The global flame retardant industry is expected to rise at a CAGR of 5.9% to reach USD 11,175.9 million by the end of 2027 on account of the increasing fire safety regulations adopted by various end-user industries worldwide. They are chemicals added to flammable materials such as plastic, coatings, textiles, and others to prevent fire incidents. Flame retardants are also added to products such as electric wires, computers, mattresses, foams, automobile parts, and others for protection against fire. A recently published report by Fortune Business Insights,
Drivers & Restraints-
The imposition of stringent regulations on fire safety stands as a significant flame retardant market growth driver. This, coupled with the rising consumption of brominated compounds in products, will also aid in the expansion of the market. Additionally, the development of innovative and effective synergists will boost the market in the coming years.
However, the rising health and environmental concerns that imposed restrictions on the use of conventional fire retardant products may hamper the market growth. Nevertheless, the imposition of fire safety norms has propelled various end-user product manufacturers to utilize these retardants in their products, thereby creating lucrative growth opportunities for the market in the coming years.
Antimony Oxides Segment Earned Highest Share Soon to be Overpowered by ATH Segment
The market was dominated by the antimony oxides segment with a 26.6% flame retardant market share in 2019. However, the ATH or the aluminium trihydrate segment is likely to emerge dominant in the forecast period as it does not emit any toxic smoke while burning and is, therefore, the most widely used component in the field of these retardants today.
Some of the Key Players of this Market include:
Thor (UK) Italmatch Chemicals S.p.A. (Italy) Huber Engineered Materials (United States) Kisuma Chemicals (Netherlands) Nabaltec AG (Germany) Dow (United States) Akzo Nobel N.V. (Netherlands) BASF SE (Germany) ICL Group (Israel) Lubrizol Corporation (United States) Clariant (Switzerland) LANXESS (Germany) Others