New York, Sept. 12, 2022 (GLOBE NEWSWIRE) -- Research Nester has published a detailed market report on ‘Global Inorganic Flame Retardants Market’ for the forecast period, i.e. 2022 – 2031 which includes the following factors:
- Market growth over the forecast period
- Detailed regional synopsis
- Market segmentation
- Growth drivers
- Challenges
- Key market players and their detailed profiling
Global Inorganic Flame Retardants Market Size:
The global inorganic flame retardants market is estimated to grow at a CAGR of ~4% over the forecast period. A group of substances known as flame retardants limits the spread of flames to increase escape time. The market's expansion can be attributed to the rising demand for fire retardant materials from a variety of end-user sectors as a result of the increasing incidence of fires in the factory premises. It was observed that an estimated 1,290,490 fires were reported in the United States in 2019, to which local fire departments responded. Approximately, over 3,500 civilian deaths, 15,800 civilian injuries, and almost USD 15 billion in direct property damage were reported as total damage caused in these fires.
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Additionally, the market for inorganic flame retardants is predicted to expand as consumers become more aware of fire protection products, their effectiveness, and their significant advantages. Furthermore, the demand for a product is apparently going to be positively influenced by international fire safety standards and laws wide range of applications in all areas. For instance, in the UK, the fire safety act 2021 clarified the ambiguity regarding fire safety in the high rise building and makes it clear that in multi-occupied residential buildings with two or more sets of domestic premises, the fire safety order applies to the structure, external walls, and flat entrance doors.
Global Inorganic Flame Retardants Market: Key Takeaways
- North America region gains the largest portion of the revenue
- Non-halogenated type segment to dominate the revenue graph
- Construction end-use segment remains prominent in the end use industry segment
Growing Adoption of Flame Retardants in Electronic Devices and Automobiles to Boost Market Growth
During manufacturing, flame retardants are chemically bonded to the circuit boards of personal electronics, preventing any chemicals from leaching into the environment or potentially harming users' health. Since circuit boards are used to transport electrical power, flame retardants for fire safety are a clear necessity, and increasing cases of fire accidents due to smart gadgets are estimated to boost the market growth over the forecast period. It was noticed that the most common electronic gadgets that start fires today are reportedly cellphones and smartphones. Over the previous five years, phones and their accessories have been involved in over 180 recorded fires across Canada.
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In addition to this, the increasing sale of electric vehicles across the globe and the rising fire accidents on account of electric vehicles (EVs) is estimated to accelerate market growth during the forecast period. More than 50 electric vehicles were reported to have caught fire in the US in 2021, according to one of the surveys. In addition, above 16,000 hybrid vehicle fires and around 199,500 internal combustion engine (ICE) car fires were reported. Moreover, the increasing efforts of automobile industries and stringent government’s laws for fire safety of vehicles are anticipated to propel market growth.
Global Inorganic Flame Retardants Market: Regional Overview
The global inorganic flame retardants market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Increasing Rate of Urbanization to Drive Growth in the Asia Pacific Region
The market in Asia Pacific is estimated to witness noteworthy growth over the forecast period on the back of the region's quickly expanding building and construction industry as well as the region's rising rate of urbanization. As per the World Bank, 60% of the total population of the East Asia & Pacific region lived in urban areas in 2020, up from 56% in 2015. Moreover, the rising awareness among the people and enterprises regarding the importance of fire safety acts and orders is estimated to boost the market growth.
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Strict Fire Safety Laws and Increasing Sales of Electronics and EVs to Drive Growth in the North America Region
Moreover, the market in North America region is estimated to grab the largest market share over the forecast period owing to the presence of strict fire safety laws in the region. Further, power cables, wiring, and connectors, which are mostly utilized in construction, transportation, and electronic devices, are among the electrical components with the highest demand in North America, backed by the mass production and the expanding electrical & electronics, automobile, and construction industries, which in turn anticipated to boost the market growth. For instance, in 2021, the U.S. sold over 600,000 plug-in battery and hybrid electric vehicles, more than double the number from the year before.
The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in:
- North America (U.S., Canada)
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe)
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America)
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific)
- Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
Global Inorganic Flame Retardants Market, Segmentation by End Use Industry
-
- Construction
- Transportation
- Electrical & Electronics
- Textiles
Out of these, the construction segment is estimated to hold the largest market share over the forecast period owing to the expanding construction sector, growing public awareness of the need for fire prevention, and rising urbanization across the globe. According to recent statistics, by 2030, the Indian real estate market is predicted to be worth USD 1.10 trillion and contribute 14% of the country's GDP. In India, where urbanization is expected to increase from 30% to over 35% of the population by 2030. In addition, the widespread use of the product for structural insulation in buildings is anticipated to foster the segment's future expansion.
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Global Inorganic Flame Retardants Market, Segmentation by Type
-
- Halogenated
- Non-Halogenated
Among these, the non-halogenated is estimated to occupy the largest market share over the forecast period owing to the lower heat and smoke emissions and high cost-effectiveness of this form of flame retardant. Apart from these, the wide application of non-halogenated flame retardant substances or compounds including textiles, plastics, electronics, and coatings, to stop the spread of fire, and the increasing rate of these industries across the globe are estimated to boost the segment growth. It is believed that China has the largest textile sector in the world in terms of production, exports, and retail, producing more than 55 million tons of fiber annually, which is more than half of the global total.
Global Inorganic Flame Retardants Market, Segmentation by Application
-
- Styrenics
- UPE
- PVC
- Rubber
- Polyolefins
- Epoxy Resins
- ETP
Few of the well-known market leaders in the global inorganic flame retardants market that are profiled by Research Nester are J.M. Huber Corporation, Tosoh Corporation, Albermarle Corporation, Lanxess AG, ICL Group, Jiangsu Jacques Technology Co., Ltd., Clariant International Ltd, The Dow Chemical Company, Nebaltec A.G, Green Chemicals SpA, and others.
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Recent Developments in the Global Inorganic Flame Retardants Market
- In Many 2022, an innovative and more environmentally friendly brand extension to the ENGAGE line of high-performing polyolefin elastomers (POEs) has been introduced by Dow as ENGAGE REN.
- In June 2020, Tosoh Corporation declared 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.
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