Rising awareness regarding fire safety across both residential, and commercial sectors is predominantly driving demand for fire retardant chemicals. Growing demand from manufacturing brands of building and construction materials, electrical appliances, furniture, and kitchenware. Soaring usage of fire retardants in all types of surface regions such as walls, carpets, textiles, papers, and paints is expected to drive the growth of global fire retardant market, says a new upcoming study of Fairfield Market Research. Tightening regulatory grip around fire safety norms has been playing a vital role in raising awareness about the basic safety, and security among industry players, as well as public. The report highlights the fact that the eco-friendly fire safety chemicals are gaining traction worldwide, thereby pushing the market potential of sustainable fire retardants.
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Aluminium Hydroxide Sought-after Across Industries
Aluminium hydroxide, the most sought-after fire retardant, continues to witness significant demand from automotive industry as it plays a crucial role in production of the various auto parts, and components. Growing consumption of aluminium hydroxide in battery production is likely to elevate the prospects further in battery-powered vehicles, as well as a wide range of consumer electronic devices. Aluminium hydroxide also remains popular as one of the key elements in construction materials such as insulation panels, and roofing materials. This will remain a strong factor fostering market growth in future, says the report.
Flame Retardants Continue to Face Scrutiny Due to Toxicity, and Potential Hazards
With growing use of flame retardant chemicals across industries, there has also been a rising level of scrutiny facing them over the recent past. Concerns around their potential health effects prevail as some of the popular flame retardant chemicals have been linked to cancer(s), some of the reproductive problems, and even neurological disorders. Moreover, flame retardants can typically be toxic, especially to aquatic life, which further make them potentially harmful for widespread application across industries, especially when a substantially large pool of unskilled labour is operational and regularly gets exposed to these chemicals. Because of these concerns, there is growing demand for flame retardant-free products. A new trend of flame retardant-free furniture, and textiles is thus emerging recently.
Asia Pacific Spearheads, North America Follows
Initial regional analysis of global flame retardant market reveals that the primacy of Asia Pacific prevails attributing to the sustained demand for both brominated, and chlorinated flame retardants that collectively account for more than 50% of the total demand worldwide. The region will continue to capture over half the global market revenue share throughout the foreseeable future, suggests the report. While China makes up for half the region’s demand generation, a majority demand is expected from the key industries like building and construction, automotive, and electrical and electronics. Besides China, Japan remains a lucrative market owing to its stringent regulatory structure regarding the safety against fire accidents. Other fast-developing economies like India, and Indonesia have also been developing strong potential markets for flame retardant manufacturers. On the other hand, North America is likely to represent the second leading market prominently upheld by an established infrastructure, a strong manufacturing base, and strict safety regulation.
Key Players in Global Flame Retardant Market
The report would offer an insightful analysis of the competition landscape of global flame retardant market, covering some of the leading companies driving competition. LANXESS, ICL, BASF SE, DuPont, Clariant, DSM, and Abermarle Corp. constitute some of the profiled players in the report.
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