Description
The global Flame Retardant market was valued at USD 7.2 billion in 2021 and is expected to reach USD 11.7 billion in 2028 with a growth rate of 7.18% during the forecast period, 2022-2028. The rising use of flame retardants in electronics and their expanding use in other industries such as the plastic and textile industries and global fire safety norms and regulations are projected to drive the flame retardants market in the coming years. Furthermore, technological improvements and R&D operations boosted demand for various electrical and electronic gadgets. Flame retardants are frequently utilized in electronic equipment plastic casings to improve product safety by preventing short circuits and component overheating. This is one of the primary factors of the flame retardant market’s expansion. In addition, factors such as population growth, urbanization, and increased government spending have led to a large increase in the building & construction sector, where flame retardants are utilized to slow down the fire and offer enough time to evacuate a structure. This has increased the popularity of flame retardants in the building and construction industry, increasing the growth of the flame retardants market.
