Global Flame Retardant Chemicals Market is Expected to Grow at a Modest Rate with a CAGR of 7.1% and Attain Decent Revenue Figures During the Forecast Period of 2022-32 | Future Market Insights, Inc.

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Nov 14, 2022, 08:00 ET

Asia Pacific accounted for more than 55% of the global market's revenue, and it is expected to grow at the quickest CAGR during the forecast period. Descriptive company profiles of the leading global players, including Israel Chemicals Ltd., Arkema SA, Solvay Group and Apexical Inc.

NEWARK, Del., Nov. 14, 2022 /PRNewswire/ -- The global flame retardant chemicals market stood at US$ 7.46 Bn in the year 2020 and is expected to witness a CAGR of 7.1% between 2022 and 2032.

The end-use verticals like transportation, electrical & electronics, construction, and likewise are increasingly incorporating flame retardant chemicals in their daily operations to adhere to fire prevention and safety regulations. In homes and offices, flame retardant chemicals do eliminate risk of fire from consumer and electrical goods. They also perform the function of safeguarding modernized materials and equipment like building insulation, circuit boards, engineering thermoplastics, cables, and likewise.

However, halogenated flame retardants like chlorinated, brominated, and others are not preferred due to the health hazards caused by them. It needs to be known that some compounds like HBCD (Hexabromocyclododecane) are banned in Canada, Japan, and the EU. This has, in turn, called for developing safer alternatives like bromine-, phosphorus-, and chlorine-based non-halogenated flame retardant chemicals. Along these lines, GYC Group has started offering a spectrum of products free of halogens.

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The manufacturers are looking for comparatively less toxic products for making alterations in product composition like aluminum trihydroxide. The demand would be arising from the applications like epoxy resins, polyolefins, PVC (polyvinyl chloride), rubber, engineering thermoplastics, and likewise.

Non-halogenated flame retardant chemicals hold more than 50% of the market share as of the year 2020. This could be reasoned with growing demand for less toxic and environmentally-friendly flame retardants. Combination of brominated organic compounds and antimony trioxide is generally used in the form of flame retardants in the mounding compounds. They are known for having negligible effects on the environment.

The same antimony trioxide, on combining with hydromagnesite fillers, renders benefits, but adverse effects of antimony trioxide on the environment are expected to restrain the usage of antimony trioxide as flame retardant chemicals in the near future.

Polyolefins are holding the largest market share (more than 20%) due to their increasing applications in plastics in various applications. The polymer could thus be prevented from dripping, and smoke formation could be subverted. Products needing flame retardant chemicals in the polyolefin fabrics include mattress covers, construction fabrics, carpet packing, components in planes and trains, siding and roofing, automotive fabrics, and likewise. Future Market Insights has walked through these facts with insights in its latest market study entitled 'Flame Retardant Chemicals Market'.

Key Takeaways from Flame Retardant Chemicals Market

North America holds a significant market share due to preference for flame retardant chemicals in the US.

Europe is subject to stringent regulations. In other words, the major manufacturers of automotives are making it mandatory to use fire retardant chemicals in the automotive components.

LATAM, MEA, and the Asia-Pacific are subject to increase in construction activities, which are expected to put the flame retardant chemicals market on the top pedestal in the upcoming period.

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Competitive Landscape

Clariant AG, in December 2021, started constructing a flame retardant manufacturing facility at Daya Bay, Huizhou (Guangdong Province China).

Italmatch Chemicals S.p.A., in November 2021, came up with a novel phosphorus flame retardant called 'Liquid Masteret'. It is useful in construction, electrical & electronics, and transport sectors, particularly when it's not advisable to prescribe halogen owing to higher smoke corrosivity when fire arises.

LANXESS, in December 2018, invested US$ 222.3 Mn in flame retardant chemicals. This investment would come through in the plants located in the UK, Germany, and the US.

"Flame retardant chemicals, on adding to combustible materials like plastics, textiles, and coatings, prevent fire or slow down as far as growth is concerned, which is driving the market for flame retardant chemicals", says an analyst from Future Market Insights.

Key Segments

By Type

Chlorinated flame retardants
Brominated flame retardants
Organophosphorus flame retardants
Nitrogen flame retardants
Antimony oxide
Aluminium hydroxide

By Application

Automotive
Construction
Textiles
Electronics
Electrical industry

By Region

North America
Latin America
Asia Pacific
Japan
Western Europe
Eastern Europe
Middle East & Africa

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How does the Flame Retardant Chemicals Market go?

The research study is based on type (chlorinated flame retardants, brominated flame retardants, organophosphorus flame retardants, nitrogen flame retardants, antimony oxide, and aluminum hydroxide), application (automotive, construction, textiles, electronics, and electricals).

With inevitability of fire safety requirements all over, the flame retardant chemicals market is expected to grow inadvertently in the near future.

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SOURCE Future Market Insights