Global flame retardant chemicals market is expected to grow over the forecast period, owing to numerous advancements in fire safety solutions and growing demand from end-use industries. Flame retardants are components that reduce devastating impact of fire which can be added to textiles for treatment of flammable materials. Flame retardants refer to functional aspect of additives with diverse properties and structures, rather than a family/class of chemicals. These chemicals do not modify the flammable property of parent material; however they delay quick material burning. Rising fire safety regulations and flame-retardant additives demand from end-user industries such as construction, electrical and electronic industries are anticipated to foster market growth. Construction industry is considered to emerge as a major consumer owing to growing developmental activities in emerging countries. Flame retardant chemicals exhibit special properties such as reduction in flammability of combustible services, due to which it is applied in the electrical industry. Application of these chemicals in the manufacturing of automobile parts and transportation industry is also expected to drive market in coming seven years. Product demand is also anticipated from growing home furnishing industry, owing to increasing disposable income of people in countries such as India and China. Increasing safety majors against fire are also expected to propel the market growth over the forecast period. However, rising prices and raw material shortages along with toxicity issues relating to product manufacturing is expected to hamper market growth over the forecast period. Harmful effects of flame retardant chemicals to humans are also anticipated to hinder product demand over coming seven years.
Flame retardant chemicals can be segmented into antimony oxide, phosphorus, brominated & chlorinated, in the basis of products. Based on end-user applications, market is segmented into automobiles, construction& building, textile, electrical and electronic industry. In Electronic and electrical industry flame retardant chemicals are conducive to production of cell phones, laptops, refrigerators, washers, dryers, vacuum cleaners and battery chargers. Building and construction materials such as composite panels, paints, decorative fixtures, wood structures, electrical wires and cables also utilize flame retardant chemicals for the infrastructure and construction industries.
The market is segmented on the basis of major regional segments as North America, Asia Pacific, Europe, and Middle East & Africa. Product demand in Asia Pacific is expected to grow at a rapid pace, owing to growing infrastructural activities in emerging economies such as India and China. Japan is also anticipated to contribute to rising flame retardant chemicals demand in Asia Pacific. Europe is anticipated to witness significant demand, due to expanding automobile industry in the region. North America is expected to display decent market growth rates, owing to increasing demand of electrical and electronic goods. Middle East and African countries have still not exploited their full potential in the field, however they are expected to experience accelerated growth rates over coming seven years.
Market participants are carrying out R&D activities to comply with stringent regulations implanted by the government. Most of the key players are trying to develop improved production processes for bio-based flame retardant chemicals. They are also carrying out R&D activities to explore new applications for flame retardant chemicals which is expected to augment product demand over the forecast period. Promotional activities are being implemented to tap low penetrated markets of Middle East & Africa. Market players are also trying to create eco-friendly and sustainable products with reduced negative impact on human health. They are even developing substitutes for conventional raw materials, which are cost effective and easily available.
Major market players operating in the global flame retardant chemical market are Clariant AG, Dow Chemical Company, BASF SE, Lanxess AG, Du Pont, Akzo Nobel N.V and Albemarle Corp.
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