North America Flame Retardant Chemicals Market - Segmented by Type, End-user Industry, and Geography - Growth, Trends, and Forecasts (2018 - 2023)
The North America flame retardant chemicals market is expected to register a CAGR of more than 5% during the forecast period (2018 - 2023). The United States was the largest market in 2017 and is also expected to register the fastest growth during the forecast period.
Rising Consumer Electrical & Electronic Goods Manufacturing
The flame retardant chemicals play a significant role in the electrical & electronics market. Electrical fires are one of the major sources of the household and industrial fires around the world. The use of flame retardant chemicals can lead to a decrease in the same. Flame retardant materials find use in electrical equipment, from the smallest components of a computer to the large electrical grids. Flame retardant chemicals increase the resistance to both internal and external heat sources. In terms of size, the electronics market in the United States is the largest market. Owing to the use of advance technology, the increasing number of R&D centers, and the rising demand from consumers, the United States market is expected to remain as the market leader over the forecast period. Also, due to the rapid pace of innovation in the advancement of technology and R&D activities in the electronics industry, there is a high demand for newer and faster electronic products. There is a spur in the number of manufacturing plants and development centers in the United States that are focusing on high-end products, which is expected to boost the demand for flame retardant chemicals over the forecast period
Buildings & Construction to Dominate the Market
Flame retardant chemicals are commonly used in building materials to meet the important fire safety standards and codes. Flame retardant chemicals increase the threshold temperature of the material, at which it catches fire, and reduce the rate of spreading of fire, along with providing the critical time required to escape from the surroundings. The United States, which has the largest construction industry in North America, is growing at a steady rate with the commercial construction expected to rise by 2% in 2018. The office space market in the country is estimated to grow by almost 10% in the next few years. Additionally, the rise in home sales, coupled with the demand for office furniture, is creating the demand flame retardant chemicals in the country.
United States to Dominate the Market
In 2017, the United States held the highest market share, accounting for more than 80% of the market. The infrastructure modifications are expected to encourage the growth of the repair construction activities at a quicker pace in the region. The gradual growth of the commercial sector, primarily office space construction, is likely to have a positive impact on the market. Moreover, the country is the second-largest producer of automotive vehicles in the world. The production has recorded a robust growth since the past five years and the sales of automotive vehicles have been increasing at a constant rate. The United States is the second-largest economy for electronics in the world, with the demand for consumer electronics growing rapidly. This demand is expected to contribute to the growth of the market.
Major Players: BASF SE, Lanxess, Clariant, ICL, Italmatch Chemicals SpA., MPI Chemie BV, Sumitomo Chemical Co. Ltd, and AkzoNobel N.V., among others.
Reasons to Purchase this Report
To analyze the rising consumer electrical & electronic goods manufacturing that is expected to drive the market
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
To identify the type and end-user industry that are expected to dominate the market
Country that is 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)
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