PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1290852
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1290852
Flame Retardant Market size was valued at USD 7,361.0 million in 2022, expanding at a CAGR of 5.8% from 2023 to 2030.
Flame Retardants are any chemicals added to manufactured materials such as plastics, textiles, and surface coatings, to inhibit, suppress, or delay the production of flames and prevent the spread of fire. Flame retardants can provide occupants of a home or building additional life-saving time to escape a fire, as well as time for firefighters to respond to a fire. They can also safeguard against property damage and loss associated with the fire itself or from water damage, whether from automated sprinklers or the response from local authorities.
The demand for flame retardants is anticipated to be driven by the growing usage of fire-resistant products in various end-use industries, such as electrical & electronics, transportation, construction, and others. Flame retardants are used in building materials and products to meet important fire safety standards and codes. Specifically, flame retardants in construction materials are used to raise the threshold temperature at which a material ignites, reduce the rate at which materials burn, and minimize the spread of flames. Construction is a major contributor to the U.S. economy. The industry has more than 753,000 employers with over 7.8 million employees and creates nearly USD 1.8 trillion worth of structures each year. Construction is one of the largest customers for manufacturing, mining, and a variety of services, according to Associated General Contractors of America.
The Global Flame Retardant Market is segmented on the basis of Product Type, Application, and Region.
The market is divided into three categories based on product type: Aluminum Trihydrate, Organa-Phosphorus, Magnesium Hydroxide and Others. Aluminum Trihydrate dominates the market. Aluminum trihydrate (ATH) is a commonly used flame retardant additive in various industries. It is a mineral-based compound that is effective in reducing the flammability of materials.
The market is divided into two categories based on application: Building and construction, Electricals and electronics, Transportation, Textiles, and Others. Electricals and electronics dominate the market and are likely to maintain their dominance during the forecast period. Flame retardants play a crucial role in enhancing the fire safety of electrical and electronic products. Given the potential fire hazards associated with these products, the use of effective flame-retardant additives is essential.
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. Asia Pacific is expected to dominate the growth of the Flame Retardant Market, due to the growing number of residential and commercial establishments has increased the chances of explosions and fire-related accidents. According to the U.S. Fire Administration and the National Fire Protection Association (NFPA)2, in 2019 an estimated 1.3 million fires were reported in the United States, causing 3,700 civilian fire deaths, 16,600 civilian injuries and USD14.8 billion in property damage. nowadays, the use of flame retardants is especially important, as the large volume of electrical and electronic equipment in buildings, coupled with a larger volume of combustible materials, can increase the potential for fire hazards. Furthermore, Europe and Asia Pacific are projected to demand for Flame Retardant Market, due to the rapidly developing transportation industry and the need to address fire safety in the automobile industry.
Manufacturers have a significant market presence and offer a range of flame retardant solutions. Flame retardants are used in a wide range of industries, including construction, electronics, automotive, textiles, and furniture. The demand for flame retardants is driven by safety regulations, such as building codes and standards, which require flame-resistant materials in specific applications. Competitors employ various strategies, including product innovation, mergers and acquisitions, partnerships, and geographic expansion, to strengthen their market position. For example, companies may focus on developing eco-friendly flame retardant alternatives or expanding into emerging markets. For example, in 2022 Clariant will create a second production line at its new CHF 60 million state-of-the-art facility for Exolit OP halogen-free flame retardants currently under construction in Daya Bay, China. This additional CHF 40 million investment will further expand access to innovative and sustainable fire protection solutions and related technical expertise to support the significant growth of engineering plastics applications in E-mobility and electrical & electronic segments.
In 28 October 2022, Chemical industry giants BASF and THOR GmbH have recently combined their expertise in non-halogenated flame retardants additives to provide their customers with an inclusive solution that will enhance the sustainability and performance of specific plastic compounds, which will also meet stringent fire safety requirement.
The scope of this report covers the market by its major segments, which include as follows: