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Flame Retardant Thermoplastic Market size was valued at USD 8.66 billion in 2023 and is projected to exceed USD 17.37 billion by the end of 2036, expanding at over 5.5% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of flame retardant thermoplastic is evaluated at USD 9.04 billion.
The growth of the market can be attributed to the growing demand for halogen-free flame retardant thermoplastic as well as its increase in application in industries such as construction, electrical and electronics. These chemicals are designed in order to reduce the risk of fire from any contact with electric fault or any source. The combustion is slowed down by the flame-retardant thermoplastic and it also helps to prevent the spread of fire. The flame retardant thermoplastic market is further anticipated to grow on account of the growing demand for the product from the transportation industry, backed by the growing sales of vehicles, and the stringent government regulations to increase vehicle safety. According to the statistics by the International Organization of Motor Vehicle Manufacturers (OICA), the total sales of vehicles around the globe recorded to 90,423,687 units in the year 2019. In case of a fire outbreak inside the vehicle, the amount of smoke and heat inside the vehicle increases at a significant pace, allowing a narrow time for the people inside to escape from the vehicle. To overcome such issues, vehicle manufacturers are increasingly utilizing flame retardant thermoplastics that lowers the propagating speed of the fire inside the vehicle.
Growth Drivers
Challenges
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2023 |
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Forecast Year |
2024–2036 |
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CAGR |
5.5% |
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Base Year Market Size (2023) |
USD 8.66 billion |
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Forecast Year Market Size (2036) |
USD 17.37 billion |
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Regional Scope |
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The flame retardant thermoplastic market is segmented by application into electrical and electronic, construction, industrial, transportation and others, out of which, the electrical and electronic segment is anticipated to hold the largest market share by the end of 2030. The growth of the segment can be attributed to the massive usage of flame retardant thermoplastics in printed wiring boards, refrigerators, vacuum cleaners, TV sets, smartphones, laptops and others. Moreover, growing concern for electrical short circuits, which can create a fire, is raising the need amongst the manufacturers of electronic goods to increasingly use the flame retardant thermoplastics, which in turn is anticipated to drive the growth of the segment. The flame retardant thermoplastic market is also segmented on the basis of end users into domestic and commercial, out of which, the commercial segment is anticipated to hold the largest share during the forecast period, backed by the increasing demand for the thermoplastics from numerous end users for a variety of end use purposes.
However, owing to the stringent government regulations for the production of flame retardant thermoplastics, such as IEC 60695, IEC 60112, UL94, UL746 and others for electronic applications, and other complaints such as DIN 4102, EN 9239, BS 476, EN 13823, and others for building and construction application, significantly raises the cost of production of the manufacturers so as to meet these regulatory standards, which is anticipated to hamper the flame retardant thermoplastic market growth during the forecast period.
Our in-depth analysis of the global market includes the following segments:
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Product |
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Coating |
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Application |
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End Users |
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Regionally, the flame retardant thermoplastic market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the Asia Pacific is anticipated to hold the largest market share throughout the forecast period owing to the rising industrialization as well as urbanization in the region. Moreover, growing sales of electrical and electronic goods, along with increasing sales of vehicles, backed by the rising population across several developing countries in the region, such as China, India, Japan, South Korea, and others, are some of the factors anticipated to drive the market growth in the region. On the other hand, the flame retardant thermoplastic market in the Middle East & Africa is anticipated to grow with the highest CAGR throughout the forecast period owing to the growing industrialization as well as presence of developing countries in the region such as Saudi Arabia, South Africa, Egypt and others.
Author Credits: Rajrani Baghel
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