Flame Retardant Chemicals Market size was over USD 7.5 billion in 2015 and is likely to gain 4.5% CAGR up to 2023 register above USD 10 billion. Flame retardants market size may reach over 2.9 million tons by 2023 with expected gains at over 6% CAGR.
Asia Pacific flame retardants market size, led by China & India, dominated the regional industry and accounted for over 42% of the overall demand in 2015. Asia Pacific dominated the market over the past few years, followed by Western Europe and North America. Asia Pacific is forecast to register the highest growth owing to enormous potential that can be discover in near future because in the increase of safety concerns and growth of many end-use industries in the developing countries.
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These products are used in thermosets, thermoplastics, paints & coatings building & construction, adhesives, and various other forms of plastics such as, textiles, coatings polyolefin and PVC. Key flame retardant chemicals type include, brominated, chlorinated, organophoshorus, nitrogen, aluminium hydroxide and antimony oxide.
Rise in fire safety norms in construction and automobile industries may stimulate product demand. Increase in construction spending particularly in Asia Pacific may drive product demand. China construction spending was over USD 1.7 trillion in 2014, followed by Japan and India with over USD 739 billion and USD 421 billion respectively in the same year. North America demand may rise at a faster pace than other developed regions due to a forecast rebound in the US construction market, but will remain below the global average.
Flame retardant chemicals market may witness strong growth in construction applications up to 2023. Construction application may account for over 25% of the overall volume by 2023. National Fire Protection Association (NFPA) regulated fire safety standards in the U.S., Similarly, The Confederation of Fire Protection Association (CFPA) lays out the fire safety & resistance standards for building construction in Europe. These norms are the propelling factors for product demand to rise.
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Indonesia and Thailand are likely to witness an increase in automobile production owing to favourable government policies for OEMs, which may drive product demand.
In Electrical & electronics (E&E) applications, the product supports in the production of laptops, cell phones, battery chargers, refrigerators, washers, dryers and vacuum cleaners. This may enhance flame retardant chemicals market size.
Global non halogenated flame retardants market is expected to reach USD 2.5 billion by 2023 and it is expected that halogen based products will be banned keeping in the concern of human health and environmental hazards.
The industry in the current scenario is facing issues with the increase in raw material and manufacturing cost. This factor may impact flame retardant market price trends.
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Global flame retardants market share is fairly competitive and comprises of MNCs. Notable industry participants include Dow Chemical, Clariant, Lanxess, BASF, Akzo Nobel, Albemarle and DuPont.
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