Low Smoke Halogen Free Flame Retardant Polypropylene Market - Forecast(2023 - 2028)

Low Smoke Halogen Free Flame Retardant Polypropylene Market Overview

The low smoke halogen free flame retardant polypropylene market size is forecast to reach US$760.3 million by 2027 after growing at a CAGR of 7.6% during 2022-2027. Low smoke halogen free flame retardant polypropylene is an eco-friendly thermoplastic polymer material that helps restrict the spread of fire. The demand for low smoke halogen free flame retardant polypropylene material has been on the rise in the last few years. This material comes with outstanding flame retardant properties with low smoke during combustion, making it a suitable option in industrial low voltage cable and in building wire replacing polyvinyl chloride material. Low smoke halogen free flame retardant polypropylene is extensively used in the building and construction sector where they are utilized in corrugated sheets, steel structures, door trim and handles, coatings, insulation, and many other applications. The building and construction sector expanding globally and this is expected to drive the market’s growth in the forecast period. For instance, as per the report by India Brand Equity Foundation, India received FDIs in the construction development sector (townships, housing, built up infrastructure, and construction development projects) amounting to USD 26.14 billion between April 2000 and June 2021. Furthermore, low smoke halogen free flame retardant polypropylene is an integral element in the automobile sector where it is used in car seats, engine covers, and many other interior parts. The automobile industry is booming globally and this, in turn, is expected to contribute to the market’s growth during the forecast period. For instance, according to the August 2020 stats by the China Association of Automobile Manufacturers, the passenger vehicle segment is projected to reach 30 million units in China by 2029 compared to 21.44 million units in 2019. The price fluctuation of polypropylene might hamper the market’s growth in the forecast period.

COVID-19 Impact

The low smoke halogen free flame retardant polypropylene market was deeply hit due to the COVID-19 pandemic. The business in the market suffered due to disturbances such as supply chain disruption and raw material procurement during the pandemic. Market players adopted new work strategies to withstand the severity of the pandemic and maintain a standard business operation. The market witnessed a slow growth rate as multiple end-use industries had stagnant growth amid the pandemic. Going forward, the market is projected to display robust growth in the forecast period owing to the expansion of the construction and automotive sector.

Report Coverage

The report: “Low Smoke Halogen Free Flame Retardant Polypropylene Market Report - Forecast (2022-2027)”, by IndustryARC, covers an in-depth analysis of the following segments of the Low Smoke Halogen Free Flame Retardant Polypropylene Industry. 

By End Use: Building and Construction, Residential, Commercial, Office, Hotels and Restaurants, Concert Halls and Museums, Educational Institutes, Automobile, Passenger Vehicle, Commercial Vehicle, Light Commercial Vehicle, Heavy Commercial Vehicle, Electrical and Electronics, Textile, Industrial, Appliances, Others

By Geography: North America (USA, Canada, Mexico), Europe (UK, Germany, France, Italy, Netherlands, Spain, Russia, Belgium, Rest of Europe), Asia Pacific (China, Japan, India, South Korea, Australia, and New Zealand, Indonesia, Taiwan, Malaysia, Rest of Asia Pacific), South America (Brazil, Argentina, Colombia and Rest of South America), and RoW (Middle East and Africa).

Key Takeaways:

• The building and construction sector is expected to drive the market’s growth in the forecast period. For instance, as per the Statistical Report 2021 by European Construction Industry Federation, in 2020, Germany had a growth of 1.5 percent in real terms in total investment in construction.
• The automobile sector is anticipated to contribute to the market’s growth in the forecast period. For instance, according to the July 2021 report by the European Automobile Manufacturers Association, registrations in the passenger car segment in the European region surged by 25.2% in the first half of 2021.
• The Asia Pacific region is expected to witness the highest demand for low smoke halogen free flame retardant polypropylene owing to the booming automotive sector in the region. For instance, as per the stats by the China Association of Automobile Manufacturers, the annual sales volume of Chinese new energy vehicles which was 1.2 million units in 2019 is anticipated to touch 3 million units by 2025.
  

