Flame Retardant Chemicals Market Size Estimated to touch USD 10 Billion by 2023 with Leading Market Players are Clariant AG, Lanxess AG, Du Pont, Dow Chemical Company, BASF SE, Akzo Nobel N.V, and Albemarle Corp

Flame Retardant Chemicals Market Size and Growth Rate:

According to the Research Report, the Global Flame Retardant Chemicals Market Size to Reach USD 10 Billion by 2023 with increasing at a CAGR of 4.5% during the forecast period 2017-2023.

Flame Retardant Chemicals Market Overview:

The market for flame retardants is driven by the development of infrastructure activities in the developing marketplaces, such as India, Taiwan, Indonesia, and others, and the increasing consumer demand for electrical & electronic goods across the world. Building & construction industry controls the flame retardant chemicals market with a meaningful market share.

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Flame Retardant Chemicals Market Growth Drivers and Restraints:

The increasing population, coupled with the rising purchasing power among the middle-class population in the developing markets, such as India, South Korea, and ASEAN nations, has increased the need for infrastructural plans, such as recreational centers, shopping malls, modern health care centers, high-rise buildings, and others, stimulating the usage of flame retardant chemicals.

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Wide-scale adoption of these chemicals by the end use industries is envisioned to support the growth of the globalmarket. Furthermore, increasing construction activities in emerging nations and Western Europe is expected to positively impact the majority of the market. Apart from this, the market is supposed to witness augmented demand from transportation and the electronics industry.

The growth of the flame retardant chemicals market is still dependent on the price of feedstock or the raw elements required for producing these chemicals. Furthermore, some of the chemicals being dangerous to the environment have led to a reduction in their worldwide use and this has also led to the development of eco-friendly chemicals that are expected to gain a foothold in the world flame retardant chemicals market and drive the revenues of the market.

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Market Segmentation of the Flame Retardant Chemicals Market:

Some of the prominent end-user applications of these chemicals include vehicles, construction, textile, electrical and electronic industry. In Electric and electrical industry flame retardant chemicals are conducive to the production of cell phones, laptops, refrigerators, appliances, dryers, vacuum cleaners, and battery chargers. Building materials such as composite panels, paints, decorative accessories, wood structures, electrical wires, and cables also use these chemicals for the infrastructure and development industries.
Product demand in the Asia Pacific is anticipated to grow at a rapid pace, owing to increasing infrastructural activities in developing economies such as India and China. Japan is also expected to contribute to improving flame retardant chemicals demand in the Asia Pacific. Europe is expected to witness significant demand, due to expanding automobile production in the region. North America is expected to display decent business growth rates, attributing to the increasing demand for electrical and electronic goods. The Middle East and African countries have still not utilized their full potential in the field, however, they are anticipated to experience accelerated growth rates over next seven years.

Key Players of the Flame Retardant Chemicals Market:
Main market players operating in the global flame retardant chemicals market are Clariant AG, Lanxess AG, Du Pont, Dow Chemical Company, BASF SE, Akzo Nobel N.V, and Albemarle Corp.

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