Flame Retardants Market Outlook and Opportunities in Grooming Regions with Forecast 2030

Market Highlights

Global Flame Retardants Market is estimated to be valued at USD 14.76 billion by 2032 and record a CAGR of over 6.90% during the forecast period.

Global Flame Retardants Market is expected to witness a surging growth in the coming assessment period owing to its widespread usage in diverse end-use industries such as building and construction, transportation, textile, consumer goods, and electronic devices. The growth is mainly attributed to the growth construction activities, especially in emerging countries such as China and India due to increase in government investments in commercial construction for infrastructural development, booming population and growth in per capita spending of individuals. Besides, the increase in fire incidents globally has increased the need for improved safety standards with flame retardants in building and construction sector. Moreover, growing demand for plastic components in automotive to reduce the weight of the vehicle has further fueled the growth of the flame retardant market. As plastics are more susceptible to catch fire. Flame retardants are applied to automotive seats, and interior parts of automotive. However, due to the stringent regulations on the sue of conventional flame retardants is likely to hamper the growth of the market. Nevertheless, increasing demand for recyclable halogen-free flame retardants and growth in the plastic manufacturing is likely to bring lucrative opportunity for the growth of the flame retardant market in the forecast period.

Segmental Analysis

According to MRFR analysis, the Global Flame Retardants Market has been segmented based on type, Resin, Application and Region.

Based on Type, the global Flame Retardants market has been segmented into non-halogenated and halogenated flame retardants. The non-halogenated segment accounts for largest share of over 60% in the global market in 2018. The segment is expected to witness a healthy growth 7% in the forecast period owing to increased preference towards non-toxic halogen free flame retardants and stringent regulations on conventional flame retardants.

Based on Resin, the global market has been segmented into polyethylene, polypropylene, epoxy, unsaturated polyesters, polyvinyl chloride, styrenics, engineered thermoplastics, rubber, and others. Among this, polyethylene segments hold the maximum share in the global market. The high market share is mainly due to the versatile physical properties such as toughness, high strength, and rigidity offered by polyethylene. Moreover, the high demand of flame retardant polyethylene in building and construction and automotive components is one of the key factors for the growth of this segment in the market. Further, it is expected to witness a growth of around 8% during the forecast period 2021-2030 and reach over USD 3,500 million by 2030.

Based on Application, the global market has segmented into building & construction, electricals & electronics, transportation, textiles, and others. The building & construction segment among other applications accounted for the largest market share. The increase in construction activities globally, especially in China, India and Indonesia, increased government investments for infrastructural development and increased usage of polymers in building and construction industry is is expected to boost the growth of these segment in the forecast period. It is expected to witness a healthy CAGR of around 7.5% between 2021-2030.

Regional Analysis

Geographically, the global flame retardants market has been segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. As per MRFR analysis, Asia-Pacific region dominated the global market, accounting for the largest share of around 50% in 2018 and is expected to register a CAGR over 7.5% during the forecast period. Asia-Pacific is followed by Europe, which accounted for the second-largest share of the global flame retardants market in 2018. The European market is expected to exhibit a share of around 25% in 2018. The North America region is expected to witness moderate growth with CAGR 6% over the forecast period. Latin America and Middle East and Africa markets are also likely to witness significant growth with CAGR over 6.5% during the forecast period, 2021-2030

Key Players

Market Research Future (MRFR) recognizes the following companies as the Key Players in the global Flame Retardants market: Clariant, ICL, LANXESS, BASF SE, RTP Company, Nabaltec AG, Celanese Corporation, Green chemicals SpA, Kisuma Chemicals, Dow, Akzo Nobel N.V., Amfine Chemical Corporation, J.M. Huber Corporation, and Italmatch Chemicals SpA. Access Full Report Details - Flame Retardants Market Size