The Flame Retardants Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Flame Retardants Global Market Report 2024, The flame retardants market size has grown strongly in recent years. It will grow from $7.94 billion in 2023 to $8.47 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. The growth in the historic period can be attributed to consumer goods manufacturing, safety concerns in transportation, awareness of fire hazards, electronics industry growth, stringent fire safety regulations.
The flame retardants market size is expected to see strong growth in the next few years. It will grow to $10.93 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%. The growth in the forecast period can be attributed to rapid urbanization, increasing electronic device usage, demand for environmentally friendly flame retardants, global efforts to reduce fire incidents. Major trends in the forecast period include advancements in nanotechnology, demand in automotive applications, collaborations for research and development, consumer awareness and product labeling, use in textiles and upholstery, global expansion and market penetration.
The increasing demand for electronic products will drive the flame retardants market going forward. The demand for electronics is rising due to technological advancements, fast replacement cycles, growing disposable income, and changing consumer preferences. During manufacturing, flame retardants are chemically adhered to the circuit boards of electronics, preventing any chemicals from leaching into the environment or potentially harming users’ health. For instance, according to the India Brand Equity Foundation (IBEF), an Indian Government export promotion agency, a 30% year-on-year growth in electronics manufacturing is anticipated between 2020 and 2025. It will result in a rise in output of $163.14 billion. Therefore, increasing demand for electronic products will lead to an increase in demand for flame retardants.
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The flame retardants market covered in this report is segmented –
1) By Type: Alumina Trihydrate, Brominated Flame Retardants, Antimony Trioxide, Phosphorous Flame Retardants, Other Types
2) By Application: Unsaturated Polyester Resins, Epoxy Resins, PVC, Rubber, Polyolefins, Other Applications (Engineering Thermoplastics And PET)
3) By End User: Construction, Automotive and Transportation, Electronics, Other End-Users (Textiles, Aerospace, And Adhesives)
Product innovations have emerged as the key trend gaining popularity in the flame retardants market. Major companies operating in the flame retardants sector are focused on developing innovative products to meet customer demand. For instance, in November 2021, Italmatch Chemicals S.p.A., an Italy-based flame retardants company, launched ‘Liquid Masteret,’ a new phosphorus-based flame retardant. The business introduced its concentrated mixtures of micro-encapsulated and stabilized red phosphorus (RP). The product is utilized in the transportation, electrical & electronics, and construction industries, particularly when halogen is not recommended because of the very corrosive smoke it produces in the event of a fire.
The flame retardants market report table of contents includes:
1. Executive Summary
2. Flame Retardants Market Characteristics
3. Flame Retardants Market Trends And Strategies
4. Flame Retardants Market – Macro Economic Scenario
5. Global Flame Retardants Market Size and Growth
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31. Global Flame Retardants Market Competitive Benchmarking
32. Global Flame Retardants Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Flame Retardants Market
34. Flame Retardants Market Future Outlook and Potential Analysis
35. Appendix
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