In 2021, the flame retardants market generated $7,565.1 million, progressing at a 5.3% rate from 2021 to 2030, to hit the $12,028.4 million revenue in 2030, owing to technological advancements, rising research & development activities, and expanding end-use industries. In addition, the increased strictness of regulations on fire safety in various countries boosts the market.
Moreover, the non-halogenated flame retardants hold a substantial share of the flame retardants market, and it is expected to rise by 5% in the near future, as these chemicals possess smoke suppression, thermodynamic characteristics, along with exceptional flame retardancy, resulting in their increased preference for anti-fire applications across industries.
The electrical and electronics industry is projected to experience the fastest growth in the flame retardants market, at an approx. 6% rate in the coming years. It is due to the rise in the plastics used in electronic components production and the increase in insulation consumption of products to minimize fire risk and increase consumer safety. In addition, the wide application of flame retardants in the electronics and electronics industry facilitates increased resistance to external and internal heat resources, more specifically to electric cables and wires.
APAC captures extensive flame retardants market share, accounting for 50%, and it is predicted to generate significant revenue in the near future, attributed to the rapid expansion of the manufacturing sector and rising infrastructure development activities. Moreover, APAC contributes massively to electronics production, accounting for 70% to 75% of the global production of electronics. China, Japan, and South Korea manufacture various electrical components and supply them worldwide across industries.
Therefore, the rigid government regulations on fire safety propel the market, along with the expansion of the construction sector.
