New York, United States, Nov. 09, 2022 (GLOBE NEWSWIRE) -- Because of its environmental benefits, the building sector is demanding halogen-free flame retardant polypropylene. Wires and cables are in high demand; thus, their market should grow in the next years. Halogen-free flame retardant polypropylene is preferred in these industries because it emits little smoke. Construction dominates the low smoke halogen-free flame retardant polypropylene market.
Due to their thermal insulation capabilities, fire-resistant plastics and polymers are increasingly used in commercial and residential structures. Sustainable low smoke halogen-free fire-resistant polymers and compounds will present growth opportunities for worldwide polypropylene providers in the near future. Favorable government regulations should boost the economy. Governments throughout the world are drafting new fire safety laws to reduce fire disasters.
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Market Drivers
Polypropylene's Wide Availability Drives the Market
It drives the demand for low-smoke halogen-free flame retardant polypropylene. Polypropylene is widely utilized. It's used in packaging and labelling, textiles, cars, and other sectors. Polypropylene is produced using hydrocarbon suspension, thick slurry, and gas phase. Polypropylene has lower manufacturing costs than other plastics. Polypropylene's versatility makes it popular. Asia makes half the world's polypropylene. Low smoke halogen-free flame retardant polypropylene can meet the growing demand.
Building and Construction Will Drive Market Growth
Low-smoke halogen-free flame retardant polypropylene is commonly used in architecture and construction. This thermoplastic polymer is used for corrugated sheets, door trim, steel structures, coatings, and insulation. Global construction projects are rising, which will drive market growth throughout the forecast period.
The federal government wants to develop 20 million affordable homes in India by 2020, according to the India Brand Equity Foundation. Net investment in new buildings in 2020 was USD 13.46 billion, up 9.3% from the previous year. The global building and construction sector is expected to grow rapidly, increasing demand for low-smoke halogen-free flame retardant polypropylene.
The Expanding Auto Industry Will Create Lucrative Opportunities
Automobile manufacturers utilize low smoke halogen-free flame retardant polypropylene polymer because it prevents auto parts from catching fire. International vehicle growth is expected to support market growth over the forecast period. According to the India Brand Equity Foundation, passenger vehicles dominated the Indian auto sector in fiscal year 2020 with 12.9% of over 20.1 million vehicles.
In July 2021, Europe's Automobile Manufacturers Association reported that passenger car registrations surged by 24.5% in June 2021, with Germany and Spain witnessing the most demand. Due to the growing automotive industry, low smoke halogen-free flame retardant polypropylene use is expected to rise, creating attractive business prospects.
Report Scope
| Report Metric | Details |
| Market Size | USD 1.17 Billion by 2030 |
| CAGR | 8.71% (2022-2030) |
| Historical Data | 2019-2020 |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Application, Region |
| Geographies Covered | North America, Europe, Asia-Pacific, LAME and Rest of the World |
| Key Companies Profiled/Vendors | BASF SE, Thor Group, Huber Engineered Materials, ICL Group Ltd., Clariant International Ltd, Borealis AG, Lanxess AG, Albemarle Corp, DuPont Co, Merick Polymers Company Ltd |
| Key Market Opportunities | Lucrative Opportunities Will Arise as A Result of The Expanding Automobiles Sector |
| Key Market Drivers | Polypropylene's Widespread Availability Is a Key Market Driver The Expansion of The Building and Construction Sector To Boost the Market’s Growth |
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Regional Overview
North America, Europe, Asia-Pacific (APAC), Latin America, and the Middle East & Africa (MEA) make up the Low-Smoke Halogen-Free Flame Retardant Polypropylene Market.
North America accounted for 40% of global demand for low-smoke, halogen-free flame retardant polypropylene (PP) in 2021. This place is one of the most important manufacturing areas for the product due to cutting-edge technology, forward-thinking enterprises, and strict government laws and regulations.
Asia Pacific is anticipated to exceed North America as the global industry leader in the next years. This region includes developing and emerging nations including India, China, Indonesia, Malaysia, Sri Lanka, and Thailand. Due to these countries' expanding building, electrical, and electronics industries, the low smoke industry is expected to grow.
As electric vehicles become more popular in China and India due to government programs like the Clean Energy Ministerial (CEM) and customer demand, low smoke, halogen-free flame retardant polypropylene consumption will certainly expand.
