Antimony trioxide, in combination with halogenated compounds, is the predominant flame retardant, accounting for approximately one-third of the market in 2020.
WILMINGTON, DELAWARE, UNITED STATES, February 22, 2024 /EINPresswire.com/ — The flame retardants market has demonstrated substantial growth, moving from a $7.4 billion industry in 2020 to an expected $14.0 billion by 2030. This rise represents a Compound Annual Growth Rate (CAGR) of 6.6% during the period from 2021 to 2030. Key factors driving this expansion include technological innovations, heightened research and development activities, and the proliferation of applications within the construction and electronics sectors. Nonetheless, market growth faces some restraint due to growing concerns about the environmental and health impact of flame retardants.
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While the COVID-19 pandemic temporarily hindered manufacturing activities and disrupted the supply chain, the post-lockdown period is anticipated to witness a steady increase in demand across various end-user sectors, including automotive, aerospace, and building and construction. As production recommences, the market is expected to regain its upward trajectory.
Antimony trioxide, in combination with halogenated compounds, is the predominant flame retardant, accounting for approximately one-third of the market in 2020. The segment is likely to continue leading in terms of revenue throughout the forecast period. However, alumina trihydrate is projected to witness the highest CAGR (6.8%) from 2021 to 2030 due to its efficient flame retardant properties.
Electronics accounted for the highest market share among end-use industries in 2020 and is expected to maintain its position, achieving the fastest CAGR (7.0%) from 2021 to 2030. This is driven by increased adoption of flame retardants in response to technological advancements and research efforts to reduce environmental and health risks. Other end-use segments analyzed include construction, automotive and transportation, and others.
Regionally, Asia-Pacific led the market in 2020, contributing nearly two-fifths of global revenue, and is anticipated to maintain its dominance with the fastest CAGR (7.4%) over the forecast period. The region’s growth can be attributed to heightened demand in industries such as building and construction, automotive, electronics, and textiles.
Key Market Players:
– Albemarle Corporation
– BASF SE
– DOW
– Eastman Chemical Company
– Hangzhou Lingrui Chemical Co. Ltd.
– Hongbaoli Group Co. Ltd.
– Huntsman International Llc
– Lanxess
– Muby Chemicals
– Sasol
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