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Bangalore, India, December 13, 2021/PRNewswire/-Flame Retardant Market by Type-ATH, Antimony Oxide, Brominated, Chlorinated, Phosphorus, Flame Retardant Market by Application-Electrical and Electronic, Transportation, construction, consumer goods, automobiles. Global opportunity analysis and industry forecast for 2021-2027. It is published in the assessment report under the chemical industry category.
By 2027, the global flame retardant market is expected to reach US$8.2627 billion from US$6.5925 billion in 2020, with a compound annual growth rate of 2.8% from 2021 to 2027.
The main factors driving the growth of the flame retardant market are:
Increasing use of refractory products in many terminal industries such as electrical and electronics, transportation, and construction is expected to promote the growth of the flame retardant market. In order to comply with fire safety and prevention laws, these industries are increasingly using flame retardant-based materials.
Consumers' awareness of the importance of enhancing the fire safety of combustible materials and products is driving the development of the flame retardant market. Flame retardants eliminate the increasing fire risk of electrical and consumer products in offices and residences.
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Trends affecting the growth of the flame retardant market
Globally, fire safety requirements are becoming stricter, which has promoted the development of the flame retardant market. Strict legislative framework and industry requirements have a great influence on the development of flame retardants. According to the corresponding national health and environmental safety legislation, fire safety requirements vary from region to region, especially in Europe and North America. Due to fire safety restrictions in different regions or countries, end users must add flame retardant ingredients to their products.
The global flame retardant market is expected to grow due to increased demand for flame retardant chemicals in a wide range of end-use sectors. For example, polyolefin nanocomposites are widely used in the automotive industry and other industries such as packaging, construction, electrical appliances, electrical and electronics, tools, and sports equipment. Flammable plastic materials are widely used in modern cars, foams, cables, fabrics and polymer formulations for electronic and mechanical applications. This creates a great risk of fire. Therefore, flame retardants are added to certain materials to prevent fires caused by electrical short circuits, mechanical defects, and heating of mechanical, structural, and aesthetic components.
In addition, the improvement of fire safety standards, especially the metal element composite board cladding used in buildings, has led to an increase in the demand for products in the construction industry.
It is expected that more and more fire accidents will promote the growth of the flame retardant market. Consumers’ understanding of the critical escape time during a fire, as well as the effectiveness and advantages of flame retardants, is expected to boost the demand for refractory materials. Flame retardants are a class of chemicals that can slow down the spread of fire and extend the time of escape.
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Analysis of flame retardant market share
The electrical and electronic end-use segment is expected to be the most profitable. Its important market share is due to the increasing use of this product in plastic housings for electronic products to ensure customer safety and reduce fire risks.
From a regional perspective, the Asia-Pacific region is expected to become the most profitable region. This is due to strict fire safety standards and high demand for products in end markets such as automobiles, electrical and electronics, and construction.
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Flame Retardant Market by Company
This part of the report provides key insights about each region and the key players operating in each region. When assessing the growth of a particular region/country, economic, social, environmental, technological, and political factors have been considered. Readers will also get the income and production data of each region and country for the period 2016-2027. The information obtained through comprehensive research will help readers become familiar with the potential value of investment in a particular area. North America, Europe, China and Japan are the main research areas of the research report.
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