Key Highlights
- The Global Low-Smoke Halogen-Free Flame Retardant Polypropylene Market Size was valued at USD 552.79 million in 2021 and is projected to reach at USD 1172.16 million by 2030, increasing at a CAGR of 8.71% from 2022 to 2030.
- By Application, the Global Low Smoke Halogen Free Flame Retardant Polypropylene Market is segmented into Construction, Automotive, Electrical & Electronics, Industrial, and Others. The construction industry held a commanding lead over the rest of the world's industry in 2021.
- By Region or Geography, the Global Low Smoke Halogen Free Flame Retardant Polypropylene Market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa (MEA). As of 2021, the market for low smoke, halogen-free fire retardants in North America accounted for 40% of global demand.
A list of major competitor companies in the Low Smoke Halogen Free Flame Retardant Polypropylene Market across the globe are
- BASF SE
- Thor Group
- Huber Engineered Materials
- ICL Group Ltd.
- Clariant International Ltd
- Borealis AG
- Lanxess AG
- Albemarle Corp.
- DuPont Co.
- Merick Polymers Company Ltd
- Simona America Inc.
- Vycom Corp.
- Bayer AG
- Dover Chemical Corp.
- The Lubrizol Corp.
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Global Low-Smoke Halogen-Free Flame Retardant Polypropylene Market: Segmentation
By Application
- Construction
- Automotive
- Electrical & Electronics
- Industrial
- Others
By Geography
- North America
- Europe
- Asia Pacific (APAC)
- Latin America
- Middle East and Africa (MEA)
Table of Content
- Introduction
- Market Definition
- Market Scope
- Research Methodology
- Primary Research
- Research Methodology
- Assumptions & Exclusions
- Secondary Data Sources
- Market Overview
- Report Segmentation & Scope
- Value Chain Analysis: Low-Smoke Halogen-Free Flame Retardant Polypropylene Market
- Key Market Trends
- Drivers
- Restraints
- Opportunities
- Porter’s Five Forces Analysis
- Bargaining Power of Suppliers
- Bargaining Power of Buyers
- Threat of Substitution
- Threat of New Entrants
- Competitive Rivalry
- Market Share Analysis
- Application Overview
- Introduction
- Market Size & Forecast
- Construction
- Market Size & Forecast
- Automotive
- Market Size & Forecast
- Introduction
- Overview
- Introduction
- Market Size & Forecast
- Introduction
- Regional Overview
- Introduction
- Market Size & Forecast
- America
- North America
- U.S.
- By Application
- Canada
- By Application
- Mexico
- By Application
- Latin America
- By Application
- Europe
- Market Size & Forecast
- Germany
- By Application
- France
- By Application
- U.K.
- By Application
- Italy
- By Application
- Spain
- By Application
- Rest of Europe
- By Application
- Asia Pacific
- Market Size & Forecast
- Japan
- By Application
- China
- By Application
- Australia
- By Application
- India
- By Application
- South Korea
- By Application
- Rest of Asia-Pacific
- By Application
- Middle East & Africa
- Market Size & Forecast
- Saudi Arabia
- By Application
- South Africa
- By Application
- Kuwait
- By Application
- Rest of Middle East & Africa
- By Application
- Introduction
- Company Profile
- BASF SE
- Company Overview
- Financial Performance
- Recent Developments
- Product Portfolio
- Thor Group
- Company Overview
- Financial Performance
- Recent Developments
- Product Portfolio
- Huber Engineered Materials
- Company Overview
- Financial Performance
- Recent Developments
- Product Portfolio
- BASF SE
- Conclusion & Recommendation
- Acronyms & Abbreviations
Table of Content and Figure @ https://straitsresearch.com/report/low-smoke-halogen-free-flame-retardant-polypropylene-market/toc
Recent Developments
- June 2022 - The completion of the sale of DuPont's Biomaterials business unit, which was originally planned to happen on May 31, 2022, to the Huafon Group for an estimated acquisition price of about $240 million was announced by DuPont.
- June 2022 - Confoil and BASF have collaborated to produce a paper-based meal tray that is both compostable and oven-safe. Using BASF's ecovio® PS 1606, a certified biodegradable biopolymer developed for coating paper or board packaging, the paper tray is placed inside.
News Media
Global Plastic Resin Market Size Worth USD 1,104 Billion in 2030 | CAGR of 4.5%
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