LONDON–(BUSINESS WIRE)–The latest market research report by Technavio on the global low smoke halogen free flame retardant polypropylene market predicts a CAGR of close to 9% during the period 2018-2022.
The report segments the global low smoke halogen free flame retardant polypropylene market by application, including construction, automotive, electrical and electronics, and industrial and by geography, including the Americas, EMEA, and APAC. It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Here are some key findings of the global low smoke halogen free flame retardant polypropylene market, according to Technavio chemicals and materials researchers:
- Easy availability of polypropylene: a major market driver
- Growth of the construction industry in APAC: emerging market trend
- The Americas dominated the global low smoke halogen free flame retardant polypropylene market with 39% share in 2017
- In 2017, the construction segment held the largest market share of 30%
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Easy availability of polypropylene: a major market driver
Polypropylene is one of the most widely produced synthetic plastics in the world as it is extensively used in various applications such as packaging and labeling, textile, automotive, and other industrial applications. There are three technologies that are used to produce polypropylene, namely, hydrocarbon suspension, bulky slurry, and gas phase.
The manufacturing cost of polypropylene is very less when compared to other polymers. The demand for polypropylene is very high, as it is used in major applications. APAC produces almost 50% of the world's polypropylene. This makes low smoke halogen free flame retardant polypropylene to be easily available in the market.
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Growth of the construction industry in APAC: emerging market trend
In the past few years, the construction industry has shown outstanding growth in APAC. In countries such as China, the shift of its economy into a consumer- and services-driven economy has opened doors to new types of construction in the healthcare, education, and social infrastructure, as well as retail and other consumer end-markets. The construction market in India is also expected to grow at a rate almost twice that of China during the forecast period.
According to a senior analyst at Technavio for research on specialty chemicals, â€œLow smoke halogen free flame retardant polypropylene is used widely across the construction industry in the form of hot-melt adhesives. The increase in demand for construction activities from almost every sector is expected to drive the consumption of low smoke halogen free flame retardant polypropylene in the global market.â€�
Global market opportunities
In terms of regional dominance, the Americas led the global low smoke halogen free flame retardant polypropylene market, followed by APAC and EMEA in 2017. APAC is the fastest growing market due to the expansion of the construction and automotive industries in this region. APAC is also a potential market for low smoke halogen free flame retardant polypropylene manufacturers due to the easy availability of raw materials and cheap labor.
In the Americas, the US was the highest revenue contributor to the market in 2017. Regulatory authorities in this region phased out bromine-based products that are highly toxic. This proved to be a major factor contributing towards the growth of low smoke halogen free flame retardant polypropylene in this region. With the advent of latest technologies, innovations, and effective government rules and regulation, this region is expected to witness an increase in demand during the forecast period.
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