DUBLIN--(BUSINESS WIRE )--The "Flame Retardants Market by Type, by Application by End Use - Global Opportunity Analysis and Industry Forecast, 2022 - 2030" report has been added to ResearchAndMarkets.com's offering.
The Global Flame Retardants Market was valued at $8.20 billion in 2021, and is expected to reach $13.60 billion by 2030, with a CAGR of 5.9% during the forecast period 2022-2030
Flame Retardants are a diverse group of chemicals that are applied on textile, wood, plastic or semiconductors in order to prevent fast growth of fire.
Use of flame retardants play a vital defensive role in saving property and lives by decreasing the fire risk associated with the usage of highly combustible materials in products such as plastic, textile and many more. For instance, steel is coated with flame retardants to provide thermal insulations in case of fire. Flame retardants are also used in forest fire in order to reduce the speed of fire spread.
Flame retardants market has been witnessing rapid growth in sales due to the growing industrialization and rising number of newly constructed commercial buildings. Flame retardants, when added to materials increases its durability and makes it fire-proof. For instance, in the aircraft manufacturing industries, flame retardants are used in panels, carpet and flooring to minimize the risk of fire. Furthermore, the high productivity and low cost are some of the factors leading to the growth of flame retardants market.
On the contrary, the health risks associated with flame retardants such as endocrine disruption, reproductive toxicity, cancer, etc. hinders the market growth. However, the producers of flame retardants have responded to these concerns, and are developing more environmentally compatible products, mainly non-halogenated alternatives.
Also, the sudden growth in demand for flame retardants in industries manufacturing aircrafts, vehicles, electronic appliance, buildings and many more to avoid fire and for other applications, will be the key factor providing opportunities for the flame retardant market growth.
North-America has been dominant in the consumption of flame retardants compared to other regions due to the increasing fire safety regulations. According to the report, North America itself has around 8 million buildings which require fire safety measures.
Furthermore, the expansion of industries and the construction of innumerable commercial buildings with proper fire safety measures is another reason favouring the growth of flame retardant market. However, the region of Asia Pacific will witness greater consumption of flame retardants due to the rapid rise in population and migration of people from rural to urban areas making it densely populated.
Global Flame Retardant Market- By Type
Global Flame Retardant Market - By Application
Global Flame Retardant Market - By End Use Industry
Global Flame Retardant Market - By Geography
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ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900