Global Inorganic Flame Retardants Market Highlights Over 2022 - 2031
The global inorganic flame retardants market is estimated to garner a substantial revenue by growing at a CAGR of ~4% over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed primarily to the growing demand for fire retardant materials from a wide range of end use industries as a result of rise in the number of fire related accidents in factories. According to the Institute for Health Metrics and Evaluation, in 2017, there were about 8.991 million new injuries that resulted from fire, heat, and hot substances, of which 120,632 resulted in death. Along with this, developments in fire safety standards around the world, specifically for metallic element composite panel cladding used in buildings, is expected to raise the demand for the product significantly in the forthcoming years. Furthermore, rapidly escalating urbanization, and surging development of novel flame retardants by companies are projected to offer abundant growth opportunities to the market in the near future.
The market is segmented by end use industry into construction, transportation, electrical & electronics, and, textiles, out of which, the construction segment is anticipated to hold the largest share in the global inorganic flame retardants market. This can be accounted to the increasing use of flame retardants in building materials in adherence to stringent fire safety regulations. Apart from this, high utilization of the product for structural insulation in buildings is also assessed to boost the growth of the market segment in the future. Additionally, on the basis of type, the non-halogenated segment is predicted to occupy the largest share by the end of 2031, owing to the lesser amount of heat and smoke produced by this type of flame retardants, and their high cost-effectiveness. CLICK TO DOWNLOAD SAMPLE REPORT
Major Macro-Economic Indicators Impacting the Market Growth
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Program), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favorable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labor as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.
Global Inorganic Flame Retardants Market Regional Synopsis
Regionally, the global inorganic flame retardants market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in Asia Pacific is estimated to witness noteworthy growth over the forecast period on the back of the rapidly growing building & construction sector, and increasing rate of urbanization in the region. As per the World Bank, 60.698% of the total population of the East Asia & Pacific region lived urban areas in 2020, up from 59.889% in 2019 and 59.053% in 2018 respectively. Moreover, the market in North America is expected to grab the largest share during the forecast period owing to the imposition of strict fire safety laws in the region. In addition, rising investments by companies to develop improved inorganic flame retardants is also projected to drive the market growth in the region in the coming years.
The global inorganic flame retardants market is further classified on the basis of region as follows:
Our in-depth analysis of the global inorganic flame retardants market includes the following segments:
By End Use Industry
Top Featured Companies Dominating the Market
FREQUENTLY ASKED QUESTIONS
The major factors driving market growth are growing demand for fire retardant materials from a wide range of end use industries, and developments in fire safety standards worldwide.
The market is anticipated to attain a CAGR of ~4% over the forecast period, i.e., 2022-2031.
The major players in the market are J.M. Huber Corporation, Tosoh Corporation, Albermarle Corporation, Lanxess AG, ICL Group, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, application, end use industry, and by region.
The non-halogenated segment is anticipated to hold largest market size and is estimated grow at a notable CAGR over the forecast period and display significant growth opportunities.
Fluctuation in the prices of raw materials is estimated to hamper the market growth.
Asia Pacific will provide more business opportunities for market growth owing to the rapidly growing building & construction sector, and increasing rate of urbanization in the region.
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