Global Flame Retardant Chemicals Market - Segmented by Product Type, End-user Industry, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The global flame retardant market is expected to register a CAGR of 5.08% during the forecast period (2018 – 2023). The Asia-Pacific region is estimated to lead the market owing to its rapid growth in the building & construction sector.
Flame-retardants are compounds added to or applied during the surface treatment of potentially flammable materials, including textiles and plastics. They inhibit/delay and suppress flames, and curb the fire from spreading. Flame retardant chemicals are highly effective in preventing and curbing the development of domestic fires. However, studies have indicated that the presence of halogenated flame retardant chemicals makes the emissions more toxic and inhaling those emissions could lead to a serious health risk.
Soaring Demand in Infrastructure Industry
The demand for flame retardants is driven by the increase of infrastructure activities in the developing economies, such as India, China, Indonesia, and others, and the growing consumer demand for electrical & electronic products across the world. Building & construction industry dominates the flame retardant chemicals market with a significant market share. The growing population, coupled with the increasing purchasing power among the middle-class population in the developing economies, such as India, South Korea, and ASEAN countries, has boosted the need for infrastructural projects, such as recreational centers, shopping malls, sophisticated health care centers, high-rise buildings, and others, thereby, accelerating the usage of flame retardant chemicals.
The growing demand and usage of flame retardant chemicals in the manufacture of consumer electrical & electronic goods is expected to boost the market growth. The chemicals find use in electrical equipment in the smallest components of a computer to the large electrical grids. Flame retardants increase resistance to both internal and external heat sources.
Asia-Pacific Region to Lead the Market
In the Asia-Pacific region, the major demand for flame retardant chemicals is from the building & construction sector, as the construction industry is growing rapidly in the developing economies, like India, China, and some ASEAN countries. In China, the infrastructure projects are increasing under its One Belt, One Road initiative.
Key Developments in the Market
March 2018: Italmatch Chemicals, a global specialty chemical group leader in the production and marketing of performance additives for water & process treatment, oil & gas, industrial lubricants, and plastics, acquired Chinese Jiayou Chemical, active in the phosphonate business.
February 2018: The Fire Retardant Additives business unit, part of the Huber Engineered Materials division of J.M. Huber Corporation, announced a significant capital investment to increase the production capacity for Martinal LEO fine precipitated alumina trihydrate at its Martinswerk Plant in Bergheim, Germany.
Major Players: BASF SE, Clariant AG, DAIHACHI Chemical Industry Co. Ltd, and Huber Engineered Materials, among others.
Reasons to Purchase this Report
To understand the impact of end-user applications on the market
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
To understand the dominating technology in the market
To identify the countries that are expected to witness the fastest growth during the forecast period
Identify the latest developments, market shares, and strategies employed by the major market players
3-month analyst support, along with the Market Estimate sheet (in Excel)
Please note: This publisher does offer titles that are created upon receipt of order. If you are purchasing a PDF Email Delivery option above, the report will take approximately 2 business days to prepare and deliver.