Low Smoke Halogen Free Flame-Retardant Polypropylene Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Low Smoke Halogen Free Flame-Retardant Polypropylene Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

  • September 2021 •
  • 157 pages •
  • Report ID: 6155709 •
  • Format: PDF
The low smoke halogen free flame retardant polypropylene market is valued at 500 USD million in 2020 and is expected to reach 750 USD million by 2026, registering a CAGR of over 7.50% during the period.

The market was negatively affected by COVID-19 in 2020. COVID-19 pandemic majorly affected countries across the region focus on flattening the infection curve, resulting in severe lockdowns, confining millions of people in their homes, and shutting down businesses, production, and manufacturing facilities in no economic activity.? The United States, India, and Brazil are the most affected countries as the number of COVID-19 cases increases. Construction industries gained nothing but losses, which left its impact on the world economy. It further disrupted the transportation system, which rippled its way into the supply of materials. Many construction companies went through a financial recession, resulting in companies laying off many of their workers. Overall, the construction industry was significantly impacted during the pandemic period. ?COVID-19 also disrupted the global supply chain of the major consumer electronic brands. Retail shops and showrooms of major brands, supermarkets, and hypermarkets, etc., were shut down for a definite period, affecting the sales of various consumer electronics products.

Key Highlights
Over the medium term, growing demand from electronics and other consumer products, is expected to drive the market.
However, declining automotive production and unfavorable conditions arising due to the COVID-19 pandemic are likely to hinder the growth of the studied market.
The growing health and safety concerns regarding fire are likely to provide opportunities for the studied market, during the forecast period.
Asia-Pacific region dominated across the world with increasing consumption from countries like China and India.

Key Market Trends

Building and Construction to Dominate the Market

Construction and building is a key end-user industry of the Low smoke halogen free flame-retardant polypropylene. Low-smoke halogen-free flame retardant polypropylene (PP) polymer offers high resistance to fire. Since, halogen-free flame retardant polypropylene possesses environment-friendly stuffs, its demand is significantly high in the construction industry.
Low-smoke halogen-free flame retardant polypropylene are used for cable jacketing applications in building and construction sector. Low smoke halogen-based FR PP are extensively used as Corrugated Sheets in building & construction industry and are also used as materials for billboards.
The regulatory standards combined high growth of the commercial and apartment building is driving the demand for the market.
European region is the first to adopt the low smoke halogen free flame retardant materials owing to product safety standards. Historically European product safety standards have focused on the cable designs that exclude halogens in their designs while American designs are focused on combination of fire retardance and specific electrical performance, with a high degree of emphasis on wet electrical qualifications.
IEC 60332-1 standard which applies to the majority of the medium and large-scale installation in the region requires LSFRZH (Low Smoke, Fire Retardant, Zero Halogen) jackets on cables installed near places where large number of people congregate. This had been driving the demand for the market studied especially in the Europe’s commercial application.
From the above-mentioned factors, the demand for low smoke halogen-free flame-retardant polypropylene from the building and construction industry is expected to rapidly grow over the forecast period.

Asia-Pacific Region to Dominate the Market

Asia-Pacific has seen substantial growth in the demand for low smoke halogen-free flame-retardant polypropylene in the recent past, especially from countries such as China, South Korea, and India.
In general, fire has been a major threat to the electronic products and cables, as they are continuously exposed to heat and temperature for a long time. To overcome these issues, various fire safety regulations are introduced across the globe, and hence, the demand for low smoke halogen-free flame-retardant polypropylene in various consumer and electronic products is widely increasing.
China has the world’s largest electronics production base. Electronic products, such as smartphones, TVs, wires, cables, portable computing devices, gaming systems, and other personal electronic devices, recorded the highest growth in the electronics segment. The country serves not only domestic demand for electronics but also exports electronic output to other countries.
The Indian electronics market is expected to reach USD 400 billion by 2025. India is expected to become the fifth-largest consumer electronics and appliances industry in the world by 2025. India is expected to have a digital economy of USD 1 trillion by 2025 and India’s Electronics System Design and Manufacturing (ESDM) sector is expected to generate over USD100 billion in economic value by 2025.
Moreover, in the building and construction Low Smoke Halogen Free Flame Retardant Polypropylene application is increasing in the cables, wires and other materials such as corrugated sheets etc. owing to the growing safety measurements.
China has the largest construction market in the world, encompassing 20% of all construction investments, globally. China is expected to spend nearly USD 13 trillion on buildings by 2030 creating an opportunity for the market studied in the coming years
The market demand for electric cars and policies under Clean Energy Ministerial (CEM) in countries like China and India, such as the initiative on electric vehicles and increasing enthusiasm for electric vehicles, are expected to push low smoke halogen-free flame retardant polypropylene consumption in near future.
In India, the sales of electric vehicles have been rising. According to society of manufacturers of Electric Vehicles, Electric vehicles sales, (excluding e-rickshaws) in India grew by 20 per cent at 1.56 lakh units in 2019-20 driven by two-wheelers. In the same period of previous years, the EV sales stood at 1.3 lakh units.
Furthermore, the Chinese government is planning to have a minimum of 5,000 fuel cell electric vehicles by 2025 and 1 million by 2030. With the government promoting the use of electric, hybrid, and fuel cell electric vehicles is expected to drive the market studied during the forecast period.
Overall, such positive growth in the end user industries of the market studied is expected to drive the market demand during the forecast period.

Competitive Landscape

The global low smoke halogen free flame-retardant polypropylene market is consolidated in nature. Some of the major companies are Borealis AG, Avient Corporation, POLYROCKS CHEMICAL CO., LTD., LATI Industria Termoplastici S.p.A., MERICK POLYMERS CO.,LTD., amongst others.

Additional Benefits:

The market estimate (ME) sheet in Excel format
3 months of analyst support

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