Flame Retardant Chemicals Market

Global Flame Retardant Chemicals Market reached US$ 7.2 billion in 2023 and is expected to reach US$ 10.5 billion by 2031, growing with a CAGR of 4.8% during the forecast period 2024-2031.

Flame retardant chemicals include chlorine, bromine, phosphorous or nitrogen-based and are used to keep materials from catching fire. The chemicals' exceptional thermal insulation qualities are driving up demand, propelling the flame retardant chemicals market. Major end-users of flame retardant chemicals, such as transportation, building & construction and electrical & electronics, are experiencing a boom that has increased output. 

As reported by Eurostat, in February 2022, production in the European civil engineering construction sector climbed by 8.6%. With such a fast increasing building and construction sector, demand and usage of flame retardant chemicals have surged, propelling market growth over the projection period. Furthermore, expanding automobile production and augmenting expansion in the electrical and electronics sectors are driving the growth of the flame retardant chemicals market. 

In 2023, North America is expected to be the second-dominant region with over 20% of the global flame retardant chemicals market. U.S. dominates the regional market, followed by Canada. It can be linked to large-scale production and the expansion of the electrical and electronics, automotive and construction sectors in U.S. Increased expenditures in EVs and private construction projects have led to development in the automobile and construction industries.