The Flame Retardant Chemicals Market size is estimated to grow at a CAGR of 6% during the forecast period 2022-2027 and would reach an estimated revenue of US$9.7 billion by 2027. Flame retardant chemicals contain bromine, chlorine or phosphorous which have high thermal insulation and heat absorption properties. Due to these properties, they are applied as insulation foam on building materials such as electrical wires & cables for providing structural insulation. The growing scale of residential construction due to rapid population growth has boosted the scale of construction activities. According to the U.S. Census Bureau, in August 2022, housing stats in the U.S. saw a jump of 12.2% to 1.5 million units, beating the market estimation of 1.45 million units. Owing to such an increase in residential construction, the demand and usage of Flame Retardant Chemicals to provide thermal insulation would also increase. It would boost the market demand for such chemicals.

Flame Retardant Chemicals Market: Leading Segment is Building & Construction

Based on the end-use industry, the Flame Retardant Chemicals market can be segmented into building & construction, transportation, electrical & electronics, textiles and furniture & furnishing sectors. The leading segment in the flame retardant chemicals market is evaluated to be building & construction and during the forecast period 2022-2027, the building & construction segment is expected to grow at a CAGR of 6.4%. This can be attributed to factors such as growing investment inflows in the sector, high demand for residential units and undertaking of infrastructure projects. For instance, according to Statistics Canada, in the first quarter of 2022, Canada's investments in its building construction increased by 9.2% in comparison to 2021’s first quarter. Such growing investments in building & construction would accelerate the scale of construction activities, thereby stimulating the demand and usage of Flame Retardant Chemicals in the sector.

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Flame Retardant Chemicals Market: Asia-Pacific Holds the Largest Share

Based on geography, the Flame Retardant Chemicals market can be segmented into North America, South America, Europe, APAC and the Rest of the World. According to IndustryARC's analysis, in 2021, the Asia-Pacific region emerged as the most profitable region in the market and held a 41% share of the total revenue earned by the market globally. The region is experiencing a boom in construction activities. This is because of the favorable government schemes and investments coupled with a growing population which has increased the scale of residential construction. According to the data provided by Japan’s Ministry of Land, Infrastructure, Transport and Tourism, in July 2022, construction orders in Japan increased by 2.8% in comparison to the same month in 2021. Also, according to the Australian Bureau of Statistics, in June 2021, new house construction stood at 42,447 units in comparison to 25,523 units in the same month of 2021. Such an increase in construction output would increase the demand and usage of Flame Retardant Chemicals in the Asia-Pacific region.

Flame Retardant Chemicals Market: Competitive Landscape

Key companies holding a major share in the Flame Retardant Chemicals market are BASF SE, LANXESS, ICL Group, Albemarle Corporation, Akzo Nobel, Huber Engineered Materials, Clariant AG, Italmatch Chemicals, Budenheim Chemicals AG and Henkel.

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About IndustryARC: IndustryARC is a Research and Consulting Firm that publishes more than 500 reports annually, in various industries such as Agriculture, Automotive, Automation & Instrumentation, Chemicals and Materials, Energy and Power, Electronics, Food and Beverages, Information Technology, and Life sciences and Healthcare.