The market for flame retardant chemicals is being driven by globally tightening fire safety regulations. Flame retardants are substances that can be chemically inserted into the polymer molecule or be physically blended in polymers after polymerization to suppress, reduce, delay or modify the propagation of a flame through a plastic material. Fire retardancy characteristics of flame retardant chemicals make them suitable for use in myriad and diverse applications to avoid loss caused by fire and burning. The application for flame retardant chemicals ranges from automotives, electrical and electronics components to construction, and wires and cables industry.
Building and construction industry is the largest end-use application for flame retardant chemicals. Increasing fire safety regulations and fire safety standards for residential, commercial as well as infrastructural construction are expected to fuel consumption growth of flame retardant chemicals building and construction industry. Rapidly growing construction industry in China and India is also expected to boost the market. Wire and cable is the second largest application for flame retardant chemicals.
The global flame retardant chemicals market in terms of revenues was estimated to be worth $4,792.5 million in 2011 and is expected to reach $7,131.9 million in 2017, growing at a CAGR of 6.9% from 2012 to 2017. Asia-Pacific dominates the global flame retardant chemicals market, accounting for 47.7% of the overall market in 2011. The growth in the Asia-Pacific market is expected to be fuelled by countries like China and India.