Flame Retardants Market will grow at a CAGR of 6.3% during 2023-2030

HYDERABAD, India - Jan. 3, 2023 - PRLog -- Flame Retardants Market Overview:

As per the research study, the Global Flame Retardants Market is expected at a CAGR of 6.3% during the forecast period 2022-2029.

Drivers:

-Increasing Fire and Safety Regulations to Aid Expansion The primary market growth driver is the increase of fire and safety laws. Governments all across the world are working hard to avoid fires and explosions in workplaces, businesses, and public areas. This has resulted in the adoption of severe laws and regulations for companies in order to encourage the usage of these retardants. They are used to limit the spread of flames in cables, wires, building items, insulating materials, textiles, automobile components and interiors, and paints and coatings. Different nations' standards and legislation have made it necessary for manufacturers to include flame retardants in their goods. This will promote market expansion in the next years.

Product Type Insights:

The worldwide flame retardants market is divided into three categories: brominated flame retardants, phosphorus-based flame retardants, and others. The brominated flame retardants segment contributed significantly to revenue. Brominated flame retardants (BFRs) are chemical mixtures that are added to a variety of goods, including those designed for industrial use, to make them less flammable. Polymers, textiles, and electrical equipment are examples of common uses. By extending the length of flames, brominated flame retardants help to reduce the damage to people, property, and the environment.

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End-User Insights:

The worldwide flame-retardant market is divided into construction, automotive and transportation, electronics, and others. The automotive and transportation industries generated the most revenue. Flame retardants are required in the automobile industry for functional and structural thermoplastic engineering components located under the hood. Flame retardants play an important role in heat insulation in mass transit, trucks, the maritime industry, and aviation.

Regional Analysis:

During the forecast period, the Asia-Pacific flame retardants market is expected to develop at the fastest CAGR of 7.4%. This is due to a surge in demand for flame retardants in the Asia-Pacific building and construction, automotive, electrical and electronics, and textiles sectors

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Market Segmentation:

By Types:

• Aluminum oxides
• Bromine compounds
• Phosphorus compounds
• Chlorine compounds
• Antimony oxide
• Others

Applications:

• Building and Construction
• Electrical and Electronics
• Cables and Wires
• Transportation
• Textile and Furnishing
• Others