The size of the global flame retardant plastic market is expected to exceed $ 55 billion by 2024

The international market research organization ResearchAndMarkets.com recently released a flame retardant plastic market report. By 2024, the global flame retardant plastic market size is expected to exceed 55 billion US dollars, with a compound annual growth rate of about 4%.

The report believes that the future of the flame retardant plastics market is promising, and it will bring opportunities to the electrical and electronics, construction and construction, transportation, wire and cable, pipeline and storage tanks, aerospace and defense, and marine industries. . The main drivers of this market are 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 during the forecast period due to the growing 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 the 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, with the highest growth expected over the forecast period due to increased construction and construction activity and increased vehicle production.