Flame Retardants Market High Hopes for Market Size Growth and Future Revenues

Allied Market Research recently released a comprehensive report titled "Flame Retardants Market by Type, Application, and End-use Industry: Global Opportunity Analysis and Industry Forecast, 2021-2030." According to the report, the global flame retardants industry, which generated $7.4 billion in 2020, is expected to reach $14.0 billion by 2030, with a projected CAGR of 6.6% from 2021 to 2030.

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Key Drivers, Restraints, and Opportunities:

The growth of the global flame retardants market is primarily driven by technological advancements, increased R&D activities, and expanded applications in sectors such as construction and electronics. However, concerns regarding environmental and health issues associated with flame retardant usage pose a restraint to market growth. Nevertheless, the proliferation of regulations concerning fire safety presents new opportunities in the coming years.

Covid-19 Impact:

During the Covid-19 pandemic, manufacturing activities of flame retardants were disrupted due to lockdown measures, leading to partial or complete halts in production. Additionally, challenges such as disruptions in the supply chain and shortages of raw materials affected manufacturing capacities. The demand from end-user industries like automotive, aerospace, and construction also experienced significant declines during the lockdown period. However, post-lockdown, a steady growth in demand is anticipated.

Market Segmentation and Projections:

Type: The antimony trioxide segment held the highest market share in 2020 and is expected to maintain its lead position throughout the forecast period. The alumina trihydrate segment, however, is projected to witness the largest CAGR of 6.8% from 2021 to 2030.

End-use Industry: The electronics segment contributed the highest market share in 2020 and is projected to maintain its lead position, with a fastest CAGR of 7.0% from 2021 to 2030. This growth is driven by technological advancements and increased R&D activities in the electronics sector.

Regional Insights:

Asia-Pacific, followed by Europe and North America, accounted for the highest market share in 2020 and is expected to maintain its dominance by 2030. Asia-Pacific is projected to register the fastest CAGR of 7.4% during the forecast period, driven by increased demand in various industries including building & construction, automotive, electrical & electronics, and textiles.

Leading Market Players:

Key players in the flame retardants market include Albemarle Corporation, BASF SE, DOW, Eastman Chemical Company, Hangzhou Lingrui Chemical Co. Ltd., Hongbaoli Group Co. Ltd., Huntsman International Llc, Lanxess, Muby Chemicals, and Sasol.

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