The blowing agent market size is estimated to be USD 1.4 billion in 2021 and is projected to reach USD 1.9 billion by 2026, at a CAGR of 6.5%. The increasing polymeric foam application in industries such as packaging, automotive, building & construction, marine, transportation, appliances, bedding & furniture, and packaging industry is expected to drive the blowing agent market. Further, the increasing blowing agent usage in developing economies, mainly in the construction industry, is expected to boost the blowing agent consumption.The construction sector is a significant consumer of PIR/ PUR board, XPS board, and sandwich panels, which majorly use polyurethane foams.
Increasing infrastructure spending is expected to drive the growth of this market. However, the frequent shifts in blowing agent technologies owing to rising environmental concerns and frequent amendments to rules & regulations along with high shifting cost will act as a restrain for the market.
HC is the fastest-growing segment of the blowing agent.
HC was the fastest-growing blowing agent globally in 2020, in terms of value and volume.The huge consumption of hydrocarbon-based polyolefin and extruded polystyrene foams in applications such as packaging, refrigerator, and continuous panels are expected to drive the market for blowing agents during the forecast period.
Further, the improved thermal efficiency of hydrocarbon foams due to technological advancement will also support its growth in the future.
Polyurethane Foam (PU) is the largest application of blowing agents in by foam segment.
Polyurethane foam (PU) was the most extensive application of blowing agents in terms of value and volume in 2020.Polyurethane foam (PU) is majorly used in varied application industries owing to its low density, mechanical strength, and resilience properties.
The considerable demand for polyurethane foam (PU) from sectors such as furniture cushioning, packaging, automotive, footwear, and household appliances are expected to drive its market in the future. Polyurethane foams are available in three types, i.e., flexible, rigid, and semi-rigid forms.
APAC is the largest as well as the fastest-growing market for blowing agents. APAC is the largest as well as the fastest-growing market for blowing agents in 2020 in terms of value and volume.The largest market share in 2020 and the highest growth during the forecast period is attributed to the presence of developing markets such as China as well as emerging economies such as India, South Korea, and Indonesia.
APAC is one of the prominent construction markets and is expected to grow at a rapid pace in the coming years, with India expected to become a new global hub for construction in the emerging markets, growing almost twice as fast as China.Therefore, due to the steady growth of the construction industry, the region is expected to have a massive demand for different types of foams, which will further drive the blowing agent market in the area.
Also, the shifting preference towards low GWP and ODP more environment-friendly blowing agents with the planned phase-out HFCs will further drive the blowing agent demand in the region. Extensive primary interviews were conducted in the process of determining and verifying sizes of different types, end-user of the blowing agents market gathered through secondary research.
The breakdown of primary interviews is given below: • By Company Type: Tier 1 – 60%, Tier 2 – 20%, and Tier 3 – 20% • By Designation: C-Level Executives – 9%, Director-Level – 27%, and Others – 64% • By Region: North America – 27%, Europe – 18%, APAC – 37%, South America – 9%, and the Middle East & Africa – 9% The key companies profiled in this report on the blowing agent market include Honeywell International Inc. (US), Solvay SA (Belgium), Arkema SA (France), Exxon Mobil Corporation (US), Linde plc (UK), Daikin Industries, Ltd. (Japan), The Chemours Company (US), Haltermann Carless (Germany), Foam Supplies, Inc. (US), and Harp International Ltd. (UK).
Research Coverage The blowing agent market has been segmented based on type, foam, and region.This report covers the blowing agent market and forecasts its market size until 2026.
It also provides detailed information on company profiles and competitive strategies adopted by the key players to strengthen their position in the blowing agent market.The report also provides insights into the drivers and restraints in the blowing agent market along with opportunities and challenges.
The report also includes profiles of top manufacturers in the blowing agent market.
Reasons to Buy the Report
The report is expected to help market leaders/new entrants in the following ways: 1. This report segments the blowing agent market and provides the closest approximations of revenue numbers for the overall market and its segments across different verticals and regions. 2. This report is expected to help stakeholders understand the pulse of the blowing agent market and provide information on key market drivers, restraints, challenges, and opportunities influencing the market growth. 3. This report is expected to help stakeholders obtain an in-depth understanding of the competitive landscape of the blowing agent market and gain insights to improve the position of their businesses. The competitive landscape section includes detailed information on strategies, such as merger & acquisition, new product developments, expansions, and collaborations.
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