Flame Retardant Chemicals Market Expected to worth USD 15.6
Billion by 2024
The flame retardant market has been segmented into aluminum hydroxide,
brominated, phosphorous-based flame retardants, chlorinated and
antimony oxide. Among these segments, the phosphorus based flame
retardants segment had the highest market share in previous years and is
expected to dominate the market with highest CAGR during the forecast
period owing to its stability. This factor is envisioned to strengthen the
growth of flame retardant chemicals market.
The global market for flame retardant chemicals market is anticipated to
reach USD 15.6 Billion by the end of 2024, flourishing at a compound annual
growth rate of 6.7 % over the forecast period. Rising demand from end use
industries is likely to drive the growth of the market during the forecast
period. Apart from this, government safety regulations are anticipated to
impel the growth of global flame retardant chemicals market.
In the regional segment, Asia-Pacific represented the largest market in terms
of revenue share in overall flame retardant chemicals market and is expected
to continue its dominance over the forecast period. The growth of the market
is driven by rise and expansion of end user industries such as automotive,
construction industry and furniture industries among others. Further, with
the increase in sales of electrical and electronics device is expected to drive
the growth of North America’s market for flame retardant chemicals in
upcoming years. Apart from this, rising demand and sale of electronic
devices is also envisioned to bolster the growth of flame retardant chemicals
market in the Europe region. Presence and growth of automotive industries
is believed to be the dynamic factor behind the growth of Europe flame
retardant chemicals market.
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Wide Scale Applications Reflects Significant Opportunities
Rising construction activitie