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The global flame retardant market size is projected to hit USD 11.17 billion by 2027 on account of the rising incidence of fire accidents and the stringent regulations imposed on fire safety by the governments of various nations. As per a rewcent report by Fortune Business Insights, titled, “Flame Retardant Market Size, Share & Industry Analysis, By Chemistry (ATH, Brominated, Antimony Oxides, Chlorinated, Phosphorous Compounds, and Others), By End User (Automotive, Construction, Wire & Cable, Electrical & Electronics, Textile, and Others), and Regional Forecast, 2020-2027,” the value of this market was USD 7.09 billion in 2019, and will rise at a CAGR of 5.9% between 2020 and 2027.
Flame Retardant Compounds with Halogen-free Components for Use in Electronics
Clariant and Lavergne declared the development of flame-retardant compounds made of halogen-free components for use in electronic products. These compounds are made of recycled polyester, mainly from the waste collected from ocean bounds by Lavergne and is inclusive of the OP halogen-free flame retardant produced by Clariant.
Davood Bagheri, a polymer scientist at Lavergne, states, “The ocean is not the home for plastic; Lavergne is. We aim at cleaning plastics dumped into the ocean and turn waste into high-end products. Our main objective behind this collaborative effort is to curb the chances of fire accidents in electronic appliances and to strengthen the company’s portfolio in the geographical market by converting waste into the matter.”
Such initiatives taken by the manufacturers will not only set a good example of environmental protection but also aid in the expansion of the market in the forthcoming years.
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Rising Use by Textile and Automobile Component Products to Augment Growth
The increasing consumption of brominated compounds and products made of bromine stands as significant factors responsible for the flame retardant market growth. Additionally, the growing need for adopting fire precautions is propelling the demand for these retardants from various end-user applicants, thereby augmenting growth. On the contrary, factors such as health and environmental hazards associated with the use of certain materials used in furniture or automobile parts may pose a significant hindrance to the market in the coming years.
Nevertheless, the rising use of these retardants for making products such as paints, interiors, wires, insulation materials, construction products, textiles, and others are expected to create lucrative growth opportunities for the market in the coming years.
Investments in Product Development to Help Players Gain Significant Position in Market
Major players of this market are investing in the development of innovative flame-retarded products to gain a significant position in the market competition. The other players are engaging in the manufacturing of halogen-free flame retardants to compete for the top position in the market.
Significant Industry Developments of this Market include:
List of Prominent Players in the Market include:
Further Report Findings
The Global Market is categorized into:
Value (USD Billion)