IMARC Group, a leading market research company, has recently releases report titled, “Flame Retardants Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, The study provides a detailed analysis of the industry, including the global flame retardants market size, share, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How big is the flame retardants market?
|Market Size in 2022||US$ 9.2 Billion|
|Market Forecast in 2028||US$ 13.5 Billion|
|Growth rate (2023 to 2028)||CAGR of 6.6%|
|Base Year of the Analysis||2022|
What is flame retardants?
Flame retardants are substances that play a crucial role in extinguishing fires or preventing their outbreak. These substances encompass a range of chemicals, including chlorine, bromine, antimony oxides, aluminum hydroxide, molybdenum compounds, zinc, magnesium oxides, organic phosphate esters, phosphates, halogenated phosphorus, and inorganic phosphorus-containing salts. They also consist of graphene, graphite, nitrogen compounds, silicon-based materials, and tin. By being incorporated into materials or applied on surfaces, flame retardants effectively inhibit combustion. They are commonly used as coatings on furniture, enhancing their safety and making them fireproof. Additionally, they find application in coating carpets, curtains, mattresses, and fabrics, providing protection against sparks and flames in the event of a fire. The extensive use of flame retardants extends to the manufacturing of electronics and electrical devices such as laptops, smartphones, computers, televisions (TVs), and cables and wires for various household appliances. In transportation, flame retardants are applied to different components of automobiles, trains, and airplanes, including seats, seat covers, overhead compartments, and bumpers, to ensure fire resistance and passenger safety. By reducing heat release and limiting the production of smoke during combustion, flame retardants contribute to the overall safety of combustible materials and products. As a result, they find widespread application across residential, commercial, and construction sectors worldwide.
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What are the growth prospects and trends in the flame retardants industry?
The market for flame retardants is being primarily driven by the growing demand for their use in coating industrial machinery and electrical devices, aimed at reducing fire-related hazards and improving worker safety. Moreover, the automotive industry is witnessing an increasing need for flame retardants to coat seats and other vehicle components, driving market growth on a global scale. Additionally, the widespread utilization of plastic, foam, and composite materials in the residential and commercial sectors is positively impacting the market, as flame retardants are essential for enhancing fire safety in these applications. Furthermore, the construction industry is recognizing the importance of flame retardants in meeting and exceeding fire safety standards for buildings. The market is also being fueled by the rising adoption of electronic appliances such as air fryers, microwaves, ovens, washing machines, and vacuum cleaners, which require flame retardants to ensure safety and efficiency in household tasks. Simultaneously, the increasing demand for electronic devices like laptops, computers, and TVs for internet access, media streaming, and gaming is contributing to the growth of the market. To meet evolving industry needs, key market players are investing in research and development (R&D) activities, focusing on the introduction of sustainable and non-toxic flame retardant solutions. This commitment to innovation is driving the development of safer and more environmentally friendly flame retardant products.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Type:
- Alumina Trihydrate
- Brominated Flame Retardants
- Antimony Trioxide
- Phosphorus Flame Retardants
Breakup by Application:
- Unsaturated Polyester Resins
- Epoxy Resins
Breakup by End Use Industry:
- Wires and Cables
- Automotive and Transportation
- Electrical and Electronics
Breakup by Region:
- North America
- Latin America
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- Almatis GmbH
- BASF SE
- Borealis GmbH (OMV Aktiengesellschaft)
- Budenheim Ibérica S.L.U
- Campine NV
- Clariant AG
- Dover Chemical Corporation (ICC Industries Inc.)
- Dow Inc.
- ICL Group Ltd
- Lanxess AG
- Otsuka Chemical Co. Ltd.
- RTP Company (Miller Waste Mills Inc.).
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