Flame Retardants Market worth $9.2 billion by 2027 | Key players LANXESS, Clariant, Albemarle Corporation, ICL Group Ltd., BASF SE.

According to recent market research the "Flame Retardants Market by Type (Aluminum Trihydrate, Antimony Oxide, Brominated), Application (Epoxy, Polyolefin, Unsaturated Polyester), End-Use Industry (Building & Construction, Electronics & Appliances), and Region- Global Forecast to 2027" The flame retardants market is projected to reach USD 9.2 billion by 2027, at a CAGR of 5.1 % from USD 7.2 billion in 2022. The global flame retardants market is estimated to be USD 7.2 billion in 2022 and is projected to grow at a CAGR of 5.1% during the forecast period. The growth is expected to be largely driven by factors such as an increase in fire accidents in various industries and fire safety guidelines. The growing demand for consumer electronics and the emerging markets in Asia Pacific are expected to provide growth opportunities for players in the flame retardants market.

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The phosphorous flame retardants type segment accounted for the largest share in terms of value, of the global flame retardants market, in 2021. The leadership of phosphorous-based flame retardants is triggered by the ban on the usage of toxic flame retardants as directed by regulatory bodies such as ROHS and IPC. The stringent regulatory framework is driving the market for phosphorous-based flame retardants in the North American and European regions.

It is the most widely used polymer and has a plethora of applications across all industries. The use of polyethylene and polypropylene is increasing in various consumer-centric industries. These polymers are mostly used for packaging and wires & cables. There are stringent environmental regulations regarding the use of flame retardants, and therefore, the use of halogen-free flame retardants in polyolefin is increasing.

The electronics & appliances industry led the flame retardants market with a share in terms of value, of the global market in 2021. In the electronics & appliances industry, most of the products are flammable and are subjected to fire risks owing to electrical short circuits, which could ignite the product. Therefore, it is compulsory to meet fire safety regulations while manufacturing the components. They provide the products with fire resistance characteristics, which provides them insulation in the internal and external parts of the products.

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Asia Pacific holds the largest share in terms of value, of the global flame retardants market, in 2021. The use of flame-retardant chemicals is increasing in the region due to the presence of major developing economies such as China and India. The regulations related to fire safety are increasing in all countries in the region, which is increasing the demand for flame retardant chemicals.

New product launches and expansions are the major growth strategies adopted by the key players in the market. LANXESS (Germany) and Clariant (Switzerland) are the key players that have focused on new product launches and developments for deeper market penetration. Albemarle Corporation (US), ICL Group Ltd. (Israel), and BASF SE (Germany) have undertaken expansions in the flame retardants market.

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Albemarle Corporation is one of the leading developers, manufacturers, and marketers of highly engineered specialty chemicals and the leading manufacturer of flame-retardant chemicals. The company operates its business through four segments, namely, lithium, bromine specialties, catalysts, and others. Flame retardants are offered through the bromine specialties business segment. Albemarle Corporation also offers aluminum oxides used in the preparation of flame retardants. The bromine specialties business segment of the company is highly competitive in the North American, Asian, European, and Middle Eastern markets. The company has a strong brand portfolio, which is likely to enhance its new product categories. The products are customer-centric and manufactured, keeping in mind customer satisfaction. The top-grade quality of products is the key success factor of the company in the flame retardants market. As part of its growth strategy, Albemarle Corporation is adopting new technology and entering emerging markets to enhance sales. The company is focusing on investing in online platforms in the future to meet customer needs. It is also focusing on sustainability and environment-friendly solutions.

Israel Chemicals Group Ltd. (ICL) is one of the leading manufacturers of specialty fertilizers, phosphate products, and flame retardants. The company is operating its business through four reportable segments: industrial products, potash, phosphate solutions, and innovative agricultural solutions. The company offers flame retardants through the industrial products and phosphate solutions segments. The company offers a wide range of products in the flame retardants market, and most of its products are phosphorus-based. The industrial products segment of ICL is one of the leading producers of bromine globally. The company produces bromine-based and phosphorous-based flame retardants through its two segments. The major applications of these flame retardants are in the electrical & electronics, resins, infrastructure, paints, and coatings industries. ICL operates globally with around 195 manufacturing units. ICL is focusing on R&D to develop innovative products in the flame retardants market. The company is also expanding its facilities in Asia Pacific to meet the rising demand for sustainable solutions in the region. Due to stringent regulations regarding environmental protection, the company is focusing on developing sustainable and green products. ICL is focusing on production in high-growth- markets.

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