The market accounted for around USD 1,424.14 million in 2016, and is expected to register a CAGR of 7.18% during 2017-2022 (henceforth, referred to as the forecast period). The demand for non-halogenated flame retardants is driven by the rapid growth of infrastructure in the emerging economies such as India and increasing consumer demand for electrical & electronic products across the world.
Building & construction industry has the dominant market share in the non-halogenated flame retardant chemicals market. The increasing population, coupled with the growing purchasing power of middle-class population in developing economies, such as India, South Korea, and ASEAN countries, has boosted the need for infrastructural projects, such as recreational centers, shopping malls, sophisticated healthcare centers, high-rise buildings (to cater to the needs of high population in small areas), and many others, leading to high demand of non-halogenated flame retardant chemicals.
The major driver for non-halogenated flame retardant chemicals market is the stringent government regulations against the usage of halogenated flame retardant chemicals, owing to the increase in environmental and health concerns regarding halogenated flame retardants. Non-halogenated flame retardant chemicals are a substitute for halogenated flame retardant chemicals in major applications, with phosphorous being the most widely used type of non-halogenated flame retardant chemicals. Other types of non-halogenated flame retardant chemicals include aluminum hydroxide, magnesium hydroxide, boron-based compounds, nitrogen, zinc stannate, zirconium acetate, etc.
REGIONS WHERE SCOPE FOR NON-HALOGENATED FLAME RETARDANT CHEMICALS IS RISING
In terms of consumption, North America accounted for the largest market size (in USD million). During the forecast period, the market is projected to grow with an estimated CAGR of 7.83%, the highest among the regions including North America, Asia-Pacific, Europe, South America, and Middle-East & Africa. In North America, the major demand for non-halogenated flame retardant chemicals originates from the building & construction segment (especially from the growing repair construction industry), as the construction industry in the United States is recovering after a decline in 2014. Additionally, with the growing demand for electronic products and automobiles in the region, the demand for and usage of non-halogenated flame retardant chemicals is increasing in the region.
NOTABLE DEVELOPMENTS IN THE MARKET
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