US & Canada, Nov. 26, 2024 (GLOBE NEWSWIRE) — According to a new comprehensive report from The Insight Partners, Global flame retardants market is witnessing noticeable growth owing to modest rise in electrical & electronics and construction industries.
Flame retardants have a variety of applications, which are expected to propel the market growth in the coming years. The report runs an in-depth analysis of market trends, key players, and future opportunities.
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The report from The Insight Partners, therefore, provides several stakeholders—including information on raw material suppliers, flame retardant manufacturers, and distributors/suppliers—with valuable insights into how to successfully navigate this evolving market landscape and unlock new opportunities.
Overview of Report Findings
- Market Growth: The flame retardants market is expected to reach US$ 9.56 billion by 2031 from US$ 6.44 billion in 2023; it is anticipated to record a CAGR of 5.1% during the forecast period. The global flame retardants market has been experiencing robust growth primarily driven by the growing construction industry across the world. As urbanization and infrastructure development surge, the construction sector will require a variety of materials such as insulation, wiring, and furnishings to meet stringent fire safety standards. Flame retardants comply with safety regulations to reduce the risk of fires in residential, commercial, and industrial buildings. The heightened focus on fire safety in construction projects amplifies the necessity for flame-retardant products, directly boosting their market demand.
- Growth of Global Electrical & Electronics Industry: The soaring demand from the electrical & electronics industry is propelling the need for flame retardants, majorly due to the increasing complexity and ubiquity of electronic devices. As the global market for electronics grows, fueled by consumer demand for smartphones, tablets, laptops, and other smart devices, the need for materials that ensure these products are safe and reliable becomes paramount. According to the International Data Corporation (IDC), 41.6 billion Internet of Things (IoT) devices capable of generating 79.4 zettabytes (ZB) of data will be in use by 2025. This exponential increase in data traffic over the Internet is due to the growing penetration of smartphones and other consumer electronics that can be connected to the Internet due to the rising popularity of IoT. The increasing penetration of IoT devices—which include smart home gadgets, wearable technology, industrial sensors, and connected appliances—is becoming ubiquitous in both consumer and industrial settings. Flame retardants are essential in this context because they help prevent fires by inhibiting or slowing the spread of flames. This protection is critical in devices that generate heat or are prone to electrical faults, ensuring that they meet stringent safety standards and regulatory requirements. Additionally, the trend toward miniaturization and higher performance in electronic devices amplifies the demand for flame retardants. As devices become smaller and more powerful, they generate more heat, increasing the risk of fire hazards. To mitigate these risks, flame retardants are integrated into various components such as circuit boards, connectors, casings, and cables.
- Rising Demand for Green Flame Retardants: The emerging demand for green flame retardants is shaping the future of the flame retardants market. Green flame retardants are gaining traction due to stringent regulatory compliance and heightened consumer awareness about the adverse effects of conventional flame retardants. These eco-friendly alternatives typically avoid the use of halogens, such as bromine and chlorine, which have been associated with toxic emissions and contain persistent environmental pollutants. On the contrary, green flame retardants utilize safer materials such as phosphates, metal hydroxides, and bio-based substances, which decompose into non-toxic byproducts. This shift toward green flame retardants is driven by stringent environmental regulations and standards set by governments and international bodies. For instance, the European Union’s regulations and similar directives in other regions restrict the use of hazardous chemicals in manufacturing processes. Companies are compelled to seek safer alternatives to comply with these regulations, fostering innovation in developing green flame retardant technologies. As public awareness about chemicals’ health and environmental impact increases, consumers are more likely to favor products that utilize safer alternatives. This shift in consumer preferences is promoting manufacturers to innovate and invest in the development of green flame retardants to meet the market demand. Consequently, the rising demand for green flame retardants is a response to regulatory and consumer pressure and a key factor promoting innovation in the flame retardants market.
- Geographical Insights: In 2023, Asia Pacific led the market with a substantial revenue share, followed by Europe and North America. Further, Asia Pacific is expected to register the highest CAGR during the forecast period.
Report Scope & Segmentation-
| Report Coverage | Details | ||||
| Forecast Period | 2024-2031 | ||||
| Forecast Period 2023 to 2030 CAGR | 5.1 | % | |||
| 2031 Value Projection | US$ 9.56 billion by 2031 | ||||
| Base Year | 2023 | ||||
| Proposal Management Software Market Size in 2023 | US$ 6.44 Billion | ||||
| Historical Data for | 2021-2022 | ||||
| No. of Pages | 240 | ||||
| Segments covered | By Type & By End User | ||||
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Market Segmentation
- Based on type, the flame retardants market is segmented into halogenated (bromine-based and chlorine-based) and halogen-free (phosphorus-based, aluminum hydroxide, magnesium hydroxide, and others). The halogen-free segment held a larger share of the market in 2023.
- In terms of end-use industry, the flame retardants market is segmented into building and construction, automotive and transportation, electrical and electronics, textiles, and others. The building and construction segment dominated the market in 2023.
- The flame retardants market is segmented into five major regions: North America, Europe, APAC, Middle East and Africa, and South and Central America.
Competitive Strategy and Development
- Key Players: A few of the major companies operating in the flame retardants market are ADEKA CORPORATION; Albemarle Corp; Avient Corp; BASF SE; J.M. Huber Corporation; Clariant AG; RTP Company; ICL Group Ltd; Italmatch Chemicals S.p.A; Lanxess AG; Alpha Calcit Füllstoff GmbH & Co. KG; AIR WATER INC; Konoshima Chemical Co., Ltd.; THOR Group Ltd; Nabaltec AG; Georg Nordmann; Marubeni Corp; Celanese Corp; Domo Chemicals GmbH; and Greenchemicals S.r.l.
- Trending Topics: Green Flame Retardant, PFAS-Free Flame Retardants, Halogen-Free Flame Retardants, etc.
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Global Headlines on Flame Retardants
- Clariant Launched Melamine-Free Flame Retardant for Intumescent Coatings
- Trinseo Launched New PFAS-Free Flame Retardant Products
- Clariant Inaugurated Daya Bay Exolit OP Flame Retardant Plant
- Yokohama Rubber Launched the Flame-Retardant Hamaheat #2110
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Conclusion
As modern construction increasingly emphasizes sustainable and high-performance buildings, the role of advanced materials becomes more pronounced. Therefore, various government-supportive measures for the development of the construction industry are leading to an increase in construction activities. In addition, the increasing adoption of electric vehicles, renewable energy systems, and smart home technologies also contributes to this demand. These applications require robust safety measures to protect against potential electrical fires, making flame retardants indispensable in their production. Consequently, the rapid expansion of construction and electrical & electronics industries, driven by technological advancements and consumer demand for safer and more reliable devices, is a key driver for the growing flame retardants market.
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About Us:
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.
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