April 24, 2020
As per the report titled ‘Global Flame Retardant Market Size study, by Type (ATH, Antimony Oxide, Brominated, Chlorinated, Phosphorous, Others) and End-use Industry (Building & Construction, Electronics & Appliances, Wire & Cables, Automotive, Textiles and Others) and Regional Forecasts 2019-2026’, available with Market Study Report LLC, global flame retardant market was valued at USD 10.63 billion in 2018 and is projected to expand with 6.4% CAGR during 2019-2026.
Flame retardants are compounds added to materials such as electrical devices, plastics, construction materials and textiles to delay ignition, thereby preventing the spread of fires. Rising product demand for current & emerging applications primarily in the electrical industry is fueling the growth of global flame retardant market.
The ability to lower the flammability of combustible substance is favoring the usage of flame retardants in electronics. According to Statista, the number of consumer electronics users is expected to reach 2.9 billion by 2024, with the costumer penetration growing from 26.9% in 2020 to 38.5% in 2024. Hence, rapid growth of consumer electronics industry will positively impact the flame retardant market scenario.
Flame retardants find application in an array of industry verticals such as automotive & transportation, building & construction, wires & cables. Increasing government regulations enforcing improved safety standards for smoke and flammability range is enhancing the market growth.
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As per the regional analysis, global flame retardant market is split into Asia Pacific, North America, Europe, Latin America and rest of the world. Asia-Pacific flame retardant market is anticipated to display strong growth trends during the estimated timeframe, owing to the existence of electrical & electronics manufacturing hubs in the region along with increase in infrastructure development activities in nations such as India, China, and Japan. Moreover, burgeoning population in tandem with rising disposable income in APAC is augmenting the sales of electronic products, thereby enhancing the demand for flame retardants.
Key players in global flame retardant market are ICL (Israel Chemicals Ltd.), Lanxess AG (Germany), Clariant International Ltd. (Switzerland), The Dow Chemical Company (U.S.), Nabaltec AG (Germany), Akzo Nobel (Netherlands), and BASF SE (Germany).