Flame Retardant Chemicals Market SWOT & PESTAL Analysis, Russia Ukraine War Impact and Forecast 2029
The global flame retardant chemicals market size is expected to gain momentum during the forecast period. This is attributable to rising focus on implementing safety regulations for construction applications across the globe. This information is published by Fortune Business Insights, in its latest report, titled “Flame Retardant Chemicals Market Size, Share & Industry Analysis, By Type (Brominated Flame Retardants, Chlorinated Flame Retardants, Antimony Oxide, Aluminium Hydrates, Phosphorous Flame Retardants, Others), By End-Use Industry (Construction, Electrical & Electronics, Textiles, Automotive & Transportation, Others) and Regional Forecast, 2019-2026.”
The COVID-19 pandemic has led to severe repercussion owing to its widespread effects across several economies. Several industries are facing unprecedented losses owing to the lockdown announced by several governments across the globe that has resulted in the complete shutdown of the businesses. The crippling economy, however, is being revived through collective efforts from the government as well as the industries and is expected to bounce back in the coming years.
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Impact of Russia-Ukraine War Implication
The Russia-Ukraine war could change the market dynamics of Europe forever. The standoff has revived the predicament situation of the Cold War and pushed Europe to the brink of a major military conflict. The Russian aggression in Ukraine has redefined the global landscape in terms of business. As the global market was recuperating from the havoc wreaked by the COVID-19 pandemic, the Russia-Ukraine war has made several industry stakeholders skeptical.
Flame retardants are the types of chemicals that aid in the prevention of fires and slowing down ignition during an emergency situation. They are widely adopted in the construction sector owing to the presence of large electronic and electrical equipment in the buildings. In addition to this, the presence of large combustible materials increases the risk of fire hazards, thereby, endangering lives. To mitigate the fire hazards, the flame retardant chemicals provide optimum fire protection, while reducing the risks involving fire.
What does the Report Include?
The market report includes a detailed assessment of the various market drivers and restraints, opportunities, and challenges that the market will face during the projected horizon. Additionally, the report provides comprehensive research into the regional developments of the market, affecting the market growth during the forecast period. The report includes information sourced from the advice of expert professionals from the industry by our research analyst using several research methodologies for the market. The competitive landscape offers further detailed insights into the strategies such as product launches, partnerships, merger and acquisition, and collaborations adopted by the companies to maintain market stronghold between 2019 and 2026.
Stringent Fire Safety Regulations to Bolster Growth
According to the National Fire Protection Association (NFPA), there is a case of catching fire every 24 seconds somewhere in the US to which the fire department responds. In addition to this, the US fire department responds to an average of 354,000 house structure fires every year. The growing incidence of fire hazards and the loss of lives and properties owing to the increasing cases are propelling the government agencies to implement stringent fire safety regulations during the construction activities. The growing focus on implementing a statutory and regulatory framework to avert the growing incidence of fire-related destruction is expected to boost the global flame retardant chemicals market growth during the forecast period.
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Rising Textile Industries in Asia-Pacific to Augur Growth
Among all regions, the market in Asia-Pacific will remain at the forefront and is likely to hold the highest global flame retardant chemicals market share during the forecast period. This is attributable to the rising textile and packaging industries in countries such as India, China, and Japan. On the other hand, North America is expected to hold the second position in the market. This is ascribable to factors such as the increasing adoption of technological advancement in the manufacturing process between 2019 and 2026.
TechnipFMC Collaborating with Clariant to Strengthen Demand
In June 2020, TechnipFMC announced its collaboration with Clariant Catalysts to demonstrate and commercialize Clariant’s latest modern AcryloMax propylene ammoxidation catalyst used to produce acrylonitrile. According to the TechnipFMC President, Stan Knez, the collaboration with Clariant Catalysts will leverage the company’s synergistic capabilities and continue to strengthen the company’s position in bringing about advanced technological solutions.
List of the Companies Proliferating in the Market:
- Schulman Inc.
- Adeka Corporation
- Albemarle Corp
- Buckman Laboratories International Inc
- Campine NV
- Clariant AG
- Daihachi Chemical Industry Co Ltd
- DIC Corporation
- Huber Engineered Materials
- ICL Industrial Products
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