As cited by the research report titled ‘Global Flame Retardants Market for Engineering Resins Market Size study, by Type (Brominated Flame Retardants, Phosphorous Flame Retardants, Other flame Retardants), by Application (Polyamide, ABS, PET & PBT, Polycarbonate, PC/ABS Blends, Others), and Regional Forecasts 2021-2027’, available with Market Study Report, global flame retardants market for engineering resins market was worth USD 1.59 million in 2020 and is projected to grow with a CAGR of 7.3% over 2021-2027 to accumulate USD 2.60 million by the end of forecast period.
 

Rising frequency of fire incidents, strict fire safety guidelines, along with huge demand for engineering plastics in several industries are the major factors driving global flame retardants market for engineering resins market growth.
 

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For instance, as per the National Fire Protection Association (NFPA), in 2019, in the U.S., a new home fire was reported every 93 seconds with a home fire death occurring every 3 hours, and a home fire injury every 43 minutes.
 

For the record, flame retardants are chemicals that are incorporated in materials like textile surface finishes, plastics, and many more to prevent or diminish the fires. Introduction of synergist compounds with greater efficiency, and increasing demand for consumer electronics are generating lucrative prospects for the business scenario.
 

On the downside, high loading levels of mineral-based flame retardants, along with harmful chemicals used in flame retardants are likely to restrain the market progression over the forecast timeline of 2021-2027.
 

Based on type, global flame retardants market for engineering resins industry is segmented into phosphorous flame retardants, brominated flame retardants, and others. Considering application range, the marketplace is divided into polyamide, PET & PBT, ABS, PC/ABS blends, and polycarbonate including others.
 

Geographically, Asia Pacific, Europe, North America, and Latin America are major contributors towards the overall industry valuation. Of these, North America is anticipated to amass considerable market share by 2027, due to stricter environmental regulations as well as stringent standards set by other regulatory authorities in the region.  Whereas, Asia-Pacific industry is anticipated to exhibit a strong CAGR over 2021-2027.
 

Prominent players influencing the worldwide flame retardants market for engineering resins industry dynamics are RTP Company Inc., Italmatch Chemicals S.p.A., Huber Engineered Materials, Nabaltec AG, DuPont de Nemours Inc., ICL Group Ltd., BASF SE, Lanxess AG, Clariant AG, and Albemarle Corporation.