Global Flame Retardant Chemicals Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Type (Halogen, Phosphor, Antimony Oxide, Others), By End-User Industry (Textiles, Automotive, Construction, Electrical And Electronics, Others), And By Geography - Forecasts From 2022 To 2027
- Published : Apr 2022
- Report Code : KSI061611855
- Pages : 111
The global flame retardant chemicals market was valued at US$8.939 billion in 2020 and is projected to expand at a CAGR of 5.32% over the forecast period to reach US$12.849 billion by 2027.
Flame retardant chemicals are those compounds that are added to other compounds to prevent the spread of fire. The major end-user markets for flame retardant chemicals are building and construction, electrical and electronics, transportation, textiles, and furniture. Rising construction activities and growing demand for electrical and electronic products have increased the demand for flame retardant chemicals across the industry. Growing awareness about the environment and health concerns and rising awareness about eco-friendly flame retardants are anticipated to drive the demand for flame retardant chemicals, which is expected to drive the overall market growth. Furthermore, the growing use of bio-based flame retardants is further going to unlock growth opportunities for manufacturers to increase their profit margins by introducing environment-friendly flame retardant chemicals. Due to the rising construction activities and increasing demand for electronics across countries like Taiwan and South Korea, Asia-Pacific is expected to dominate the global flame retardant chemicals market. India is expected to have the third-largest construction business market by 2025. The real estate industry in India is expected to reach $1 Tn by 2030 and contribute to 13% of GDP (Source: Invest India). The most widely used flame retardant chemicals are- polybrominated diphenyl ethers, tetrabromobisphenol A (TBBPA), and organophosphate flame retardants. Moreover, the shortage of raw materials and their hazardous impact on health and the environment are expected to hinder the growth of the market in the coming years.
- Market Development and News Albemarle Corporation have signed an agreement to sell its Mineral Flame Retardants and Specialty Chemicals businesses to Huber Engineered Materials.
- J.M. Huber Corp. has signed a definitive agreement with RHI Magnesita (RHIM) in order to acquire their 50% ownership stake in the companies’ non-halogenated flame retardant 50/50 joint venture.
- The increasing application of these chemicals in the construction industry
One of the primary reasons driving the market's growth is the continually increasing demand from the end-user industries, especially in building and construction. Due to strict fire safety regulations, there is a high demand for flame retardant chemicals in the construction sector. In residential and commercial buildings, flame retardants are mostly used in structural insulation. Many residential, as well as commercial sectors, use insulators because of their higher energy efficiency and low utility costs. Increasingly strict rules and regulations related to the various fire standards around the world are anticipated to further drive market growth. For example, in European countries, all materials that are used for construction purposes, including flame retardant chemicals, must meet certain specifications for fire requirements according to EN 13501. In the United States, all the material has to be tested according to ASTM E 84. The increasing investments in the construction industry are also expected to play a major role in the market growth, during the forecast period. According to the U.S Department of Commerce’s Census Bureau, around 50% of construction spending in the United States is generated from the housing sector. In the month of October 2020, US$1.48 trillion was spent on construction, out of which US$646 billion was spent in the housing and residential segment. In India, the government launched a program to build housing for all by the year 2022, which is expected to drive the market in the coming years. The government of India has set up a fund for housing, under the National Housing Bank. The continuous spending in the housing and residential sector is expected to drive market growth. China is one of the major economies, which is expected to drive the market in the coming years. According to the National Development and Reform Commission, the construction of major projects in the country has surged in recent years, from waterways, and highways to residential projects. In May 2020, according to official data, bonds worth US$ 150 billion, were issued by the regional and local governments in the country.
COVID–19's Impact on the Flame Retardant Chemicals Market: The COVID-19 pandemic, however, is expected to act as a restraint to this market growth because of the pandemic, several countries around the world went into lockdown, which completely disrupted its demand. Also, work stoppages, labor shortages, and preventive quarantines to curb the spread of the virus are expected to have a negative impact on the market.
The increasing demand for flame retardant chemicals has led to the entry of several new players into the global flame retardant chemical market. To increase their clientele as well as increase their market share in the upcoming years, many of these market players have taken various strategic actions like partnerships and the development of novel solutions, which is expected to keep the market competitive and constantly evolving. Major market players like J.M. Huber Corporation, Albemarle Corporation, and others have been covered along with their relative competitive strategies. The report also mentions recent deals and investments by different market players over the last few years. The company profiles section details the business overview, financial performance (public companies) for the past few years, key products and services being offered, along with the recent deals and investments of these important players in the global flame retardant chemical market.
Global Flame Retardant Chemicals Market Scope:
|Market size value in 2020||US$8.939 billion|
|Market size value in 2027||US$12.849 billion|
|Growth Rate||CAGR of 5.32% from 2020 to 2027|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Type, End-User Industry, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Clariant Ltd., Albermarle Corporation, DAIHACHI CHEMICAL INDUSTRY CO., LTD, J.M HUBER CORPOARION, Thor, Apexical, Inc., MPI Chemie B.V., DIC Corporation, LANXESS|
|Customization scope||Free report customization with purchase|
- By Type
- Antimony Oxide
- By End-User Industry
- Electrical and Electronics
- By Geography
- North America
- South America
- Middle East and Africa
- Saudi Arabia
- Asia Pacific
- South Korea
- North America
Frequently Asked Questions (FAQs)
Q1. What will be the flame retardant chemicals market size by 2027?
A1. The flame retardant chemicals market is projected to reach a total market size of US$12.849 billion in 2027.
Q2. What are the growth prospects for the flame retardant chemicals market?
A2. The global flame retardant chemicals market is projected to grow at a CAGR of 5.32% during the forecast period.
Q3. What is the size of the global flame retardant chemicals market?
A3. Flame Retardant Chemicals Market was valued at US$8.939 billion in 2020.
Q4. What factors are anticipated to drive flame retardant chemicals market growth?
A4. One of the primary reasons driving the flame retardant chemicals market growth is the continually increasing demand from the end-user industries, especially from building and construction.
Q5. Which region holds the largest market share in the flame retardant chemicals market?
A5. Asia-pacific is expected to dominate the flame retardant chemicals market due to the rising construction activities and increasing demand for electronics across the countries like Taiwan and South Korea.
1.1. Market Definition
1.2. Market Segmentation
2. Research Methodology
2.1. Research Data
3. Executive Summary
3.1. Research Highlights
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. The threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Function
4.4. Function Value Chain Analysis
5. GLOBAL FLAME RETARDANT CHEMICALS MARKET BY TYPE
5.3. Antimony Oxide
6. GLOBAL FLAME RETARDANT CHEMICALS MARKET BY END-USER INDUSTRY
6.4. Electrical and Electronics
7. GLOBAL FLAME RETARDANT CHEMICALS MARKET BY GEOGRAPHY
7.1. North America
7.2. South America
7.3.1. United Kingdom
7.4. Middle East and Africa
7.4.1. Saudi Arabia
7.5. Asia Pacific
7.5.4. South Korea
8. COMPETITIVE INTELLIGENCE
8.1. Market Positioning Matrix and Ranking
8.2. Recent Investments and Deals
8.3. Strategies of Key Players
9. COMPANY PROFILES
9.1. Clariant Ltd.
9.2. Albermarle Corporation
9.3. DAIHACHI CHEMICAL INDUSTRY CO., LTD
9.4. J.M HUBER CORPOARION
9.6. Apexical, Inc.
9.7. MPI Chemie B.V.
9.8. DIC Corporation
DAIHACHI CHEMICAL INDUSTRY CO., LTD
J.M HUBER CORPOARION
MPI Chemie B.V.
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