Global Flame Retardant Plastic Market Size to Exceed $55 Billion by 2024.

The global flame retardant plastic market size is projected to surpass $55 billion by 2024, growing at a CAGR of around 4% during the forecast period.

The report indicates a promising future for the market, with opportunities across electrical & electronics, construction, transportation, wires & cables, pipelines & tanks, aerospace & defense, and marine industries. Key growth drivers include stricter government fire safety regulations, rising consumption of flame retardant plastics in electrical & electronics, and increasing demand for halogen-free wires & cables.

Analysts predict that polyurethane (PU) will remain the largest polymer segment due to growing demand from the construction and transportation sectors for PU foam applications.

Meanwhile, polyolefins are expected to witness significant growth, driven by rising demand for halogen-free and low-smoke wires & cables.

The wires & cables application segment is also anticipated to expand, fueled by increasing demand for flame-retardant insulation materials in power cables, including underground installations.

Asia-Pacific will continue to dominate as the largest regional market, with the fastest growth attributed to rising construction activities and increasing automotive production.