LONDON--(BUSINESS WIRE)--The low smoke halogen free flame retardant polypropylene market is expected to grow by USD 256.08 million during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth, according to the latest market research report by Technavio.
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Polypropylene is one of the most widely manufactured synthetic plastics across the world. This is mainly due to the increasing consumption of polypropylene in various end-user applications such as packaging and labeling, textile, automotive, and others. Also, the manufacturing of polypropylene is less expensive compared to other polymers. In addition, properties such as low smoke and flame retardancy are contributing to the increased consumption of polypropylene worldwide. Many such factors are driving the growth of the global low smoke halogen free flame retardant polypropylene market.
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As per Technavio, the growth of the construction industry in APAC will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Low Smoke Halogen Free Flame Retardant Polypropylene Market: Growth of Construction Industry in APAC
The APAC region has witnessed a remarkable growth in the construction industry over recent years. The transition of the Chinese economy into a consumer-based and sales-driven economy has positively impacted various sectors including healthcare, education, social infrastructure, and other consumer end-markets. Also, during the forecast period, the construction industry in India is expected to have a growth rate of almost twice that of China. Low smoke halogen free flame retardant polypropylene is widely used in the construction industry in the form of hot-melt adhesives. Therefore, the growing construction industry in APAC will have a positive impact on the global low smoke halogen free flame retardant polypropylene market during the forecast period.
“Flame retardancy properties of polypropylene and government support for halogen free flame retardants will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Low Smoke Halogen Free Flame Retardant Polypropylene Market: Segmentation Analysis
This market research report segments the low smoke halogen free flame retardant polypropylene market by application (construction, automotive, electrical and electronics, industrial, and others) and geography (APAC, North America, Europe, MEA, and South America).
The APAC region led the low smoke halogen free flame retardant polypropylene market in 2019, followed by North America, Europe, MEA, and South America respectively. During the forecast period, APAC is expected to register the highest incremental growth due to the easy availability of raw materials and cheap labor in the region.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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