IMARC Group, a leading market research company, has recently releases report titled, “Flame Retardants Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, The study provides a detailed analysis of the industry, including the global flame retardants market size, share, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How big is the flame retardants market?
|Market Size in 2022||US$ 9.2 Billion|
|Market Forecast in 2028||US$ 13.5 Billion|
|Growth rate (2023 to 2028)||CAGR of 6.6%|
|Base Year of the Analysis||2022|
What is flame retardants?
Flame retardants are compounds used to put out fires or stop them from starting. They include a variety of chemical types, including phosphates, organic phosphate esters, halogenated phosphorus, antimony oxides, aluminium hydroxide, molybdenum compounds, zinc, magnesium oxides, and inorganic phosphorus-containing salts. They also contain tin, nitrogen compounds, silicon-based materials, graphite, graphene, and graphene oxide. To prevent combustion, they are added to substances or applied to surfaces. To make furniture more secure and fireproof, they are applied as coatings. 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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What are the growth prospects and trends in the flame retardants industry?
One of the main reasons propelling the market right now is the increased demand for flame retardants in coating electrical equipment and industrial machinery to reduce fire-related hazards and enhance worker safety. In addition, the market is expanding due to the rising demand for flame retardants in the automotive sector to cover seats and other elements of vehicles globally. The market is also benefiting from the increased use of items comprised of plastic, foam, and composites in the global residential and commercial sectors. 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.
What is included in market segmentation?
The report has segmented the market into the following categories:
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
Who are the key players operating in the industry?
The report covers the major market players including:
- 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.).
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