New York, Oct. 31, 2023 (GLOBE NEWSWIRE) -- The global flame retardants market size is projected to grow at a CAGR of over ~8.10% from 2023 to 2035. The market is expected to garner a revenue of USD 21 billion by the end of 2035, up from a revenue of ~USD 8 billion in the year 2022.This growth in the market revenue is set to be influenced by growing construction activities. In 2016, there were projected to be 794,431 built-up areas (BUAs) around the world. Over 849,406 people are predicted to be dwelling there by 2022. Furthermore, it is anticipated that 2 million new buildings will be built by 2050. As a consequence, the market revenue for flame retardants is surging.
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Materials used in construction, which includes spray foam insulation, polyurethane foams, and coatings for electrical wires and cables needs to be projected from fire. Flame retardants are particularly employed in building materials in order to boost the temperature at which a substance ignites, lessen the rate at which substances burn, and restrict the spread of flames. Which is why, the market demand is rising. The National Fire Protection Association (NFPA) states that house fires resulted in about 2,619 fatalities and approximately USD 7 billion in property damage over a five-year period globally.
Surge in Urban Population to Boost the Growth of Global Flame Retardants Market
In 2021, approximately 55 percent of the population was predicted to be dwelling in urban areas. This is number is further estimated to boost even more owing to various factors. A significant factor in an area's population growth is immigration. For reasons of employment, education, and housing, many people feel obligated to move to urban areas. Individuals have also been drawn to urban regions by inadequate financial and social infrastructure in rural region. Owing to this the construction projected is projected to rise which is further estimated to drive the market growth for flame retardants.
Flame Retardants Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Rise in Population to Drive the Market Growth in Asia Pacific Region
The flame retardants market in Asia Pacific is set to generate the largest market share of about ~38% over the forecast period. The growth of the market in this region could be owing to rising population. Approximately 4.3 billion people inhabit the Asia and Pacific region, which also includes the world's two most populous nations, China and India. This region is residence to 60% of the world's population. Hence, this has boosted need for infrastructure. Furthermore, with the surge in population the risk to their life owing to fire also increases. As a consequence, the demand for flame retardant in this region is boosting.
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Growth in Demand for Smartphones to Influence the Market Demand in North America
The flame retardants market in North America is estimated to experience the significant growth in its market share over the coming years. This could be on account of rising demand for smartphones. For instance, in the United States, there was projected to be approximately 306 million smartphone users by 2022. Hence, the market expansion in the region is experiencing the upward flow as smartphones are prone to catching fire and need to be safeguarded for the efficient functioning to the users.
Flame Retardants, Segmentation by End-User
- Building & Construction
- Electronics & Appliances
The building & construction segment is estimated to generate the highest market share of about ~34% over the forecast period. This growth could be owing to rising investment in construction sector. For instance, in 2022, U.S. construction expenditures increased by about 15% to approximately US 911 billion.
Flame Retardants, Segmentation by Application
- Epoxy
- Polyolefin
- Unsaturated Polyester
The unsaturated polyester is projected to experience the notable growth in the market over the forecast period. The growth of the segment could be attributed to rising production of automotive. For instance, the global production of motor vehicles rose by approximately 4% in 2022 to close to 84 million, up from 2021. Vehicles could catch fire hence the usually deployed with unsaturated polyester.
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A few of the well-known industry leaders in flame retardants market that are profiled by Research Nester are Clariant, LANXESS, ICL Group, Albemarle Corporation, Dow, BASF SE, ASIA PA, Nabaltec AG, Akzo Nobel N.V., Italmatch Chemicals S.p.A., Kisuma Chemicals, and others.
Recent Development in the Market
- On January 22, 2022, MAGNIFIN was fully acquired by Huber Engineered Materials. Also known as MAGNIFIN, magnesiumprodukte GmbH & Co. Martinswerk GmbH, a key business unit of the HEM Fire Retardant Additives (FRA), which manufactures an extensive array of halogen-free fire retardants, smoke suppressants, and specialty aluminum oxides, sells MAGNIFIN'S products internationally.
- On 1 January 2020, BASF SE completed the acquisition of the Solvay polyamide 6.6 PA business. The capacity of BASF to create novel products in the polyamide market was significantly increased by this transaction. BASF established its first Underwriter Laboratories (UL) certified lab in Asia with the acquisition of Solvay's polyamide division.
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