The flame retardants market is projected to reach USD 9.2 billion by 2027, at a CAGR of 5.1 % from USD 7.2 billion in 2022. Flame retardants increase the thermal resistivity of materials to which they are added. The use of flame retardants is important in electronics & appliances, automotive & transportation, building & construction, wires & cables, and textile. The growth of these end-use industries in various regions is promoting the demand for efficient and innovative flame retardants in the forecast period. In addition, the shift towards more environment-friendly products is rising the demand for eco-friendly flame retardants with less or no toxic effects.
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The key players in this market are Clariant AG (Switzerland), LANXESS AG (Germany), Albemarle Corporation (US), Israel Chemicals Ltd. (Israel), Nabaltec AG (Germany), Huber Engineered Materials (US), Italmatch Chemicals (Italy), and Budenheim Chemicals KG (Germany)
Players in the flame retardants market are adopting both organic and inorganic growth strategies in order to grow their regional and global presence within the market. These major players continuously develop new products to cater to their customer needs. They are also aggressively acquiring other small companies to increase their market share within the global flame retardants market.
Albemarle Corporation dominated the global flame retardants market by holding the largest market share in 2021. The company offers brominated flame retardants for a wide range of applications. It has its presence in European, North American, Asian and Middle Eastern Market. Israel Chemical Group Ltd. accounted for the second largest market share for flame retardants market in 2021. The company offers a wide portfolio for flame retardants including brominated, phosphorous and others. LANXESS AG held third-largest market share for flame retardants market in 2021. It offers broad spectrum of brominated and phosphorous flame retardants.
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Albemarle Corporation is one of the leading developers, manufacturers, and marketers of highly engineered specialty chemicals and the leading manufacturer of flame-retardant chemicals. The company operates its business through four segments, namely, lithium, bromine specialties, catalysts, and others. Flame retardants are offered through the bromine specialties business segment. Albemarle Corporation also offers aluminum oxides used in the preparation of flame retardants. The bromine specialties business segment of the company is highly competitive in the North American, Asian, European, and Middle Eastern markets. The company has a strong brand portfolio, which is likely to enhance its new product categories. The products are customer-centric and manufactured, keeping in mind customer satisfaction. The top-grade quality of products is the key success factor of the company in the flame retardants market. As part of its growth strategy, Albemarle Corporation is adopting new technology and entering emerging markets to enhance sales. The company is focusing on investing in online platforms in the future to meet customer needs. It is also focusing on sustainability and environment-friendly solutions.
Israel Chemicals Group Ltd.(ICL) is one of the leading manufacturers of specialty fertilizers, phosphate products, and flame retardants. The company is operating its business through four reportable segments: industrial products, potash, phosphate solutions, and innovative agricultural solutions. The company offers flame retardants through the industrial products and phosphate solutions segments. The company offers a wide range of products in the flame retardants market, and most of its products are phosphorus-based. The industrial products segment of ICL is one of the leading producers of bromine globally. The company produces bromine-based and phosphorous-based flame retardants through its two segments. The major applications of these flame retardants are in the electrical & electronics, resins, infrastructure, paints, and coatings industries. ICL operates globally with around 195 manufacturing units. ICL is focusing on R&D to develop innovative products in the flame retardants market. The company is also expanding its facilities in Asia Pacific to meet the rising demand for sustainable solutions in the region. Due to stringent regulations regarding environmental protection, the company is focusing on developing sustainable and green products. ICL is focusing on production in high-growth- markets.
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