The international market research organization ResearchAndMarkets.com recently released a flame retardant plastic market report that the global flame retardant plastic market size is expected to exceed $ 55 billion by 2024, with a compound annual growth rate of about 4%.
The report believes that the future of the flame retardant plastic market is full of promise, and it will bring opportunities in electrical and electronics, construction and construction, transportation, wires and cables, pipes and storage tanks, aerospace and defense, and the marine industry. The main driving force in this market is strict government fire safety regulations, increased consumption of flame retardant plastics in the electrical and electronics markets, and increased demand for halogen-free wires and cables.
Analysts predict that polyurethane will continue to be the largest flame retardant plastic polymer market segment in the forecast period due to increasing demand for polyurethane foam in the construction, construction and transportation industries.
At the same time, due to growing demand for halogen-free and low-smoke wires and cables, polyolefins are expected to achieve the highest growth over the forecast period.
In this market, due to the growing demand for flame retardant plastic insulation materials for power cables such as underground cables, it is expected that flame retardant plastics for wire and cable will achieve the highest growth in the forecast period.
The Asia-Pacific region will remain the largest regional market, and it is expected that the highest growth will be achieved during the forecast period due to the increase in construction and construction activities and the increase in automobile production.