Flame retardants market size may reach over 2.9 million tons by 2023 with expected gains at over 6% CAGR: Global Market Insights, Inc.
Flame Retardant Chemicals Market size was over USD 7.5 billion in 2015 and is likely to gain 4.5% CAGR up to 2023 register above USD 10 billion. Flame retardants market size may reach over 2.9 million tons by 2023 with expected gains at over 6% CAGR.
Rise in fire safety norms in construction and automobile industries may stimulate product demand. Increase in construction spending particularly in Asia Pacific may drive product demand. China construction spending was over USD 1.7 trillion in 2014, followed by Japan and India with over USD 739 billion and USD 421 billion respectively in the same year. North America demand may rise at a faster pace than other developed regions due to a forecast rebound in the US construction market, but will remain below the global average.
Flame retardant chemicals market may witness strong growth in construction applications up to 2023. Construction application may account for over 25% of the overall volume by 2023. National Fire Protection Association (NFPA) regulated fire safety standards in the U.S., Similarly, The Confederation of Fire Protection Association (CFPA) lays out the fire safety & resistance standards for building construction in Europe. These norms are the propelling factors for product demand to rise.
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Asia Pacific flame retardants market size, led by China & India, dominated the regional industry and accounted for over 42% of the overall demand in 2015. Asia Pacific dominated the market over the past few years, followed by Western Europe and North America. Asia Pacific is forecast to register the highest growth owing to enormous potential that can be discover in near future because in the increase of safety concerns and growth of many end-use industries in the developing countries.
India and china are analysed to be the future prospective market due to the increase in urbanisation and rising personal income. North America, led by U.S. accounted for over 21% of the overall share in 2015. While Europe, led by UK, Germany & France, accounted for over 19% of the total volume in 2015.
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Flame retardant chemicals market size may rise owing to increase in manufacturing output, especially in Europe, U.S. and Japan with expected recovery post economic downturn. Stringent regulations owing to environmental hazards may restrict flame retardant chemicals market growth. However, eco-friendly product developments may pave opportunities for market development.
Non halogenated flame retardant chemicals are attaining more consideration as they are environmental friendly. It results in the downfall halogenated product demand as they contain highly toxic. This is observed in North America and Europe owing to stringent rules and regulations.
Global non halogenated flame retardants market is expected to reach USD 2.5 billion by 2023 and it is expected that halogen based products will be banned keeping in the concern of human health and environmental hazards.
The industry in the current scenario is facing issues with the increase in raw material and manufacturing cost. This factor may impact flame retardant market price trends.
Global flame retardants market share is fairly competitive and comprises of MNCs. Notable industry participants include Dow Chemical, Clariant, Lanxess, BASF, Akzo Nobel, Albemarle and DuPont.