LONDON, Oct. 24, 2016 /PRNewswire/ -- The global low smoke halogen free flame retardant polypropylene (PP) market is expected to reach USD 893.9 million by 2024, according to a new report by Grand View Research, Inc. The increasing construction spending particularly in emerging economies is one of the major reason fueling the market growth.
Favorable government regulations are further anticipated to benefit the overall market. The government bodies across the globe have been formulating new regulations and safety norms to reduce the occurrence of fire mishaps. Halogen-free flame retardant polypropylene is believed to be an effective way to overcome these fires maintaining the VOC levels. These regulations are mainly to ensure the quality of the product that can control the spread of fire or at least provide an extended escape time.
Flame retardant PP provides an additional layer of protection against fire. However, high investment cost and development of other alternative products are anticipated to be the major factors which can affect the market growth. Further, environmental hazards related to halogenated flame retardants have forced governments across the globe to implement strict laws and regulations to discourage their usage.
Companies around the world are focusing on new and better technologies with the help of which they can develop new halogenated flame retardant polypropylene based products for end-use industries such as construction, automotive, and electronics, furniture, packaging, and labeling.
Further key findings from the report suggest:
The global low smoke halogen free flame retardant polypropylene (PP) market demand was 190.2 kilo tons in 2015 and is expected to reach 391.5 kilo tons by 2024, growing at a CAGR of 8.5% from 2016 to 2024
Demand for low smoke halogen-free flame retardant polypropylene (PP) in construction application is expected to be the fastest-growing segment and is anticipated to grow at a CAGR of 8.9% over the forecast period
Considerable growth in population coupled with rapid urbanization across the globe in the recent past is expected to increase the construction activities. Rising disposable income has also boosted the global construction industry.
In 2015, North America was the largest market for halogen-free flame retardant PP and was worth USD 134.1 million. The growth in the construction and electrical & electronics sector of the region is contributing to the demand.
Asia Pacific is expected to be the fastest growing market for over the forecast period. With the growth of major end-use industries such as construction, electrical & electronics and automotive sector across the region, the halogen free flame retardants PP market is also expected to propel.
The industry is consolidated in nature with the presence of giant global players. This had resulted in increased competition between the manufacturers and the distributors.
Key companies in the industry include Cummins Filtration. Huber Engineered Materials, Israel Chemicals Ltd., Chemtura Corporation, Clariant International Ltd, BASF SE, Thor Group, and Lanxess A.G.
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