Chinese Market for Phosphorous-Based Flame Retardants Poised for Growth
BEIJING – A new report by China-based market research firm GCiS China Strategic Research estimates that the domestic market for flame retardant chemicals in China was valued at nearly RMB 6.8 billion, or roughly $1.1 billion, at the end of 2014. The study finds that the market will continue to thrive in the next few years, but the growth rate varies greatly by product type.
China continues to play a prominent role in the global flame-retardant-chemical market in terms of production, domestic consumption, and direct export, and is expected to lead in global market growth. Locally produced phosphorous flame-retardant chemicals are gradually replacing previously popular halogen-containing chemicals in a broad range of applications, particularly in the plastics and rubber segments. Consumption of inorganic flame retardants is also on the rise. Both domestic and overseas fire-retardant standards and environmental regulations are the driving forces behind this trend; however, weaker law enforcement and supervision in China may make the transition slower than suppliers’ expectations.