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DUBLIN--(BUSINESS WIRE)--Dec 5, 2022--
The "Flame Retardants Market by Type (Aluminum Trihydrate, Antimony Oxide, Brominated), Application (Epoxy, Polyolefin, Unsaturated Polyester), End-Use Industry (Building & Construction, Electronics & Appliances) and Region- Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global flame retardants market is estimated to be USD 7.2 billion in 2022 and is projected to grow at a CAGR of 5.1% to 2027
One of the key drivers of the rising demand for flame retardants is the stringent regulations towards fire safety across the globe. To reduce fire-related hazards and associated impacts, many countries have strict fire standards. Manufacturers of various sectors must adhere to these standards.
However, one of the widely used flame retardants i.e. halogenated flame retardants is facing massive scrutiny because of its toxic effects on the environment. But, this brings in better opportunities for flame retardant manufacturers to develop solutions that are environment-friendly.
By type, nitrogen is expected to be the fastest-growing segment for the flame retardants market during the forecast period
The key driver towards the growth of nitrogen flame retardants is the shift toward more environmentally friendly solutions. Halogenated flame retardants like brominated and chlorinated have applications in every sector, but their toxic effects on the environment have impacted their usage.
Many regions like Europe and North America have banned some of the brominated and chlorinated flame retardants. This has brought in a lucrative opportunity for nitrogen flame retardants. Nitrogen flame retardants have high thermal stability and decomposition temperatures with low smoke emissions. These flame retardants are among the most widely used halogen-free flame retardants.
Polyolefin is expected to be the fastest-growing application in flame retardants market during the forecast period
Polyolefin is the most widely used polymer and has a plethora of applications across all industries. The use of polyethylene and polypropylene is increasing in various consumer-centric industries. Polyethylene and polypropylene are the most widely used polymers. These polymers are mostly used for packaging and wires & cables. To maintain fire resistance to these polymers, a suitable amount of flame retardants is added.
Based on region, Asia Pacific is the fastest-growing region for flame retardants market during the forecast period
Asia Pacific is the most promising market for plastics and related industries, including electronics & appliances. It is the largest and fastest-growing market for flame retardants. The increasing demand from, electronics and automotive applications is driving the market for flame retardants in the region.
The rising purchasing power of the middle-class population also acts as a key market driver. The rising demand for environment-friendly products is driving innovation in the plastics industry. High-end products such as consumer goods and electronic devices demand better fire safety standards. Thus, the need for flame retardants in the region is growing.
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INDUSTRY KEYWORD: CHEMICALS/PLASTICS MANUFACTURING
SOURCE: Research and Markets
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PUB: 12/05/2022 08:48 AM/DISC: 12/05/2022 08:48 AM
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