Magnesium Hydroxide Flame Retardant Market size worth USD 312.3 Mn by 2031

New York – August 29, 2023 – Research Nester research report on Magnesium Hydroxide Flame Retardant Market: Global Demand Analysis & Opportunity Outlook 2031delivers a detailed competitor’s analysis and a detailed overview in terms of market segmentation by type, application, end-user, and by region.

Growing Urbanization to Promote Global Market Share of Magnesium Hydroxide Flame Retardant

The rapidly growing construction industry which employs flame retardants in insulation materials, paints and coatings, and other materials, and rising awareness regarding the importance of fire protection is anticipated to boost global magnesium hydroxide flame retardant market growth. In buildings, magnesium hydroxide flame retardants are majorly used in composite panels, roofing components, insulation materials, and structural insulation. Insulations are used in homes and other buildings to maintain a comfortable temperature and to conserve energy.

The growing urbanization and infrastructure development are likely to augment the market growth. Furthermore, the surging authorizing of infrastructural developments attached to the growing number of commercial as well as residential buildings shall flourish the construction industry. Due to this several countries across North America and Europe have mandated strict fire safety regulations and protocols. For instance, various fire standards around the world are driving the market for flame retardants. In Europe, all materials for building and construction have to meet fire requirements according to EN 13501. Building materials in the United States have to be tested according to ASTM E 84. This has led to the increased use of magnesium hydroxide flame retardants in buildings to meet this government regulation.

Furthermore, governments in many countries have recently taken steps to increase construction investment. According to the UN, two-thirds of the world's population is expected to live in cities by 2050, with Asia likely to be the fastest-growing region. Asia is expected to see a 64% increase in urbanization by 2050. According to the NFPA, Local fire departments in the US responded to an estimated 1.35 million fires in 2021. These fires claimed the lives of 3,800 civilians and injured 14,700 others. Property damage from these fires was estimated to be $15.9 billion. Moreover, on average, a fire department responded to a fire somewhere in the US every 23 seconds. A home structure fire was reported every 93 seconds, a home fire death occurred every three hours and eight minutes, and a home fire injury occurred every 47 minutes, thus demanding fire retardants.

Hence, the construction sector is witnessing strong growth and rising awareness regarding the importance of fire protection, and the demand for magnesium hydroxide fire retardants is anticipated to increase over the forecast period.

The flame retardant based on magnesium hydroxide is known to have comparatively low which further restrictS its adoption in various industries. Moreover, the overall cost of magnesium hydroxide gets expensive, since it requires a high volume of magnesium hydroxide to match the efficacy of other alternatives. In such cases, the target audience usually chooses other flame retardants to avoid additional expenditures.

By application, the global magnesium hydroxide flame retardant market is segmented into rubber & plastic, construction, wire & cables, coatings, and others. The construction segment is to garner the highest revenue by the end of 2035 by growing at a significant CAGR over the forecast period. Construction is considered a significant segment of the market because the requirements for construction materials' fire safety have been progressively tightened since the adoption of the Construction Products Regulation (CPR), particularly in the construction industry.
The cost of the core compound is optimized by using it as a single flame retardant, which also boosts productivity and achieves the most excellent fireproof classification levels in the construction industry.

Access our detailed report on “Magnesium Hydroxide Flame Retardant Market Size & Share by Type (Chemical Synthesis, Physical Smash); Application (Rubber & Plastics, Construction, Wire & Cables, Coatings); End-User (Industrial, Commercial) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2022-2031”

By region, following Asia Pacific, the North American magnesium hydroxide flame retardant market is expected to grow at a significant CAGR by the end of 2031. The North American Magnesium hydroxide flame retardant market is driven by a number of factors such as growing awareness among consumers about improving the fire safety of combustible materials and products. The shifting trend in the region toward the replacement of halogenated flame retardants by magnesium hydroxide has mainly driven innovation for new non-halogenated products as it promotes environmental sustainability. The expansion of the construction industry is influencing the expansion of the MH flame retardant market in the US. Furthermore, the implementation of severe laws and regulations addressing fire safety has contributed to the magnesium hydroxide flame retardant market share.

This report also provides the existing competitive scenario of some of the key players of the global magnesium hydroxide flame retardant market which includes company profiling of ICL, Martinswerk/Huber (Magnifin), Kyowa Chemical Industry Co., Ltd., Konoshima Chemical Co., Ltd., Europiren B.V., Martin Marietta Specialties, Penoles Industries, Niknam Chemicals Private Limited, Xinyang Minerals Group, Tateho Chemical Industries Co., Ltd., NikoMag, KMT Industrial (HK) Limited, Nuova Sima, and Others.

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