Inorganic Flame Retardants Market size is set to register over 4.2% CAGR during the forecast period i.e., between 2024-2036. The growth of the market can be attributed primarily to the growing demand for fire retardant materials from a wide range of end use industries as a result of rise in the number of fire related accidents in factories. According to the Institute for Health Metrics and Evaluation, in 2017, there were about 8.991 million new injuries that resulted from fire, heat, and hot substances, of which 120,632 resulted in death. Along with this, developments in fire safety standards around the world, specifically for metallic element composite panel cladding used in buildings, is expected to raise the demand for the product significantly in the forthcoming years. Furthermore, rapidly escalating urbanization, and surging development of novel flame retardants by companies are projected to offer abundant growth opportunities to the inorganic flame retardants market in the near future.
Growth Drivers
Challenges
|
Base Year |
2023 |
|
Forecast Year |
2024–2036 |
|
CAGR |
4.2% |
|
Regional Scope |
|
The market is segmented by end use industry into construction, transportation, electrical & electronics, and, textiles, out of which, the construction segment is anticipated to hold the largest share in the global inorganic flame retardants market. This can be accounted to the increasing use of flame retardants in building materials in adherence to stringent fire safety regulations. Apart from this, high utilization of the product for structural insulation in buildings is also assessed to boost the growth of the market segment in the future. Additionally, on the basis of type, the non-halogenated segment is predicted to occupy the largest share by the end of 2031, owing to the lesser amount of heat and smoke produced by this type of flame retardants, and their high cost-effectiveness.
Our in-depth analysis of the global market includes the following segments:
|
By Type |
|
|
By Application |
|
|
By End Use Industry |
|
Regionally, the global inorganic flame retardants market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in Asia Pacific industry is likely to account for largest revenue share by 2036, propelled by rapidly growing building & construction sector, and increasing rate of urbanization in the region. As per the World Bank, 60.698% of the total population of the East Asia & Pacific region lived urban areas in 2020, up from 59.889% in 2019 and 59.053% in 2018 respectively. Moreover, the market in North America is expected to grab the largest share during the forecast period owing to the imposition of strict fire safety laws in the region. In addition, rising investments by companies to develop improved inorganic flame retardants is also projected to drive the inorganic flame retardants market growth in the region in the coming years.
May 2021- J.M. Huber Corporation signed a definitive agreement with RHI Magnesita for acquiring their 50% ownership stake in the companies’ 50/50 joint venture, MAGNIFIN Magnesiaprodukte GmbH & Co. KG.
June 2020- Tosoh Corporation announced that it is planning to expand its bromine production capacity by 30% for use in flame retardants and other applications at its Nanyo Complex in Japan.
Author Credits: Rajrani Baghel
Copyright © 2024 Research Nester. All Rights Reserved
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?