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APAC Flame Retardant Chemicals Market - Segmented by Type, End-user Industry, and Geography - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

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The APAC flame retardant chemicals market is expected to register a CAGR of around 6%, during the forecast period, 2018 to 2023. China accounted for the largest market in 2017. China is also expected to register the fastest growth during the forecast period.         

Rising Consumer Electrical & Electronic Goods Manufacturing

Flame retardant chemicals play a significant role in the electrical and electronics market. Electrical fires are one of the major sources of household and industrial fires around the world. The use of flame retardant chemicals can lead to a decrease in the same. Flame retardant materials find use in electrical equipment, right from the smallest components of a computer to large electrical grids. Flame retardant chemicals increase resistance to both internal and external heat sources. The electronics industry in Asia-pacific has been growing at the rate of 6% for the past couple of years and is estimated to continue the growth rate over the next few years. With the increased focus on their manufacturing industry, countries, like China, India, and ASEAN countries are offering various incentives to the companies, and electronics companies are heavily investing in the country. Therefore, the rising electronics and electronic goods manufacturing is expected to drive the flame retardant chemicals market during the forecast period.

Buildings & Construction to Dominate the Market

Flame retardant chemicals are commonly used in building materials to meet the important fire safety standards and codes. Flame retardant chemicals increase the threshold temperature of the material at which it catches fire, and reduce the rate of spreading of fire along with providing the critical escape time required to escape from the surroundings. The stringent building standards and the increase in usage of materials, such as vinyl flooring, foam insulation, and plastic roofing, particularly in the developing countries, such as China and India, offer an exciting prospect for the development of the flame retardant chemicals market. Thus, the growth in the construction sector is expected to certainly boost the growth of the Asia-Pacific flame retardant chemicals market during the forecast period.

China to Dominate the Market

In 2017, China held the highest market share, accounting for more than 40% of the Asia-Pacific market. China is one of the major countries in Asia-Pacific, with ample construction activities being supported by the growing economy. Despite the volatile growth in real estate sector, the significant development of rail and road infrastructure by the Chinese government to withstand the growing industrial and service sectors has resulted in a significant growth of the Chinese construction industry in the recent years. As the construction industry is dominated by state-owned enterprises, the increased government spending is boosting the industry in the country. This, in turn, is expected to promote growth for the flame retardant chemicals market.

                                           

Major Players: BASF SE, LANXESS, Clariant, ICL, Sumitomo Chemical Co., Ltd., and Jiangsu Yoke Technology Co., Ltd., among others.

Reasons to Purchase this Report

  • The rising consumer electrical & electronic goods manufacturing that is expected to drive the market
  • Analyzing various perspectives of the market with the help of Porter’s five forces analysis
  • Type, and end-user industry that is expected to dominate the market
  • Country that is expected to witness fastest growth during the forecast period
  • Identifying the latest developments, market shares, and strategies employed by the major market players
  • 3-month analyst support, along with the Market Estimate sheet in excel

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