Flame Retardant Chemicals Market Overview
Flame retardant chemicals are the additive to the combustible products which reduces the impact of fire on people and property. Flame retardant chemicals are mainly added in consumer and commercial flammable products such as plastic and textile. Bromine, nitrogen, phosphorus and chlorine are the most common flame retardant chemicals used to treat potential flammable materials. Flame retardant chemicals are utilized mostly in four major areas i.e. electrical and electronics devices, building and construction materials, furnishing and transportation.
Market Size and Forecast
Global flame retardant chemicals market is anticipated to flourish at a CAGR of 6.7% over the forecast period. Further, the global flame retardant market is expected to garner USD 15.6 Billion by the end of 2024. Rising demand from end use industries is likely to drive the growth of the market during the forecast period. Apart from this, government safety regulations are anticipated to impel the growth of global flame retardant chemicals market.
In the regional platform, Asia-Pacific is the largest market in the term of revenue share in the overall flame retardant chemicals market. Further, Asia-Pacific is expected to continue its dominance over the forecast period. The market of flame retardants is majorly driven by the growth and expansion of end user industries such as automotive, construction industry, furniture industry and other industries. Additionally, increasing safety standards and regulations is expected to garner the growth of flame retardants chemicals market in Asia-Pacific region.
North America is anticipated to witness modest growth during the forecast period. Increasing sale of electrical and electronics devices is expected to positively impact the growth of the flame retardant chemicals market in the region. U.S. is projected to account for the highest market share in the North America owing to the strict implementation of safety regulations.
Europe region is anticipated to witness lucrative growth over the forecast period. Presence and growth of automotive industries is believed to be the dynamic factor behind the growth of Europe flame retardant market. Apart from this, rising demand and sale of electronic devices is also envisioned to bolster the growth of flame retardant market in the Europe region.
Our in-depth analysis has segmented global flame retardant chemicals market into the following segments:
Global flame retardant chemicals market has been segmented into following regions:
Growth Drivers & Challenges
Stringent government regulations and standards for fire safety is the key growth driver of global flame retardant chemicals market. According to National Fire Protection Association, in 2009, 1,348,500 fires were reported in the United States resulting in 3,010 civilian deaths, 17,050 civilian injuries and USD 12.5 Billion in property damage. The heavy loss incurred from fire outbreak has forced government of various developed and developing countries such as Japan, U.S., Germany and Australia to implement fire safety regulations and lay out of safety standard.
Wide scale adoption of flame retardants chemicals by the end use industries is envisioned to bolster the growth of global flame retardant chemicals market. Further, rising construction activities in developing countries and Western Europe is expected to positively impact the growth of the global flame retardants chemicals market. Apart from this, global flame retardant chemicals market is expected to witness augmented demand from transportation and electronic industry.
However, volatility in the price of raw material is anticipated to dampen the growth of global flame retardant chemicals market. Further, harmful effects to the human such as toxicity are anticipated to restrain the development of flame retardant chemicals market across the globe.
Scope and Context
Overview of the Parent Market
The global flame retardant chemicals market is segmented as follows:
Supply & Demand Risk
Porter’s Five Force Model
Geographical Economic Activity
Key Players (respective SWOT Analysis) and their Strategies and Product Portfolio
Recent Trends and Developments
Industry Growth Drivers and Challenges
Key Information for Players to establish themselves in current dynamic environment
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