As per a latest research conducted, the worldwide inorganic flame retardant market is projected to expand at a CAGR of 3% to 4% during the forecast period 2021-2031. The market is being propelled by rising demand for fire retardant materials from a variety of end-use sectors, including construction, textiles, electrical and electronics, and transportation.
Consumers' growing knowledge of fire protection materials, the effectiveness of flame retardants, and their key benefits are likely to boost demand for fire-resistant materials. Furthermore, global fire safety standards and regulations are likely to have a beneficial influence on product demand.
Flame retardants are a class of chemicals that slow the spread of flames and enhance escape time by delaying them. The rising number of fire-related incidents has increased the need for materials having flame-retardant characteristics.
The advancement of fire safety standards, particularly for metallic element composite panel cladding used in buildings, has increased product demand in the construction industry.
The building and construction sector has evolved as one of the product's most significant end-users. Growing population, fast urbanization, and much more stringent government regulations in developing nations have all aided the expansion of the construction business.
Fire safety standards are becoming more rigorous across the world, prompting the development of novel flame retardant products. The strict regulatory frameworks and industrial requirements have a significant impact on the development of the inorganic retardants.
Consumer knowledge of critical escape time during fire events, the effectiveness of flame retardants, and their advantages are likely to boost demand for these type of fire-resisting material.
The market is being driven by rising demand for fire retardant materials from a variety of end-use sectors, including construction, textiles, electrical and electronics, and transportation.
Furthermore, global fire safety regulations and legislation are likely to have a beneficial influence on product demand. Increasing use of such materials in protective clothing required for harsh industrial environments is a key factor augmenting market demand of inorganic flame retardants.
Fire safety rules vary based on the associated national legislation for health and environmental security, and are particularly stringent in the regions of Europe and North America.
End-users must include fire retardant chemicals into their products due to fire safety laws as part of local as well as federal building codes. Such factors are projected to drive the flame retardants market during the upcoming decade.
According to Flame Retardants Europe (FRE), technical advances in Europe along with the growing application spectrum of flame retardants, have pushed important manufacturers to assure fire safety. Several technical fire safety standards have been created by various governments around Europe.
The General Product Safety Directive (GPSD) assigns specified characteristics to items placed on the consumer market. Individual states, however, are responsible for enforcing fire safety rules. The United Kingdom has one of the world's most developed fire safety regulations. All such factors are anticipated to enable market growth in these Europe and North America during the forecast period.
Asia Pacific had a prominent revenue share in global Inorganic Flame Retardants market and is anticipated to grow at the quickest pace during the projection period. Due to considerable rise in building & construction sector in developing nations of the region, the market is anticipated to generate a significant portion of revenue from countries in the region such as China, India and ASEAN nations throughout the projection period.
The expansion of transportation networks and industrial operations in Asia Pacific, combined with other factors such as low raw material costs, increasing urbanization, increasingly tightening regulations etc. are fueling market growth in this region.
Some of the leading manufacturers and suppliers of Inorganic Flame Retardants include
Manufacturers are focusing on provision of targeted products for specific end use cases, in accordance with domestic and international regulations. Increasing market reach is a key area of focus for the manufacturers, as they look to diversify their regional revenue sources and expand geographic footprint.
The Inorganic Flame Retardants report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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