LONDON–(BUSINESS WIRE)–The flame retardant apparel market is expected to grow by USD 902.10 million during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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The increase in the number of residential and non-residential construction projects in countries such as the US, China, and India has significantly contributed to the growth of the global construction industry. By 2030, the construction output volume is expected to grow by over four to five times and about USD 15 trillion worldwide. Governments in countries such as India, Saudi Arabia, and Qatar are making significant investments in the development of smart cities. For instance, in October 2018, Saudi Arabia announced its project NEOM for building a multi-billion-dollar megacity. The first phase of the project is expected to be completed by 2025. Many activities in the construction industry require workers to set up electrical circuits and welding of materials, which could pose serious hazards. Also, workers are required to adhere to various regulations regarding protective workwear and wear apparel to reduce accidents. These factors have increased the demand for flame retardant apparel, which is driving market growth.
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As per Technavio, stringent fire safety regulations will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Flame Retardant Apparel Market: Stringent Fire Safety Regulations
Every year hundreds and thousands of workers are injured by electrical arcs and flash fires across industries. To minimize the instances of injuries caused by fire hazards, governments across the world are implementing regulations regarding the use of flame-resistant wear in various industries. For instance, in July 2018, the International Fire Safety Standards (IFSS) Coalition was launched at the UN in Geneva, Switzerland. The coalition provides universal rules for classifying and defining fire safety standards at project, state, national, regional, and international levels. The introduction of many such fire safety regulations is expected to have a positive impact on the growth of the global flame-retardant apparel market during the forecast period.
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