(MENAFN- PR Newswire)
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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Technavio has announced its latest market research report titled Global low smoke halogen free flame retardant polypropylene (PP) market 2024-2028
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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.
The Low Smoke Halogen Free Flame Retardant Polypropylene (PP) market is witnessing significant growth due to increasing focus on fire safety in various industries. Construction and electrical sectors are major consumers, with a shift towards halogen-free flame retardant polymers for improved safety and regulatory compliance. Emerging regions like Asia-Pacific and South America are driving demand, as product differentiation becomes key. Nanoparticle technology and carbon fiber are trends in this market. In plastic packaging, PP is used for anticorrosion coating and 3D printing filament. KIMYA, a leading player, supplies PP for cable jacketing applications. Regulatory standards like fire safety regulations for TVs, wires, cables, portable computing, gaming systems, personal electronics, and the electronics market are driving demand. The construction market, transportation system, and consumer products also utilize PP in cable jacketing applications, corrugated sheets, and electric cars/hybrid vehicles. Despite high petrochemical prices, the market remains robust due to its importance in various industries.
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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.
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
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
The Low Smoke Halogen Free Flame Retardant Polypropylene (PP) market is witnessing significant growth due to the increasing demand for fire safety in various industries. In the construction sector, flame retardant polymers, particularly PP, are used to enhance fire safety in buildings and infrastructure. The electrical industry also relies heavily on these materials for wires and cables to prevent electrical fires. Halogen-free flame retardant PP is gaining popularity due to its environmental benefits, as it does not release toxic smoke during a fire. Emerging regions like Asia-P Pacific and South America are expected to drive the market growth due to increasing awareness and stringent regulations regarding fire safety. Product differentiation through nanoparticle technology and the use of additives are key strategies adopted by manufacturers. The use of PP in plastic packaging, carbon fiber, anticorrosion coating, 3D printing filament, and other applications is also expanding. The electronics market, including portable computing, gaming systems, and personal electronic devices, is a significant consumer of flame retardant polymers. The automobiles sector, including electric cars and hybrid vehicles, is also adopting fire-resistant plastics made from PP. The market's growth is, however, affected by petrochemical prices and the availability of raw materials. KIMYA and other key players are investing in research and development to innovate and offer high-performance, cost-effective solutions. The use of PP in various applications, from wires and cables to composites and 3D printing filament, is expected to continue driving the market growth.
Market Research Overview
The Low Smoke Halogen Free Flame Retardant Polypropylene (PP) market is witnessing significant growth due to the increasing focus on fire safety in various industries. In construction, PP is used for producing fire-resistant insulation materials, electrical components, and anticorrosion coatings. In the electrical sector, PP's halogen-free flame retardant properties make it an ideal choice for cable jacketing applications in consumer electronic brands, retail shops, showrooms, supermarkets, and hypermarkets. The transportation system is another major consumer of PP in the form of automotive components, such as car interior parts, seat belts, and engine covers. The emerging regions are expected to drive the demand for PP in the fire safety market, especially in the construction industries and the electronics market. Product differentiation through nanoparticle technology is a key trend in the market, with companies exploring the use of nanoparticles to enhance the flame retardant properties of PP. The global supply chain for PP is influenced by petrochemical prices and regulatory standards, including fire safety regulations. The market for PP in the automobiles sector is expected to grow due to the increasing demand for electric cars and hybrid vehicles. The Energy Ministerial and electronics manufacturing sectors are also significant consumers of PP in the form of 3D printing filament and polymer composites for fire-resistant plastics. The market for PP in the electronics industry includes applications in TVs, wires, cables, portable computing, gaming systems, personal electronic devices, and mobile computing.
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
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SOURCE Technavio
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