Flame Retardant Market is driven by Increasing Construction Activities
Flame retardants are additives that are added to manufactured materials, such as plastics and textiles, to reduce their flammability. Flame retardants work either by interfering with the chemical reaction of combustion or by acting as a barrier between the flame and the material. They help slow the spread of fire and prevent flashover. The market for flame retardants is witnessing high demand from various end-use industries such as building & construction, electronics & appliances, wire & cable, automotive, and textiles. Strict fire safety regulations across regions is one of the major factors boosting the adoption of flame retardants.
The flame retardant market is estimated to be valued at USD 9.82 Bn in 2024 and is expected to reach USD 15.98 Bn by 2031. It is expected to grow at a compound annual growth rate (CAGR) of 7.2% from 2024 to 2031.
Major players in the Flame Retardant Market are expanding their production capabilities and geographical reach to leverage the opportunities in developing markets. Companies are investing in capacity expansions and new production plants across Asia Pacific and Middle East & Africa. For instance, in 2021, Israel Chemicals invested $100 million to expand its flame retardant production facility in Alabama, USA.
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