The report "Flame Retardants Market by Type (Aluminum Trihydrate, Antimony Oxide, Brominated), Application (Epoxy, Polyolefin, Unsaturated Polyester), End-Use Industry (Building & Construction, Electronics & Appliances), and Region- Global Forecast to 2027" The flame retardants market is projected to reach USD 9.2 billion by 2027, at a CAGR of 5.1 % from USD 7.2 billion in 2022.
Browse 295 market data Tables and 60 Figures spread through 304 Pages and in-depth TOC on "Flame Retardants Market by Type (Aluminum Trihydrate, Antimony Oxide, Brominated), Application (Epoxy, Polyolefin, Unsaturated Polyester), End-Use Industry (Building & Construction, Electronics & Appliances) and Region- Global Forecast to 2027"
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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. The growth is expected to be largely driven by factors such as an increase in fire accidents in various industries and fire safety guidelines. The growing demand for consumer electronics and the emerging markets in Asia Pacific are expected to provide growth opportunities for players in the flame retardants market.
Phosphorous flame retardants is the largest type for flame retardants market during the forecast period
The phosphorous flame retardants type segment accounted for the largest share in terms of value, of the global flame retardants market, in 2021. The leadership of phosphorous-based flame retardants is triggered by the ban on the usage of toxic flame retardants as directed by regulatory bodies such as ROHS and IPC. The stringent regulatory framework is driving the market for phosphorous-based flame retardants in the North American and European regions.
Polyolefin is projected to be the fastest-growing application in terms of value during the forecast period..
It 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. These polymers are mostly used for packaging and wires & cables. There are stringent environmental regulations regarding the use of flame retardants, and therefore, the use of halogen-free flame retardants in polyolefin is increasing
Electronics & Appliances is the largest end-use industry for flame retardants market during the forecast period
The electronics & appliances industry led the flame retardants market with a share in terms of value, of the global market in 2021. In the electronics & appliances industry, most of the products are flammable and are subjected to fire risks owing to electrical short circuits, which could ignite the product. Therefore, it is compulsory to meet fire safety regulations while manufacturing the components. They provide the products with fire resistance characteristics, which provides them insulation in the internal and external parts of the products.
Asia Pacific is expected to be the largest flame retardants market during the forecast period, in terms of value and volume.
Asia Pacific holds the largest share in terms of value, of the global flame retardants market, in 2021. The use of flame-retardant chemicals is increasing in the region due to the presence of major developing economies such as China and India. The regulations related to fire safety are increasing in all countries in the region, which is increasing the demand for flame retardant chemicals.
New product launches and expansions are the major growth strategies adopted by the key players in the market. LANXESS (Germany) and Clariant (Switzerland) are the key players that have focused on new product launches and developments for deeper market penetration. Albemarle Corporation (US), ICL Group Ltd. (Israel), and BASF SE (Germany) have undertaken expansions in the flame retardants market.
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