Flame Retardants Market worth $9.2 billion by 2027 - Exclusive Report by MarketsandMarkets™
CHICAGO, April 29, 2022 /PRNewswire/ -- According to the new market research 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", published by MarketsandMarkets™, 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. 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 of the market is mainly triggered by the growth of end-use industries and increasing regulations for fire safety. Growth opportunities are expected to be governed by the innovation in technology, and the development of more effective synergist compounds to boost the performance of flame retardants. In addition, the growth is largely driven by factors such as an increase in fire accidents in various industries and fire safety guidelines.
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Aluminum Trihydrate (ATH) is the largest type for flame retardants market during the forecast period.
ATH is mostly related to its role as a flame retardant and smoke suppressant. It is the most widely consumed flame retardant in the world. The product is non-abrasive, chemically inert, highly dispersive, thermally conductive, and compatible with both cationic and anionic systems. In order to achieve fire safety standards, on average 40%-50% of ATH needs to be added to a medium (plastic, rubber etc,)by volume. The flame retardant is a highly functional and versatile pigment and has various applications in paints & coatings, inks, adhesives, caulks, and sealants. Governmental regulations and directives, along with the increasing preference for eco-friendly materials by consumers and original equipment manufacturers (OEMs), have restricted the use of halogenated additives that are largely used in flame retardancy applications, particularly in the electrical & electronics industry. This has given a boost to non-halogenated flame retardants such as phosphorus and ATH.
Electronics & Appliances is the largest end-use industry for flame retardants market during the forecast period.
The electronics & appliances industry is growing rapidly, especially in the Asia Pacific region, because of the shift of the manufacturing units from North America and Europe to Asia Pacific where manufacturing cost is low. The countries in Asia Pacific, such as China and Japan, are the major consumers of flame retardants because of the huge electronics sector in these countries. Most electronic products have flammable properties and are subjected to fire risks due to electrical short circuits which could ignite the product. Therefore, it is compulsory to meet fire safety regulations. Flame retardants increase the thermal resistivity of electronic products, thereby increasing the product life cycle. They provide the products with fire resistance characteristics, which provide them with insulation in the internal and external parts of the products. Bromine (predominantly TBBPA), chlorine, phosphorous, and nitrogen flame retardants are the major types used in the electronics & appliances industry.
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Asia Pacific is expected to be the largest flame retardants market during the forecast period, in terms of value and volume.
Asia Pacific includes the world's major economies, namely, China, Japan, and India. In this region, the flame retardants market is led by China, which accounted for the largest market share of the regional market, in terms of volume, in 2021. Asia Pacific is the largest consumer of flame retardants globally in 2021. The use of flame retardants is increasing in the region on account of the major developing economies such as China and India.
The rapid development of new technologies and products are projected to make this region an ideal region for the growth of the flame retardants market. In addition, the growing population the region is a key factor for growth in various sectors. Booming building & construction, automotive, electronics & appliances, and textile sectors and advances in process manufacturing are some of the key drivers for the market in the Asia Pacific. Countries such as India and China are expected to witness high growth in the flame retardants market due to the increasing demand from the electronics industry.
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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Halogen-Free Flame Retardants Market by Type (Aluminum Hydroxide, Organophosphorus), Application (Polyolefins, UPE, ETP, Styrenics), End-Use Industry (Electrical & Electronics, Construction, Transportation), Region - Global Forecasts to 2025
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