Flame Retardants Market Forecasts
Technological advancements, increased R&D activities, and expanding applications in construction and electronics sectors are propelling market growth.
WILMINGTON, DELAWARE, UNITED STATES, April 30, 2024 /EINPresswire.com/ -- The global flame retardants market, as analyzed in a report by Allied Market Research, is expected to grow from $7.4 billion in 2020 to $14.0 billion by 2030, with a projected compound annual growth rate (CAGR) of 6.6% from 2021 to 2030.
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Key Drivers, Restraints, and Opportunities:
- Drivers: Technological advancements, increased R&D activities, and expanding applications in construction and electronics sectors are propelling market growth.
- Restraints: Concerns over environmental and health issues linked to flame retardant usage are restraining market expansion.
- Opportunities: Growing regulations regarding fire safety create new avenues for market growth.
COVID-19 Impact:
- Flame retardant manufacturing faced disruptions due to lockdown measures, resulting in partial or complete halts.
- Supply chain disruptions and raw material shortages further hindered manufacturing capabilities.
- Demand from end-user industries like automotive, aerospace, and construction decreased during lockdowns but is expected to recover post-lockdown.
Segment Insights:
- Antimony Trioxide Segment: Dominated the market in 2020 and is projected to maintain its lead due to its effective flame-retardant properties in various sectors.
- Alumina Trihydrate Segment: Expected to witness significant growth with a CAGR of 6.8% from 2021 to 2030, driven by its smoke-suppressing properties and increased adoption across industries.
- Electronics Segment: Contributed the highest market share in 2020 and is expected to exhibit the fastest CAGR of 7.0% from 2021 to 2030, fueled by technological advancements and increased adoption of flame retardants for environmental and health safety.
- Regional Dominance: Asia-Pacific led the market in 2020 and is projected to maintain its dominance by 2030, driven by rising demand across various industries in the region.
Leading Market Players:
- Albemarle Corporation
- BASF SE
- DOW
- Eastman Chemical Company
- Hangzhou Lingrui Chemical Co. Ltd.
- Hongbaoli Group Co. Ltd.
- Huntsman International Llc
- Lanxess
- Muby Chemicals
- Sasol
The report provides detailed insights into the flame retardants market dynamics, including drivers, restraints, opportunities, and regional trends, offering valuable information for stakeholders and investors.
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About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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