The global blowing agent market accounted for a value of USD 0.9 billion in 2019. Blowing agent market projected to register growth at a CAGR of 5.8% during forecast period.
COVID-19 has impacted blowing agent market negatively. The demand of foam has been declined immensely due to corona virus. The workforce availability has been reduced and the supply chain was disrupted due to travel restriction. The operating capacity of facility is also reduced. The export and import of foam is also affected due to international border closer. The demand of foam has been declined across various end-use industry such as electronics, marine, furnishing, packaging, building & construction, automotive and appliances. This lead to huge decline in blowing agent market.
For more details, visit: Global Blowing Agent Market By Type (HC, HFC, others), By Foam (Polyurethane Foam, Polyolefin Foam, others), By End User (Bedding & Furniture, Building & Construction, others), By Region–Forecast & Opportunities to 2026
The demand from packaging has been increasing for the polymer foam market rapidly across the world. The polymer foam application is increasing across various industries such as electronics, marine, furnishing, packaging, building & construction and automotive. This is likely to drive growth in this segment during forecast period.
On the basis of type, the blowing agent market is segmented into HC, HFC, HCFC and others. The HC segment is estimated to hold largest market share during forecast period. HC blowing agent is used in different foam applications because of its properties such as low ODP and GWP etc. The wide adoption of oxygenated hydrocarbons like methyl formate in polystyrene and integral skin foams applications. This is likely to drive growth in HC segment of blowing agent market during forecast period.
On the basis of foam, the blowing agent market is segmented into polyurethane foam, polyolefin foam, polystryne foam, phenolin foam and others. The polyurethane foam is estimated to hold highest market share during forecast period. Polyurethane foam is widely used in various applications such as transport systems, household applications and thermal insulations in buildings etc. It is widely adopted for carpet backing, seating, electronic, dash panel and bedding etc. The high demand of such foam is likely to drive growth in this segment during forecast period.
On the basis of application, the blowing agent market is segmented into automotive, appliances, bedding & furniture, building & construction, packaging and other applications. The building & construction segment is estimated to register highest growth during forecast period. The blowing agents are environmentally acceptable as they consist of various properties such as non ozone depleting, reduced energy consumption and low global warming potential and they are very convenient and helps in creating uniform components, tighter insulation and they consume limited energy for the construction and building purposes. This is likely to drive growth in this segment in blowing agents market during forecast period.
Asia-Pacific region is estimated to register growth at highest CAGR during forecast period. The demand of foam across this region is increasing rapidly due to which the blowing agent market is growing significantly. The countries such as India, Japan, South-Korea, Thailand and China are the major contributors among which the China is the largest consumer of blowing agents and it is considered as the base of various blowing agents such as HCFC blowing agents. The increase in adoption of foam leads to rise in blowing agent market during forecast period.
The key market players in blowing agents market are Solvay SA, Honeywell International, Arkema SA, Exxon Mobil Corporation, Linde PLC, Daikin Industries, The Chemours Company, Haltermann Carless, Harp International Ltd, Foam suppliers, Nouryon, Lambiotte, Scharr CPC, Sinochem Group and Ineos.
- What are the expected industry trends over the next three to five years?
- Which of the blowing agent type is likely to lead by 2025?
- Which of the end-user segments is expected to have the maximum potential to during the forecast period?
- Which region is going to have the highest smart meters market share by 2025?
- What are different organic and inorganic strategies implemented by companies to gain increased market share?