Growing demand from end-user industries and increasing fire safety regulations drive the demand for the India flame retardants market in the forecast period, 2024-2028. According to TechSci Research report, “India Flame Retardants Market – By Region, Competition Forecast and Opportunities, 2018-2028F”, The Indian flame retardants market is anticipated to increase at an impressive rate in the forecast period, 2024-2028.
The Important Elements of the India Flame Retardants Market
Flame retardant chemicals are compounds that are added to or incorporated into compounds to delay or prevent the spread of fire accidents. They are primarily used in building and construction materials, electronics and electrical equipment, furniture, and transportation. The volatile cost of the product and the adverse impact on human beings, especially children, are factors hindering the Indian flame retardants market growth.
India is a major country in the manufacturing and construction sector due to its growing economy. This led to growing demand from different end-user, such as electronics and electrical devices for computers, laptops, phones, televisions, household appliances, and cables. In building and construction materials, it includes electrical wires & cables and insulation materials like polystyrene and polyurethane insulation foams.
Apart from these, government policies such as the National Building Code of India contain necessary guidelines that citizens should follow in their residential or commercial places. This has significantly increased the demand for the flame retardants market in the projected period.
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The India flame retardants market is segmented based on type, application, end-user industry, and region.
Based on type, the market is bifurcated into halogenated and non-halogenated. The non-halogenated segment is expected to hold the largest market share in the projected year. Due to its non-toxic and environmentally friendly benefits such as not releasing harmful gases during combustion, it is used in textiles, interior, wood, cellulosic-based products, and paint because of the growth of these applications in India. Thus, non-halogenated flame retardants dominate the segment.
Based on application, the market is divided into polyolefins, epoxy resins, PVC, rubber, and others. The epoxy resins segment is expected to hold the largest market share in the projected year. Owing to its versatile properties, it’s getting high demand from the automobile and electronics industries. Meeting safety measures set out in the benchmark led to the increasing demand for epoxy resins in the flame retardants market, dominating the segment.
Based on end-user, the market is divided into building & construction, electronics & appliances, automotive & transportation, and others. As per estimates, the building & construction segment is going to experience the highest market share during the forecast period. The demand for building & infra-construction is rising due to the growing population and purchasing power. Thus, to make the building fireproof, the demand for flame retardants is expected to increase and dominate the segment.
Major companies operating in the Indian flame retardants market are:
- Clariant Chemicals India Ltd
- LANXESS India
- Hindalco Industries Limited
- KPL International Limited
- Acuro Organics Limited
- Nano Tech Chemical Brothers
- Niknam Chemicals Private Limited
- Albemarle (Rockwood Lithium India Pvt. Ltd.)
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“The West region is expected to dominate India’s flame retardants market in the projected period due to its favorable government investment policy, construction activities, and growing manufacturing unit. The flame retardants market is anticipated to increase due to the demand from end-user industries, growing awareness, and increasing fire safety regulations. People are now more concerned about their life and taking preventive measures to tackle causalities due to fire outbreaks by using flame retardants as insulation material.
Poor construction layout, growing disposable income, and growing awareness are the factors that drive the flame retardants market in the construction sector. Additionally, the demand for flame retardants from the automobile sector is going to increase for the production of seats, seat covers and fillings, bumpers, overhead compartments, and other parts of automobiles. In addition, government initiatives like Made in India, National Building Code, and others are propelling the demand in the flame retardants market. All the factors as mentioned above are projected to impact India’s flame retardants market growth until 2028.” said Mr. Karan Chechi, research director with TechSci Research, a research-based global management consulting firm.
“India Flame Retardants Market By Type (Halogenated v/s Non-Halogenated), By Application (Polyolefins, Epoxy Resins, PVC, Rubber, Others), By End User Industry (Building & Construction, Electronic & Appliances, Automotive & Transportation, Others, By Region, Competition, Forecast, and Opportunities, 2028F has evaluated the future growth potential of India flame retardants Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision-makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the India Flame Retardants market.
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