Flame Retardants Market To Reach USD 12,028.4 Million by 2030
Flame Retardants Market To Reach USD 12,028.4 Million by 2030
Blog Article
As stated by a market professional at P&S Intelligence, a market research institution, flame retardants market will touch a value of USD 12,028.4 million by 2030, powering at a rate of 5.3% in the years to come.
This progression of the market is because of the tech progressions all over the world, growing research and development activities, and budding end-use industries.
Furthermore, the growing strictness of the guidelines of the government on fire safety in different countries power the growth of the industry.
Non-halogenated flame retardants had the larger revenue share, and this will grow at a rate of more than 5% in the years to come. This will be because these chemicals display smoke suppression, extraordinary flame retardancy, and thermodynamic characteristics, which make them apposite for anti-fire applications in several industries.
The building & construction sector had the largest share, of about 40%, in the past. The increasing infra-activities in India and China, power the requirement for these chemicals.
The electrical & electronics industry will grow the fastest, with nearly 6%, in the future. This growth has a lot to do with the growing usage of plastics in the construction of electronic components and growing consumption of insulation on products, for safety of the consumers and the reduction of fire risk, which is a result of the robust requirement of manufacturers to abide by the fire safety regulations.
The APAC flame retardants market had the largest share, of about 50% in the recent past, and it will contribute the highest revenue in the future. This can be credited the fast-growing manufacturing sector and infra development activities.
Furthermore, the region is the largest producer of electronics, accounting for 70–75% of the global output. South Korea, Japan, and China produce a variety of electrical components and supply them to a number of industries globally.
Furthermore, China had the major share, as it is the largest manufacturing base for electric & electronic equipment.
Moreover, the substantial advances in the commercial and residential construction sectors all over the country and development in the transportation & automotive sector in the nation have been powering the material consumption that don’t catch fire.
Europe followed the APAC region, in terms of revenue, credited to the large textile, and automotive & transportation industries.
Additionally, Germany and the U.K. employ enormous capital on the construction industry, which supports the industry grow at a healthy pace.
It is because of the increasing technological advancements all over the world, and growing research and development activities, the demand for flame retardants will continue to grow in the years to come.
Source: P&S Intelligence