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Low Smoke Halogen Free Flame Retardant Polypropylene Market - Forecast(2024 - 2030)
Low Smoke Halogen Free Flame-Retardant Polypropylene Market Overview
The Low Smoke Halogen Free Flame-Retardant Polypropylene market size is forecast to reach US$917.16 million by 2030 after growing at a CAGR of 7.6% during 2024-2030. 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 $32 billion in inflows, from April 2000 to September 2023.
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. 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 (2024-2030)”, 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 Rest of the World (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, Asia Pacific construction market to grew by 3.7% in real terms in 2023, after growing by 3.9% in 2022.
- The automobile sector is anticipated to contribute to the market’s growth in the forecast period. For instance, according to the January 2024 report by the European Automobile Manufacturers Association, registrations in the car segment in 2023 surged by 13.9% compared to 2022.
- 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 is anticipated to touch 3 million units by 2025.
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Low Smoke Halogen Free Flame-Retardant Polypropylene Market Analysis - By End Use
The building and construction industry dominated the low smoke halogen free flame-retardant polypropylene market in 2023 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, Asia Pacific construction market to grew by 3.7% in real terms in 2023, after growing by 3.9% in 2022. Similarly, according to the stats by India Brand Equity Foundation India is anticipated to became the world’s third-largest construction market by 2023. 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 Analysis - By Geography
The Asia-Pacific region held the largest market share in the low smoke halogen free flame-retardant polypropylene market in 2023, 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 accounted for $32 billion in inflows, from April 2000 to September 2023. Similarly, 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:
Low smoke halogen free flame-retardant polypropylene is extensively utilized in the building and construction sector owing to its environmentally friendly and superior fire resistance properties. This thermoplastic polymer material is used in various applications in the construction sector that includes corrugated sheets, door trim, and handles, steel structures, coatings, insulation, etc. The building and construction sector expanding globally with increasing construction projects 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, the residential sector in India is projected to grow significantly in the forthcoming years as the central government had announced the plan to build 20 million affordable houses in the country by 2022, and managed to construct 25.6 million houses by January 2023. Such a massive expansion in the building and construction sector globally is expected to augment the higher requirement of low smoke halogen free flame-retardant polypropylene and will drive the market’s growth during the forecast period.
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 automobile sector received a cumulative equity FDI inflow of about US$ 35.40 billion between April 2000 and September 2023. Similarly, according to the January 2024 report by the European Automobile Manufacturers Association, registrations in the car segment in 2023 surged by 13.9% compared to 2022. 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 July 2021 accounted for US$ 83.56 per barrel which surged to US$ 102.66 per barrel in July 2022. The oil price again went down, hitting US$ 82.37 per barrel in July 2023. 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
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the low smoke halogen free flame-retardant polypropylene market. The key companies in the Low Smoke Halogen Free Flame-Retardant Polypropylene Market are:
- Huber Engineered Materials
- Israel Corporation (ICL Group Ltd.)
- Clariant International Ltd
- BASF SE
- Thor Group
- Borealis AG
- LANXESS AG
- Nabaltec AG
- Merck Polymers Company Ltd
- Avient Corporation
Recent Developments
- In June 2022, Confoil and BASF have teamed up to create a paper-based meal tray that is compostable and oven-safe. Utilizing BASF's ecovio® PS 1606, a certified biodegradable biopolymer designed for coating paper or board packaging, the paper tray is enveloped within it.
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