The Flame Retardant Chemical Market is predicted to develop at a compound yearly growth rate of over 5% throughout the forecast period of 2019 to 2021. Flame retardant products are in more demand due to stricter fire safety standards.
In 2019, more than 2 million tones of flame retardants were processed globally. Flame retardant chemicals are used to make consumer goods including furniture, computer equipment, and apparel less flammable. Flame retardants, which are meant to prevent or slow the spread of ignition through a variety of physical and chemical ways, are activated when an ignition source is present. They can be introduced as a copolymer during polymerization, then added to the polymer during molding or extrusion, or applied as a topical finish (especially for textiles). Flame retardants are made from inert gases or substances with endothermic and thermal resistance properties. Furthermore, because the chemical’s constituent elements react differently with fire, the chemical’s choice is reliant on the material to which it will be applied.
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In the United States there is an instance of catching fire every 24 seconds according to the National Fire Protection Association (NFPA). Moreover, average 354,000 housing structure fires are reported each year by the US Fire Department. The increasing incidence of fire hazards and the loss of lives and properties due to the growing number of cases lead to stringent fire safety regulations being introduced. Moreover, increasing demand from the transport and the automotive industry is driving forward the world’s flame retardant chemical market. In the coming years, there will also be an increase in demand by the home furnishing company. Other applications, like electronics and wires and cables, will continue to grow in the near future. The fire retardants act in two ways: they either prevent or slow the fire after it starts dramatically. They are used in plastics and other materials and have no impact on the qualities of the parent material.
Furthermore, the market is confronted with a number of hurdles that are impeding its expansion. COVID-19 had a negative impact on the market in 2020. Because of the pandemic scenario, during the government-imposed lockdown, construction and automotive work were temporarily halted, reducing demand for flame retardants. The construction industry, on the other hand, is rapidly recovering and is expected to grow over the next few years, increasing demand for the flammable chemical market. In addition to covid-19, rising environmental and health concerns, high prices for flame retardant products, and rising concerns about harmful content all impede market growth.
The market was dominated by aluminum hydroxide for 2020, with over 40% share; on the basis of product. Aluminum hydroxide has a low cost and reduced environmental impact on other flame retardants, which are major causes of growth. The presence in North America and Europe of brominated flame retardants is projected to grow moderately due to strict environmental restrictions aimed at reducing toxicity problems. On the basis of end-user, market was dominated by building and construction. In the U.S. alone the value of new construction put in place was over USD 1365 billion in 2019 and is expected to grow at 4.5 %, thereby increasing demand for flame retardant chemicals.
Asia-Pacific dominated the Flame Retardant Chemical Market in 2020. China alone accounts for nearly a quarter of global demand for flame retardants. The country’s expanding chemical and automobile industries are fueling China’s high demand. As a result of increased foreign investment, India is expected to increase its market share in the global market. In North America, on the other hand, the market will expand significantly in the coming years due to strict regulations mandating fire safety in all end products. Furthermore, due to the increasing use of these products in the automotive industry, the European market will experience significant growth in the coming years.
Albemarle Corporation, BASF SE, Huber Engineered Materials (HEM), The DOW Chemical Company, Chemtura Corporation, Lanxess AG and NabaltecAG are the major players in the flame retardant chemicals market and some other players are ICL (Israel Chemicals Ltd.), Ciba specialty chemicals, AkzoNobel. To achieve a significant competitive advantage in this market, major players are investing in the creation of revolutionary flame- retarded products. To compete for the market’s top spot, the other firms are developing halogen-free flame retardants.
The Flame Retardant Chemical Market is Segmented into:
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