According to the latest report by IMARC Group, titled, “Flame Retardants Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, The global flame retardants market size reached US$ 9.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 13.5 Billion by 2028, exhibiting a growth rate (CAGR) of 6.6% during 2023-2028.
Flame retardants are substances utilized for extinguishing fire or preventing the outbreak of fire. They comprise various classes of chemicals, such as chlorine, bromine, antimony oxides, aluminum hydroxide, molybdenum compounds, zinc, magnesium oxides, organic phosphate esters, phosphates, halogenated phosphorus, and inorganic phosphorus-containing salts. They also consist of graphene, graphite, nitrogen compounds, silicon-based materials, and tin. They are added to materials or applied on surfaces to restrict combustion. They are used as coatings on furniture to enhance their safety and make them fireproof. They also assist in coating carpets, curtains, mattresses, and fabrics to protect them from sparks and flames of a fire. Flame retardants find extensive applications in manufacturing various electronics and electrical devices, such as laptops, smartphones, computers, and televisions (TVs), and cables and wires of numerous household appliances. They are applied on various parts of automobiles, trains, and airplanes, such as seats, seat covers, overhead compartments, and bumpers, to make them resistant to fire and maintain the safety of passengers. They reduce the amount of heat released from fire and smoke produced due to combustion. As flame retardants enhance the safety of combustible materials and products, they find extensive applications in residential, commercial, and construction sectors across the globe.
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Flame Retardants Market Trends and Drivers:
The rising demand for flame retardants in coating industrial machinery and electrical devices to reduce fire-related hazards and improve the safety of workers currently represents one of the key factors driving the market. Besides this, the escalating demand for flame retardants in the automotive industry to coat seats and other parts of vehicles worldwide is propelling the growth of the market. In addition, the growing utilization of products made from plastics, foam, and composites in the residential and commercial sectors across the globe is positively influencing the market. Apart from this, the rising application of flame retardants to enhance fire safety standards of buildings is strengthening the growth of the market. Additionally, there is an increase in the employment of electronic appliances, such as air fryers, microwaves, ovens, washing machines, and vacuum cleaners, to achieve efficiency and convenience in household chores. This, coupled with the rising demand for electronic devices, such as laptops, computers, and TVs, to access the internet, stream media, and play video games, is contributing to the growth of the market. Furthermore, key market players are investing in research and development (R&D) activities to introduce flame retardants with sustainable and non-toxic properties.
Flame Retardants Market 2023-2028 Competitive Analysis and Segmentation:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
- Almatis GmbH
- BASF SE
- Borealis GmbH (OMV Aktiengesellschaft)
- Budenheim Ibérica S.L.U
- Campine NV
- Clariant AG
- Dover Chemical Corporation (ICC Industries Inc.)
- Dow Inc.
- ICL Group Ltd
- Lanxess AG
- Otsuka Chemical Co. Ltd.
- RTP Company (Miller Waste Mills Inc.).
The report has segmented the market based on type, application and end use industry.
Breakup by Type:
- Alumina Trihydrate
- Brominated Flame Retardants
- Antimony Trioxide
- Phosphorus Flame Retardants
Breakup by Application:
- Unsaturated Polyester Resins
- Epoxy Resins
Breakup by End Use Industry:
- Wires and Cables
- Automotive and Transportation
- Electrical and Electronics
Breakup by Region:
- North America
- Latin America
- Middle East and Africa
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Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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