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Low Smoke Halogen Free Flame Retardant Polypropylene Market Segment Analysis - By End Use

The building and construction industry dominated the low smoke halogen free flame retardant polypropylene market in 2021 and is growing at a CAGR of 8.1% during the forecast period. Low smoke halogen free flame retardant polypropylene polymer is massively used in the construction sector owing to its robust eco-friendly and fire resistance properties. The material’s flame retardant properties are extremely robust with low smoke during combustion which makes it the material the best option in building wire replacing polyvinyl chloride. The low smoke halogen free flame retardant polypropylene material is also used in corrugated sheets, steel structures, and many other applications in the building and construction sector. The building and sector expanding globally with increasing investment and project announcements and this is anticipated to further expand the market’s growth in the forecast period. For instance, as per the August 2021 stats by Eurostat, the building construction sector in the European Union and Euro Area jumped by 3.8% and 3.1% respectively in June 2021. Similarly, according to the stats by India Brand Equity Foundation India is anticipated to become the world’s third-largest construction market by 2022. Such a massive expansion in the building and construction industry is expected to increase the higher uses of low smoke halogen free flame retardant polypropylene and this is projected to drive the growth of the low smoke halogen free flame retardant polypropylene market during the forecast period.

Low Smoke Halogen Free Flame Retardant Polypropylene Market Segment Analysis - By Geography

The Asia-Pacific region held the largest market share in the low smoke halogen free flame retardant polypropylene market in 2021, up to 32%. The high demand for low smoke halogen free flame retardant polypropylene is attributed to the region’s booming automobile industry. This thermoplastic polymer material finds its extensive use in car seats, engine covers, and several other interior parts. The automobile industry is booming in the region and this is projected to augment the higher requirement of low smoke halogen free flame retardant polypropylene in the forecast period. For instance, according to the report by India Brand Equity Foundation, FDI received by India between April 2000 to March 2021 for the automotive development sector accounted for USD 25.85 billion. Similarly, as per the August 2020 report by the China Association of Automobile Manufacturers, the automotive industry in China will stay on a progressive track with new energy vehicles expected to witness a jump in demand in the coming years. Such a huge boost in the regions’ automobile sector is expected to stimulate the higher uses of low smoke halogen free flame retardant polypropylene in various auto parts and components during the forecast period.

Low Smoke Halogen Free Flame Retardant Polypropylene Market – Drivers

Expanding building and construction sector will drive the market’s growth

Booming automobile industry will drive the market’s growth

The automobile industry is one of the largest consumers of low smoke halogen free flame retardant polypropylene polymer as this material prohibits various auto components and parts from catching fire and offers robust protection. The automobile industry is booming globally and this is expected to drive the market’s growth during the forecast period. For instance, as per the stats by India Brand Equity Foundation, the passenger car segment dominated the Indian auto industry with a market share of 12.9% of over 20.1 million vehicles in the fiscal year 2020. Similarly, according to the July 2021 stats by the European Automobile Manufacturers Association, registrations in the passenger car segment surged in June 2021 with Germany witnessing the highest demand in the passenger car segment with a 24.5% surge, followed by Spain (+17.1%). This massive boost in the automobile sector is expected to amplify the higher utilization of low smoke halogen-free flame retardant polypropylene in various auto parts and this is expected to influence the market’s growth during the forecast period.

Low Smoke Halogen Free Flame Retardant Polypropylene Market – Challenges

The price fluctuation of polypropylene might hamper the market’s growth

Low smoke halogen free flame retardant polypropylene involves the use of polypropylene. Polypropylene is a petroleum-based product whose price is fluctuating due to the fluctuation of petroleum price and this might hamper the growth of the market during the forecast period. According to the report by ourworldindata.org, the crude oil price in 2017 accounted for US$ 54.19 per barrel which surged to US$ 64.21 per barrel in 2019. The oil price again went down, hitting US$ 41.84 per barrel in 2020. These fluctuations in oil prices create volatility in the price of petroleum which is fluctuating the price of polypropylene. This fluctuation in the price of polypropylene might hamper the market’s growth in the forecast period.

Low Smoke Halogen Free Flame Retardant Polypropylene Industry Outlook

Investment in R&D activities, acquisitions, product and technology launches are key strategies adopted by players in the low smoke halogen free flame retardant polypropylene market. Global low smoke halogen free flame retardant polypropylene top 10 companies include:

1. Huber Engineered Materials
2. ICL Group Ltd.
3. Chemtura Chemicals
4. Clariant International Ltd
5. BASF SE
6. Thor Group
7. Borealis AG
8. Lanxess AG
9. Nabaltec AG
10. Merick Polymers Company Ltd
11. Others

Recent Developments 

• In August 2020, Borealis announced acquiring a controlling stake in DYM Solution Co. Ltd. Through this investment, Borealis expanded its flame retardant portfolio in the market.

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