Press release
Flame Retardants Market by Type, Application, and End User 2022 by BASF SE, Albemarle Corporation (US), Chemtura Corporation (US), The Dow Chemical Co, Clariant International Ag (Switzerland), Akzo Nobel NV (Netherlands), China Antimony Chemicals Co. Ltd
Flame Retardants Market – Growing Demand Owing To Electrification and Construction Expected to Drive a Steady Growth
The Massachusetts Senate voted recently to ban 11 toxic Flame Retardants from children’s products that are manufactured or sold in the Commonwealth. The ban was approved after a unanimous vote, and the bill is expected to pass soon.
The National Academies has set up a committee to assess the potential chronic health hazards that are posed by organohalogen flame retardants.
A. Schulman has launched a new halogen-free polyethylene based range of specialty powders which are compliant with the flame retardant standard UL94 V-o.
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Regional Analysis
The Asia Pacific is the largest market due to the rapidly growing industrial activities in the region and the strong demand for Flame Retardants in them. Moreover, the region includes several developing regions which have many construction activities thus driving the growth for the flame retardant market.
Meanwhile, North America, is the second largest market, closely followed by Europe. These regions have many significant market players and ongoing infrastructure activities which contribute to the regions’ market positions.
Latin America & the Middle East is expected to witness growth during the forecast period due to the growth of various industries in the regions which have in turn increased the demand for flame retardants. The Middle East is increasingly popular for industrial activities due to the proximity to rapidly emerging economies and the overall reduced cost of such activities.
Market Insights
The Global Flame Retardant Market is expected to witness a CAGR of 5.86% during the forecast period of 2016 to 2022. According to Market Research Future, this projection indicates a consistent upward trend in the global market. Flame Retardants are popularly added to various chemicals and materials to imbue them with the ability to resist fire or to reduce the impact of a fire. Flame Retardants are vital in the treatment of various materials which would otherwise be flammable, this essential feature of flame retardants are a key factor driving growth for the market.
With side applications across various materials including plastics, fabrics, cables, and wires, there is a consistent need for Flame Retardants. Increasing industrialization and increased production of materials that are used in various end-use verticals for a globally growing population are expected boost demand for flame retardants. Moreover, there are increasing construction activities in developing economies and ongoing implementation of infrastructure in developed countries which is driving the growth of the global market. Flame Retardants are also in high demand in electronics and transportation industries and as such are drivers of growth for the market.
The advent of alternatives such as magnesium hydroxide is expected to hamper growth. Moreover, the toxicity associated with the process of manufacturing of Flame Retardants is another restraint on market growth. However, the increasing demand for flame retardants in the growing plastics industry and regulations regarding safety have encouraged the development of safer alternatives and offer new avenues for growth.
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