The market for low smoke halogen-free flame-retardant polypropylene is expected to grow at a CAGR of more than 4.1% globally during the forecast period. Low smoke halogen-free flame retardant gives polypropylene additional protection against fire. The growing demand from the consumer products has been driving the market growth.
- However, the outbreak of coronavirus across the globe is 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
Automotive Segment to Dominate the Market
- The automotive industry stands to be the dominating segment owing to continuously increasing demand for low smoke halogen-free flame-retardant polypropylene as a replacement for metal and electronics plastics in automotive manufacturing.
- Low smoke halogen-free flame-retardant polypropylene helps in mitigating fire danger by increasing plastic’s ignition resistance and reducing the speed of flame spread, heat release, and smoke & fume generation.
- Rising demand for lightweight products with high strength in the automotive industry is projected to accelerate target market growth to decrease the weight of the vehicle and boost fuel efficiency.
- The fire has been a major threat to the automotive sectors for a long time. To overcome these issues, various fire safety regulations are introduced across the globe. The end-use industries need to comply with these regulations to gain sustainability in the market.
- The automotive industry has been experiencing a decline in production in countries such as the United States, China, and Germany since 2018, as a result of which consumption of polypropylene compounds is expected to decline. However, the automotive industry is expected to witness a recovery in production from 2021.
- From the above-mentioned factors, the demand for low smoke halogen-free flame-retardant polypropylene from the automotive 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 the Asia-Pacific, the packaging market is growing at a faster pace majorly in China and India, owing to its benefits, such as easy handling, compact packaging, and lightweight.
- For instance, according to Mordor Intelligence, the India packaging market was valued at almost USD 50.5 billion in 2019, and it is expected to reach USD 204.81 billion by 2025, registering a CAGR of 26.7% during the forecast period.
- 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.
- The increase in infrastructural in the Asia-Pacific region is likely to drive the low smoke halogen-free flame-retardant polypropylene market, during the forecast period.
The global low smoke halogen free flame-retardant polypropylene market is consolidated in nature. Some of the major companies are Kowa Kasei Co., Ltd., Axipolymer Incorporation, Merickpolymers, Guangzhou Super-Dragon Engineering Plastics, and Borealis amongst others.
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