Flame Retardant Chemicals Market Size, Share and Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI458
The global flame retardant chemicals market size is set to grow significantly over 2021-2027, given the increasing product applications in end-use industries such as textile and construction. Synthetic textiles such as polyethylene terephthalate (PET) and polyacrylonitrile (PAN) undergo fire retardant treatment due to their inherently flammable nature.
Flame retardants are chemicals applied to several consumer and industrial materials such as furnishing products, electronics & electrical devices, and building & construction materials to slow or prevent the start of fires.
The shifting preference from petrochemicals to bio-based products is a major trend characterizing flame retardant chemicals market sales over the forthcoming years. Key manufacturers across the globe are showing renewed interest in the development of sustainable flame retardants for polymeric materials. Several research studies have also been conducted to identify biomass compounds that have high fire-retardant capability for polymers, owing to their inherent properties and high availability.
Despite the favorable growth environments, the global flame retardant chemicals market may encounter challenges to its steady growth, due to the high manufacturing costs, alongside the toxicity of flame retardant chemicals, which can cause serious health issues such as endocrine and thyroid disruption and even chronic diseases like cancer.
In terms of segmentation by product type, the non-halogenated flame retardant chemicals segment is slated to proliferate at a commendable rate through 2027. This is the result of the mounting usage of non-halogenated phosphate ester mixtures as fire retardants in the manufacturing processes for bedding, furniture, and automotive polyurethane foams.
With regards to end-user industry, the electrical and electronics segment will hold a considerable share in years to come, which is attributable to the accelerating use of various types of flame retardant chemicals such as PIN (Phosphorus, Inorganic and Nitrogen) retardants in key electronic & electrical applications like cables, housings, and switches.
Regionally, the Asia Pacific is poised to emerge as a lucrative revenue pocket for the flame retardant chemicals market share by 2027, owing to the increasing product sales in countries like China and India. China alone contributes to a major chunk of the global product demand, driven by the growth of the automobile and chemical industries in the region.
Major players bolstering the growth of the global flame retardant chemicals industry include DuPont, Albemarle, Akzo Nobel, BASF, Lanxess, Clariant, and Dow Chemical, among others. These companies are implementing innovative product launches, business expansions, and other strategies to expand their footprint across the globe.
For instance, Akdeniz Chemson initiated the 1st phase of the Izmir plant in February 2021 to extensively produce zinc borate and become a leading flame-retardant chemical manufacturer by delivering inorganic additives with smoke-proofing and fire-retardant properties.
Meanwhile, in September 2020, SONGWON unveiled its aqueous, solvent-free, flame-retardant dispersion, SONGFLAME® WB 201, designed with an objective to serve the CASE (coatings, adhesives, sealants & elastomers) market.
COVID-19-related Industrial Shutdown & its Influence on Flame Retardant Chemicals Market Dynamics:
The impact of the coronavirus-related shutdowns and subsequent supply chain issues has made its presence felt across myriad industry sectors and applications, including the overall production of chemicals. The economic downturn caused by the pandemic is also tragically impacting the local and export markets, which are largely affected by the fall in demand across the industrial sector.
However, various companies are currently evaluating these issues and looking for potential areas of growth. This factor, coupled with the gradual ease of lockdown and other restrictions, is likely to create significant recovery prospects for the flame retardant chemicals business landscape. Polyonics, for example, introduced flame-retardant label materials developed with proprietary technology amid the outbreak in 2020, designed to cater to the electronics manufacturers.
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