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NEW YORK, Aug. 21, 2024 /PRNewswire/ -- The global low smoke halogen free flame retardant polypropylene (PP) market size is estimated to grow by USD 344.8 million from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 8.09% during the forecast period. Easy availability of polypropylene is driving market growth, with a trend towards growth of construction industry in APAC. However, volatile petrochemical prices poses a challenge. Key market players include Albemarle Corp., Audia, BASF SE, Bayer AG, Celanese Corp., Clariant International Ltd., DuPont de Nemours Inc., ICC Industries Inc., Israel Chemicals Ltd., J M Huber Corp., Koninklijke DSM NV, Lanxess AG, Mitsubishi Chemical Group Corp., RTP Co., Simona AG, Teknor Apex Co. Inc., The Lubrizol Corp., Thor Group Ltd., and VYCOM.

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Low Smoke Halogen Free Flame Retardant Polypropylene (PP) Market Scope Report Coverage Details Base year 2023 Historic period 2018 - 2022 Forecast period 2024-2028 Growth momentum & CAGR Accelerate at a CAGR of 8.09% Market growth 2024-2028 USD 344.8 million Market structure Fragmented YoY growth 2022-2023 (%) 7.32 Regional analysis APAC, North America, Europe, Middle East and Africa, and South America Performing market contribution APAC at 38% Key countries US, China, Germany, Japan, and India Key companies profiled Albemarle Corp., Audia, BASF SE, Bayer AG, Celanese Corp., Clariant International Ltd., DuPont de Nemours Inc., ICC Industries Inc., Israel Chemicals Ltd., J M Huber Corp., Koninklijke DSM NV, Lanxess AG, Mitsubishi Chemical Group Corp., RTP Co., Simona AG, Teknor Apex Co. Inc., The Lubrizol Corp., Thor Group Ltd., and VYCOM

Market Driver

The construction industry in Asia Pacific (APAC) is experiencing significant growth and is projected to continue expanding during the forecast period. China's construction market, while showing a potential decline in housing construction, presents opportunities in sectors like healthcare, education, social infrastructure, retail, and other consumer end-markets due to the country's economic shift. India's construction market is anticipated to grow at a rapid pace almost twice that of China's. In the construction industry, low smoke halogen free flame retardant polypropylene (PP) is extensively used in hot-melt adhesives. The expanding construction sector in APAC will fuel the demand for this material, thereby propelling the global low smoke halogen free flame retardant PP market growth during the forecast period.

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Market Challenges

The prices of crude oil, propylene, and ethylene significantly impact the cost of producing low smoke halogen free flame retardant polypropylene (PP). Crude oil prices, influenced by supply-demand dynamics, determine the cost of producing propylene via steam cracking and catalytic reforming processes. As a monomer in polypropylene production, any price fluctuations in propylene directly affect the price of this material. In March 2020 , key petrochemicals, including styrene monomer (SM) and crude oil, experienced significant decreases, with Brent crude falling to USD31.19 /bbl and US crude dropping to USD30.04 /bbl. This downturn led to a 17% decrease in Asian petrochemical prices and slowed the growth of the low smoke halogen free flame retardant PP market. These price trends could potentially hamper the expansion of the global low smoke halogen free flame retardant PP market during the forecast period.

, key petrochemicals, including styrene monomer (SM) and crude oil, experienced significant decreases, with Brent crude falling to /bbl and US crude dropping to /bbl. This downturn led to a 17% decrease in Asian petrochemical prices and slowed the growth of the low smoke halogen free flame retardant PP market. These price trends could potentially hamper the expansion of the global low smoke halogen free flame retardant PP market during the forecast period. The Low Smoke Halogen Free Flame Retardant Polypropylene (PP) market faces several challenges in various industries. In transportation, ensuring timely delivery of PP materials for cable jacketing applications in the automobiles sector, electric vehicles, and hybrid vehicles can be difficult due to logistical issues. In construction, workers require immediate access to PP materials for Corrugated Sheets and other fire-resistant applications, which can be a challenge due to global supply chain disruptions. Consumer electronic brands and retailers, including shops, showrooms, supermarkets, and hypermarkets, must adhere to strict fire safety regulations. Regulatory standards for electronics, such as TVs, wires, cables, portable computing, gaming systems, personal electronic devices, and mobile computing, continue to evolve, putting pressure on the market. Petrochemical prices also impact the cost of producing PP polymers and composites, affecting the overall market. Additionally, the Energy Ministerial and electronics manufacturing sectors must navigate the complexities of producing fire-resistant plastics while maintaining competitiveness in the market.

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Segment Overview

This low smoke halogen free flame retardant polypropylene (pp) market report extensively covers market segmentation by

Application

1.1 Construction

1.2 Automotive

1.3 Electrical and electronic

1.4 Industrial

1.5 Others

Type

2.1 IEC60332-1

2.2 IEC60332-2

2.3 IEC60332-3

Geography

3.1 APAC

3.2 North America

3.3 Europe

3.4 Middle East and Africa

and 3.5 South America

1.1 Construction- The construction industry's fire safety requirements have led to the increased usage of low smoke halogen free flame retardant polypropylene (PP). This material's demand is on the rise due to the expansion of the construction sector worldwide. Brominated fire retardants (BFRs), such as pentabromodiphenyl ether, decabromodiphenyl ether, and hexabromocyclododecane, are commonly used additives for improving fire retardancy in plastics. These BFRs help convert highly reactive free radicals into less reactive ones, ensuring better fire performance. In the construction industry, low smoke halogen free flame retardant PP is primarily used in wires and cables for insulation. The growing construction industries in emerging economies like Brazil, Indonesia, Malaysia, Chile, Thailand, and India necessitate the use of this material for safety and security reasons. Consequently, the global low smoke halogen free flame retardant PP market is poised for significant growth during the forecast period.

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Research Analysis

Market Research Overview

Table of Contents:

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation

Application

Construction

Automotive

Electrical And Electronic

Industrial

Others

Type

IEC60332-1

IEC60332-2

IEC60332-3

Geography

APAC

North America

Europe

Middle East And Africa

South America

7 Customer Landscape

8 Geographic Landscape

9 Drivers, Challenges, and Trends

10 Company Landscape

11 Company Analysis

12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research

Jesse Maida

Media & Marketing Executive

US: +1 844 364 1100

UK: +44 203 893 3200

Email: media@technavio.com

Website: www.technavio.com/

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SOURCE Technavio

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