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Flame Retardancy in Electronics is Boosting the Flame Retardant Market
The flame retardant market involves the production and application of chemicals that are added to materials to inhibit, suppress or delay the start and spread of fire. Flame retardants are used across different end-use industries like electronics, building & construction, automotive, textiles and others. They help improve the flame resistance of polymeric materials without compromising other important properties. Rising demand for flame retardant polymers from the electronics industry is a major driver for this market. Printed circuit boards, plastic enclosures for electronics and wire insulation all require flame retardancy to prevent fire hazards. strict flame retardancy standards in various countries have also fueled the use of such additives in a wide array of products used indoors.
The flame retardant market is estimated to be valued at USD 9.82 Bn in 2024 and is expected to reach USD 15.98 Bn by 2031. It is expected to grow at a compound annual growth rate (CAGR) of 7.2% from 2024 to 2031.
Key Takeaways
Key players: Albemarle Corporation is a leading producer of bromine-based flame retardants. BASF SE offers a wide portfolio of phosphorous-based flame retardants. Clariant produces halogen-free and inorganic flame retardants. LANXESS is a major manufacturer of phosphorus-based flame retardants.
Growing demand: Increasing safety regulations around the world coupled with focus on fire-safe housing and infrastructure are major factors boosting demand. Rapid urbanization and industrialization in Asia Pacific is driving higher consumption.
Global expansion: Key Flame Retardant Market manufacturers are expanding their production facilities globally especially in Asia Pacific and Middle East & Africa to leverage improving economic conditions and cater to the growing regional demand for flame retardants.
Market Trends
One key trend gaining prominence is the rising preference for halogen-free flame retardants over halogenated varieties. Strict environmental regulations restricting the use of brominated and chlorinated flame retardants have prompted manufacturers to invest in eco-friendly alternatives. Development of phosphorus-based and inorganic intumescent flame retardants with low toxicity has thus become a major objective.
Porter's Analysis
Threat of new entrants: High barriers such as huge capital investments restrict new entrants in this market.
Bargaining power of buyers: Large buyers can negotiate lower prices but demand for flame retardant materials leave limited scope.
Bargaining power of suppliers: Suppliers of raw materials have some control over prices but established relationships and availability of substitutes restrict this power.
Threat of new substitutes: Alternatives offer some substitution but inability to meet all regulatory standards and performance create sustainable demand.
Competitive rivalry: Intense competition among major players to gain market share leads to pricing pressures and investments in new products.
Geographical Regions
In terms of value, North America accounts for the largest share in the global flame retardant market due to stringent fire safety regulations across building and construction, transportation and electrical and electronics industries. Asia Pacific region is expected to grow at the fastest pace during the forecast period mainly due to increasing fire protection standards in infrastructure and vehicles segments across China, India and other developing nations.
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About Author:
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc.
