The Flame Retardant Market is projected to hit $14.2 billion by 2030, growing at a CAGR of 6.9% during the forecast period.
Fire safety is a highly critical concern that holds the capacity to cause a major impact on the lives of people and the surrounding environment. The criticality of the same makes the emergence of a solution a highly imperative requirement. Flame retardants comes-in as a viable solution to this situation.
Flame retardants refer to a variety of chemical substances that help prevent fire and slow down the ignition from spreading. They are added to combustible materials to increase their fire safety and reduce the risk of the same. It has considerably helped increase fire safety and has curbed down the destructive impact of fires on properties, people, and the environment. They are added to potentially flammable materials like textiles and plastics to prevent it from any fire hazard. These retardants are found in a wide variety of applications like cables and wires, plastics, polyurethane foam, fabrics, and others.
The Flame Retardants market is projected to witness an impressive growth in terms of volume, i.e., million metric tons by the year 2022. The market is expected to grow at 5.86% during the forecast period. It is revealed by Market Research Future (MRFR) in its recently published market report that the burgeoning demand of flame retardants from industries such as building and construction, transportation, and electronics is anticipated to drive the growth of the market. Expanding demand from the plastic industry coupled with the latest safety-driven government regulations are the major drivers for the market.
However, flame retardants cause toxicity issues during the time of production, one which can severely affect the market growth in the near future. Additionally, alternatives like Magnesium Hydroxide (MDH) can also cause a decline in the flame retardants market.
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Market Segmentation
The global Flame Retardants market segmentation is divided in terms of types, application, and end-users.
By types, the market includes phosphorus, brominated, metal hydrate, nitrogen, chlorinated, and others.
By application, the market comprises of plastics: polyurethane foam, fabrics, cable and wires, and others.
By end-user, the market includes packaging industry, electronics, transportation, building construction, military aerospace industry, and others.
Regional Analysis
The global flame retardants market is regionally segmented into Asia-Pacific, North America, Europe, and the Middle East Africa.
Asia-Pacific is the largest regional market player of flame retardants. This is primarily due to the surging demand for flame retardants in various applications such as cables and wires, fabrics, plastics, polyurethane foam, and others. Following Asia-Pacific, North America is the largest market share holder.
The remaining regions, namely Europe, Middle East Africa, and Latin America, also witness a growth of the market because of various applications. These applications include packaging, building construction, transportation, military aerospace, electronics, and others.
Competitive Analysis
The flame retardants Technology Analysis comprises of various prominent players, including Akzo Nobel NV (Netherlands), The Dow Chemical Co (US), BASF SE (Germany), Chemtura Corporation (US), Clariant International Ag (Switzerland), China Antimony Chemicals Co. Ltd (China), Albemarle Corporation (US), and others.
Feb 14th, 2019, researchers from the AM University of Texas are developing a one-of-a-kind flame retardant coating that does not emit toxic fumes, unlike the normal ones. The non-toxic alternative is made out of renewable materials. Successful development and implementation of this flame retardant coating could offer much superior fire protection to varying materials, including textiles, upholstered furniture, and insulation. The uniqueness of the study is understandable through the usage of two naturally occurring nanomaterials — cellulose nanofibrils and clay nanoplatelets. Efforts are being undertaken on refining the technology and methods are being investigated on how to produce the coating on a commercial scale.
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