasing use of fire-resistant products in different end-use industries like construction, electrical & electronics, transportation, etc. Further, these industries are increasingly utilising flame retardant-based materials to meet fire protection & prevention regulations.
Restraint: The ineffective control and lack of compliance:
The rising environmental and health concerns about brominated and halogenated flame retardants are restraining the market growth. Further, these substances have been linked to different harmful health effects in humans and animals, including immunotoxicity, thyroid disruption, endocrine, cancer, reproductive toxicity, and adverse effects on fetal & child development and neurologic function. Many of these substances are now identified as environmental contaminants. Moreover, organohalogen retardants are rising globally despite certain nations' limitations on their continuous manufacturing. These factors hamper the market growth.
Opportunity: The growth of advanced technologies:
The growing investments to rise flame retardant technology with qualities such as excellent dispersion, UV stability, and corrosive resistance in flame retardant materials is the driving factor of the growth. Also, the development of progressive technologies like wireless sensor networks, Human Machine Interface (HMI), nanotechnology, and smart building propels the market growth. Moreover, consumers' increasing consciousness about toxic emissions released by a fire is also helping to drive market growth.
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Some of the major players operating in the flame-retardant market are:
• BASF SE
• Lanxess AG
• The Dow Chemical Company
• Broadview Technologies Inc.
• Clariant Corporation
• Nabaltec AG
• ICL Industrial Products
• Dover Chemical Corporation
• Broadview Technologies Inc.
• Adeka Corporation
• Akzo Nobel N.V.
• Asahi Kasei
Key Segments cover in the market:
• Vinyl Ester
• Aluminium Trihydroxide Organophosphorus Compounds
• Brominated & Chlorinated
• Antimony Oxides
• Electrical & Electronics
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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