The Flame Retardant Polypropylene market is growing all around the world as the population is increasing throughout the world and therefore the number of flame hazards are also increasing due to the development needs of individuals. Therefore, to keep people safe the Flame Retardant Polypropylene market is necessary and will be growing in upcoming years due to certain factors.
Driving factors of the Flame Retardant Polypropylene market
There are several factors driving the need for Flame Retardant Polypropylene market some of them are :
1. Increasing demand for flame retardant polypropylene from a variety of end-use industries such as automotive, construction, electrical & electronics, and packaging.
2. Rising awareness among customers regarding fire safety and regulations associated with the use of flame-retardant polypropylene.
3. Growing demand for lightweight materials in various industries to reduce production costs and improve fuel efficiency in vehicles is another factor driving the market growth.
4. Technological advancements in flame retardant polypropylene have enabled its use in numerous applications such as cable insulation, medical devices, etc., thus accelerating its demand.
5. Increasing investments by key players to expand their production capacities is also contributing to market growth.
Advantages of Flame Retardant Polypropylene market
There are various advantages of the Flame Retardant Polypropylene market some of them are :
1. Flame retardant polypropylene offers excellent chemical resistance and is ideal for use in harsh environments.
2. It can be used in a wide range of applications, from medical to industrial, due to its high heat and flame resistance.
3. Flame-retardant polypropylene is also highly durable and weather-resistant, making it ideal for outdoor applications.
4. Flame-retardant polypropylene can provide protection from fire-related dangers such as smoke production or toxic fumes, helping to keep people safe in the event of a fire emergency.
5. Flame retardant polypropylene has an excellent cost-to-benefit ratio compared to other flame retardant materials on the market due to its affordability and long-term performance benefits.
Market size and value of the Flame Retardant Polypropylene market for 2021 to 2031
The global Flame Retardant Polypropylene market is projected to grow at a CAGR of 5.6% and reach USD 4,122.3 million by 2031. The market is estimated to grow from USD 2,602.7 million in 2021 to USD 4,122.3 million in 2031.
Flame Retardant Polypropylene (FRP) is a type of plastic that is highly resistant to fire caused due to thermal and electrical hazards as it is highly heat and flame-resistant. These properties make FRP suitable for applications in interior furnishings such as furniture, car dashboard components, electronic enclosures, wall coverings, and many other applications where fire safety is essential. Growing demand for fire safety products in various industries such as automotive, construction & building, and transportation will drive the growth of the global flame retardant polypropylene market during the forecast period from 2021 to 2031.
Challenges faced by the Flame Retardant Polypropylene market/ Restraining factors of the Flame Retardant Polypropylene market
Some restraining factors of the Flame Retardant Polypropylene are :
1. High Price: Flame Retardant Polypropylene is more expensive than other traditional materials, which makes it harder to compete in the market and become widely adopted.
2. Limited Availability: Due to the limited availability of certain types of Flame Retardant Polypropylene, it can be difficult for companies to source enough materials for their projects. This lack of availability may also contribute to high prices for this material.
3. Compatibility Issues: Some Flame Retardant Polypropylene products may not work properly with certain types of equipment or systems due to compatibility issues. This can lead to delays in production and additional costs as companies must find a way to make these products work with their existing equipment or systems.
4. Environmental Concerns: Flame Retardant Polypropylene is not always environmentally friendly due to its chemical makeup and production process, which can lead to concerns about its use by some consumers and businesses looking for sustainable solutions.
Key Players of the Flame Retardant Polypropylene market
Some key players/manufacturers/vendors of the market are ExxonMobil, TOTAL Petrochemicals & Refining USA, Inc., Reliance Industries Limited, Ineos Group Limited, SABIC, Hanwha Chemical Corporation, LyondellBasell Industries N.V., Kuraray Co Ltd., LG Chem Ltd., LG Hausys Ltd., and others.
The flame retardant polypropylene market is segmented on the basis of type and application.
On the basis of type, it is segmented into foaming agent-based FRP, PP with intumescent additives FRP, phosphorus-based FRP, and others. On the basis of application, it is segmented into electrical & electronic equipment, automotive parts and interior components, building & construction materials, and others.
Regional Analysis: Global Flame Retardant Polypropylene Market
Asia Pacific dominates the flame retardant polypropylene market due to increasing demand from the automotive industry in countries such as China and India. Furthermore increasing investments in infrastructure activities in developing countries such as China and India are also expected to drive the growth of this market over the forecast period. North America is expected to be second largest region owing to an increase in demand from
COVID-19 impact and market status on the market Flame Retardant Polypropylene market
COVID-19 had a great impact on the market of Flame Retardant Polypropylene. The pandemic has led to the disruption of the supply chain and had an adverse effect on production and sales. The demand for flame retardant polypropylene decreased drastically due to lockdown restrictions, which resulted in a decrease in revenues for manufacturers operating in this market.
Moreover, the lack of access to raw materials caused by supply chain disruptions also affected production. Additionally, the increasing cost of raw materials is expected to have a negative impact on the growth of the flame-retardant polypropylene market. Furthermore, rising prices due to high demand are restraining the growth of this market.
However, with governments across all regions easing restrictions and businesses slowly recovering from the pandemic, there is expected to be some recovery in this market over the forecast period. Additionally, developments in technology are projected to provide numerous opportunities for companies involved in this market.
Recent developments in the Flame Retardant Polypropylene market from 2019 to 2022
In 2019 January, ExxonMobil Chemical launched new mLLDPE resins with flame-retardant properties for enhanced performance in wire and cable applications. In 2019 January, BASF SE introduced a new series of halogen-free, flame-retardant PP compounds that adhere to the UL94 V-0 flammability standard. In 2019 March, LyondellBasell Industries N.V. introduced a flame-retardant polypropylene copolymer for automotive interior applications such as trims, consoles, and instrument panels. In 2020 February, LG Chem Ltd. developed a new type of fireproof PP resin that has superior mechanical properties and flame retardancy due to its special molecular structure. The company is planning to expand its production capacity in China and South Korea in order to meet the growing demand for the product in the market.
Flame Retardant Polypropylene Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2030||USD 4,122.3 million|
|Growth Rate||CAGR of 5.6 % during 2021-2030|
|Segment Covered||Type, Application, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||ExxonMobil, TOTAL Petrochemicals & Refining USA, Inc., Reliance Industries Limited, Ineos Group Limited, SABIC, Hanwha Chemical Corporation, LyondellBasell Industries N.V., Kuraray Co Ltd., LG Chem Ltd., LG Hausys Ltd., and others.|
Key Segments of the Flame Retardant Polypropylene Market
Type Overview, 2021-2031 (USD Billion)
• Halogen Flame Retardant PP
• Halogen Free Flame Retardant PP
Application Overview, 2021-2031 (USD Billion)
• Electrical Appliances
Regional Overview, 2021-2031 (USD Billion)
• Rest of Europe
• Rest of Asia Pacific
• Rest of South America
• Middle East and South Africa