Press release
Global Flame Retardants Market Size, Share & Forecast 2023
Major Factors Driving The Growth Of The Flame Retardants Market Are:
The increased use of fire-resistant products in numerous end-use industries, such as electrical and electronics, transportation, construction, and others, is expected to fuel the growth of the flame retardants market. To comply with fire safety and prevention laws, these industries are increasingly employing flame retardant-based materials.
Consumer awareness of the importance of enhancing the fire safety of combustible materials and products is driving the flame retardants market. Flame retardants remove the risk of fire from an expanding range of electrical and consumer goods in offices and residences.
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TRENDS INFLUENCING THE GROWTH OF THE FLAME RETARDANTS MARKET
Globally, fire safety requirements are becoming more strict, prompting the development of the flame retardants market. The strict legislative frameworks and industrial requirements have a big influence on the development of flame retardants. Depending on the corresponding national legislation for health and environmental security, fire safety requirements vary by region, particularly in Europe and North America. End-users must add fire retardant components into their products due to fire safety restrictions in various locations or nations.
The global flame retardant market is poised for growth, thanks to an increase in demand for flame retardant chemicals across a wide range of end-use sectors. Polyolefin nanocomposites, for example, are widely used in the automobile industry as well as other industries such as packaging, construction, appliances, electrical and electronics, tools, and athletic instruments. Inflammable plastic materials are widely used in modern cars, foams, cables, fabrics, and polymer formulations for electronic as well as mechanical purposes. This creates a significant risk of fire. As a result, flame retardants are added to certain materials to prevent fires caused by electrical short circuits, mechanical defects, and heating in mechanical, structural, and aesthetic components.
Furthermore, improvements in fire safety standards, particularly for metallic element composite panel cladding used in buildings, have resulted in increased product demand in the construction industry.
The growing number of fire accidents is expected to drive the growth of the flame retardants market. Consumer knowledge of critical escape time during fire disasters, as well as the effectiveness of flame retardants and their advantages, is predicted to promote demand for fire-resistant materials. Flame retardants are a class of chemicals that slow the spread of fire and so lengthen the time it takes to escape.
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FLAME RETARDANTS MARKET SHARE ANALYSIS
The electrical & electronics end-use segment is expected to be the most lucrative. Its significant market share is due to the product's increased use in the plastic casing of electric items for customer safety and to lower the risk of fire.
Based on region, the Asia-Pacific region is expected to be the most lucrative region. This is due to strict fire safety standards and high product demand from end-use markets such as automotive, electrical and electronics, construction, and others.
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Flame Retardants Market By Companies
• Albemarle
• ICL
• Lanxess
• Clariant
• The Dow Chemical Company
• Nabaltec AG
• Lanxes AG
• Italmatch
• Huber Engineered Materials
• Akzo Nobel
Regional Outlook
This section of the report provides key insights regarding various regions and the key players operating in each region. Economic, social, environmental, technological, and political factors have been taken into consideration while assessing the growth of the particular region/country. The readers will also get their hands on the revenue and production data of each region and country for the period 2016-2027. This information derived through comprehensive research will help the reader to get familiar with the potential value of the investment in a particular region. North America, Europe, China and Japan are the major regions studied in the research report.
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