The recent analytical report published by Markntel Advisors (a leading consulting, data analytics, and market research firm), Flame Retardants Market comprises a detailed study of critical and major aspects of market dynamics, i.e. market trends, size, forecasts, growth factors, challenges, and competitor landscape.
In-Depth Market Overview of Flame Retardants Industry (2024-2030):
According to the latest report, The Flame Retardants Market is expected to grow at a CAGR of around 5.3% during the forecast period, i.e., 2024-30. The report demonstrates the prominent factors propelling the exponential growth of the Flame Retardants industry.
Key Takeaways: Beneficial for Stakeholders and Clients:
- Historical Data: 2019-22
- Base Year: 2023
- Forecast Period: 2024-30
- CAGR (2024-2030): 5.3%
What are the major Driver the Flame Retardants industry?
Rise in Strict Regulations Regarding Fire & Human Safety – The primary aspect projected to drive the Global Flame Retardants Market during 2024-30 is the increasing rules & regulations regarding fire & human safety worldwide. Governments of various countries are actively focusing on preventing fire & explosion-related incidents in offices, industries, public places, etc., which, in turn, has led to the implementation of stringent rules for industries to use flame retardants in cables, wires, construction products, insulation materials, textiles, automotive components & interiors, and paints & coatings in order to reduce the chances of combustion, i.e., stimulating the overall market expansion.
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Flame Retardants Market Segmentation
The Flame Retardants Market analysis of Markntel Advisors explores the industry by emphasizing the growth parameters and categorizes including geographical segmentation, to offer a comprehensive understanding of the market dynamic. The further bifurcations are as follows:
- By Type
- Alumina Trihydrate
- Brominated Flame Retardants
- Antimony Trioxide
- Phosphorous Flame Retardants
- Others
- By Application
- Unsaturated Polyester Resins
- Epoxy Resins
- PVC
- Rubber
- Polyolefins
- Styrenics
- Others
- By End User Industry
- Building & Construction
- Automotive & Transportation
- Electronic & Electrical
- Others (Adhesives, Textiles, Aerospace, etc.)
- By Region
- North America
- South America
- Europe
- The Middle East & Africa
- Asia-Pacific
As per the regional aspect, the Flame Retardants Market is expected to be dominated by North America by capturing the potential market share.
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Top Companies in the Flame Retardants Market
Lanxess AG, Albemarle Corporation, Clariant International Ltd., Chemtura Corporation, Israel Chemicals Limited (ICL), BASF SE, LG Chem, The Dow Chemical Company, Italamtch Chemicals, Nabaltech AG, Huber Engineered Materials, DuPont, Hongboali Group Co. Ltd., Huntsman International LLC, FRX Polymers, Inc., and Akzo Nobel
Global Flame Retardants Industry Recent Development:
In May 2022, FRX Innovations’ Nofia® flame retardant received ChemFORWARD’s SAFER designation for its high-performance level & sustainability attributes in lithium-ion battery casings. This designation strengthened the leader’s position in environmentally sustainable polymeric, non-halogenated flame retardants for both consumers and industrial products & applications.
The same year in April, LG Chem developed a special flame retardant that can block heat for a longer period when applied to the battery pack cover of EVs (Electric Vehicles) thanks to its superior heat resistance. This new high-functional engineering plastic material comprises PPO (Polyphenylene Oxide), PA (Polyamide), & PBT (Polybutylene Terephthalate), with excellent dimensional stability that can maintain its shape despite temperature changes.
In December 2021, Clariant started constructing its first Chinese production facility for its successful Exolit OP flame retardants at its existing site in Daya Bay, Huizhou, Guangdong Province. The facility, i.e., likely to be completed & inaugurated in 2024, will enable the leader to speed up its production capacity to cater to the burgeoning consumer requirements in the country.
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