Global flame retardant sales reached nearly 192 million square meter in 2018, with momentum likely to drive the market to a 6.2% y-o-y in 2019, according to Fact.MR’s latest analysis. Imposition of stringent regulatory rules and growing awareness about workers’ safety in high-risk industries worldwide continue to drive growth. Gains have also been driven by macroeconomic factors, notably stability in global oil prices and capital injection in infrastructure projects. The study opines that effective implementation of workplace safety guidelines in developing countries can open up new opportunities for manufacturers.
“Not protecting their employees with good-quality flame retardant apparels can cost employer organizations a fortune with the medical care and rehabilitation of injured employees. Apart from strict legal regulations, growing safety awareness among employees is driving the purchases of flame retardant apparels across several industries,” says senior research analyst Prakhar Jain at Fact.MR. “Flame retardant apparel market players are now focusing on improving comfort along with the safety of their products, and provide flame retardant apparels that can suit the end-users’ changing demands.”
Oil & Gas and Power Generation Industries Create Promising Growth Opportunities
According to the study, the oil & gas industry remains the largest consumer of flame retardant apparels.The oil & gas industry is one of the high-risk industries that can pose serious harm to workers’ health and is prone to severe workplace accidents. Protective clothing, such as flame retardant apparels, have proven to be an effective safeguard against serious injuries and fatalities. The fatal accident rate (FAR) in the oil & gas industry decreased by approximate 36% in 2017 over 2016 as the number of fatalities decreased from 50 to 33 during the year, according to the reports filed by 45 oil & gas companies associated with the International Association of Oil & Gas Producers (IOGP) organization. The study opines that the effectiveness of protective clothing in improving worker safety will continue to drive sales in 2019 and beyond.
Demand for flame retardant apparels will be complemented by healthy adoption in the power industry. Evolving workplace safety regulation in power, electronics electrical, and automotive & transportation industries are also likely to influence growth.
European Market to Create Most Promising Growth Opportunities with Over One-Third Volume Share
The study finds EU at the forefront of global flame retardant apparel demand, with over one-third volume share in 2018. The constantly evolving regulatory framework for personal protective equipment in Europe has accelerated the demand for flame retardant apparels in the region. The mandatory conformity to the Regulation (EU) 2016/425 adopted by the European Commission has been instrumental in boosting growth of the Europe flame retardant apparel market.
Furthermore, rapidly growing oil & gas demand in the European Union has bolstered the expansion of the oil & gas industry in the region, which is likely to create positive growth environment for flame retardant apparel market players. Thereby, flame retardant apparel market players are shifting their focus on complying with the European regulatory framework and meeting the dynamic end-user requirements in the region.
The study predicts that the flame retardant apparel market will grow at an impressive 6.5% volume CAGR through 2027.
These insights are as per Fact.MR report projects an optimistic development for Flame Retardant Apparel Market in the future.
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