Flame retardants are adjoined to materials such as plastics, electrical devices, construction materials and textiles to hold up the production of the flame in the material restraining the spread of the fire. The different types of flame retardants are aluminium trihydrates, brominated flame retardant, antimony oxides and others. Consumption of flame retardant market is rising within the electronic industry because of its property of reducing the flammability of combustible substances. Some of the vital end user applications of flame retardant market include building & construction, electronics, automotive & transportation, wires & cables, textiles & other applications.
According to the report analysis,’ Global Flame Retardant Market to reach USD 18.58 billion by 2027’ The market price chain is moving toward higher degree of integration across the worth chain to optimize supply chain potency and maximize profit returns. The makers targeted on establishing long-term provide contracts with distributors to confirm continuous supply of their merchandise. Some of the prominent players in the global flame retardant market includes Albemarle (U.S.), ICL (Israel), Clariant (Switzerland), Lanxess (Germany), Nabaltec (Germany), The Dow Chemical Company (U.S.), BASF (Germany), Akzo Nobel (Netherlands), Italmatch (Italy) and Huber Engineered Materials (U.S.).The rise in demand from current & rising applications majorly electrical industry has led to the adoption of Flame Retardant across the forecast amount. The employment in electronics is increasing thanks to the property of decreasing flammability of flammable substance. As per Statista, the number of users of Consumer Electronics is expected to amount to 2.9 billion by 2024 with the user penetration increasing from 26.9% in 2020 to 38.5% by 2024.
The regional analysis of global Flame Retardant market is taken into account for the key regions such as Asia Pacific, North America, Europe, Latin America and Remainder of the World. Asia-Pacific is the significant region across the globe with regards to market share due to presence of electrical & electronics manufacturing hubs and rise in infrastructure activities in countries like China, India and Japan. Whereas, Asia-Pacific is additionally anticipated to exhibit highest growth rate over the forecast amount. Factors like increasing population together with increasing disposable income rises the demand for electronic products and rise in building activities would create remunerative expansion prospects for the Flame Retardant market across Asia-Pacific region. The market is further segmented on the basis of type and application. By Type segmented into ATH, Antimony Oxide, Brominated, Chlorinated, Phosphorous and Others. By End-Use Industry segmented into Building & Construction, Electronics & Appliances, Automotive & Transportation, Wires & Cables, Textiles and Others.
Moreover, the market is driven by increasing demand for fire retardant material from various end-use industries, such as construction, textiles, electrical and electronics, and transportation. Also, growing awareness among costumers regarding crucial escape time during fire incidents, effectiveness of flame retardants, and their advantages are expected to drive the demand for fire-resistant material. Moreover, fire safety standards and regulations formulated across the globe are expected to have a positive impact on product demand. Hence, it is anticipated that the market of Global Flame Retardant Market will boost up in the upcoming years.
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Ankur Gupta, Head Marketing & Communications