The flame retardant market has been segmented into aluminum hydroxide, brominated, phosphorous-based flame retardants, chlorinated and antimony oxide. Among these segments, the phosphorus based flame retardants segment had the highest market share in previous years and is expected to dominate the market with highest CAGR during the forecast period owing to its stability. This factor is envisioned to strengthen the growth of flame retardant chemicals market.
The global market for flame retardant chemicals market is anticipated to reach USD 15.6 Billion by the end of 2024, flourishing at a compound annual growth rate of 6.7 % over the forecast period. Rising demand from end use industries is likely to drive the growth of the market during the forecast period. Apart from this, government safety regulations are anticipated to impel the growth of global flame retardant chemicals market.
In the regional segment, Asia-Pacific represented the largest market in terms of revenue share in overall flame retardant chemicals market and is expected to continue its dominance over the forecast period. The growth of the market is driven by rise and expansion of end user industries such as automotive, construction industry and furniture industries among others. Further, with the increase in sales of electrical and electronics device is expected to drive the growth of North America’s market for flame retardant chemicals in upcoming years. Apart from this, rising demand and sale of electronic devices is also envisioned to bolster the growth of flame retardant chemicals market in the Europe region. Presence and growth of automotive industries is believed to be the dynamic factor behind the growth of Europe flame retardant chemicals market.
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Wide Scale Applications Reflects Significant Opportunities
Rising construction activities in developing countries and Western Europe is expected to positively impact the growth of the global flame retardants chemicals market. Apart from this, global flame retardant chemicals market is expected to witness augmented demand from transportation and electronic industry. Moreover, wide scale adoption of flame retardants chemicals by the end use industries is envisioned to bolster the growth of global flame retardant chemicals market.
However, volatility in price of raw material and toxicity might dampen the growth of the market in upcoming years.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the flame retardant chemicals market which includes company profiling of BASF SE, The Dow Chemical Company, LanxessAktiengesellschaft, ICL Industrial Products, Akzo Nobel, Albermarle Corporation, Clariant AG, Nabaltec AG, Italmatch Chemicals SpA and Huber Engineered Materials.
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The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the flame retardant chemicals market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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