Flame Retardant Chemicals Market Trends by Key Players: The Dow Chemical Company, Clariant, Lanxess, BASF, AkzoNobel, Albemarle and DuPont
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Flame Retardant Chemicals Market size was over USD 7.5 billion in 2015 and is likely to gain 4.5% CAGR up to 2023 register above USD 10 billion. Flame retardants market size may reach over 2.9 million tons by 2023 with expected gains at over 6% CAGR.
Asia Pacific flame retardants market size, led by China & India, dominated the regional industry and accounted for over 42% of the overall demand in 2015. Asia Pacific dominated the market over the past few years, followed by Western Europe and North America. Asia Pacific is forecast to register the highest growth owing to enormous potential that can be discover in near future because in the increase of safety concerns and growth of many end-use industries in the developing countries.
India and china are analysed to be the future prospective market due to the increase in urbanisation and rising personal income. North America, led by U.S. accounted for over 21% of the overall share in 2015. While Europe, led by UK, Germany & France, accounted for over 19% of the total volume in 2015.
These products are used in thermosets, thermoplastics, paints & coatings building & construction, adhesives, and various other forms of plastics such as, textiles, coatings polyolefin and PVC. Key flame retardant chemicals type include, brominated, chlorinated, organophoshorus, nitrogen, aluminium hydroxide and antimony oxide.
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Rise in fire safety norms in construction and automobile industries may stimulate product demand. Increase in construction spending particularly in Asia Pacific may drive product demand. China construction spending was over USD 1.7 trillion in 2014, followed by Japan and India with over USD 739 billion and USD 421 billion respectively in the same year. North America demand may rise at a faster pace than other developed regions due to a forecast rebound in the US construction market, but will remain below the global average.
Global flame retardants market share is fairly competitive and comprises of MNCs. Notable industry participants include Dow Chemical, Clariant, Lanxess, BASF, Akzo Nobel, Albemarle and DuPont.
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