Flame Retardant Thermoplastic Market Size

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.