WILMINGTON, DE / ACCESSWIRE / March 23, 2023 / Transparency Market Research Inc. - The foam blowing agents market size stood at USD 1.8 Bn in 2021 and is expected expand at a CAGR of 5.7% between 2022 and 2031 to be valued at USD 2.9 Bn by 2031.
Increase in usage of foam blowing agents in a range of end-use sectors, such as furniture & bedding, electrical, automotive, electronics, footwear, and building & construction, is likely to drive the global foam blowing agents market in the next few years.
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|Market Revenue||USD 1.8 Bn in 2021|
|Estimated Value||USD 2.9 Bn by 2031|
|Growth Rate - CAGR||5.7%|
|No. of Pages||304 Pages|
|Market Segmentation||By Product Type, Application and End-use|
|Regions Covered||North America, Europe, Asia Pacific, Middle East & Africa, South America|
|Format||Electronic (PDF) + Excel|
Demand for foam blowing agents is expected to be strong in developing countries in Asia Pacific in the next few years. The market in the region is driven by rapid urbanization and high demand for consumer goods such as shoes, bedding, and refrigerators. Furthermore, rise in number of several large-scale infrastructure projects is likely to increase utilization of foam blowing agents. High demand in Asia Pacific is projected to present lucrative opportunities for companies in the global market. Moreover, firms are relying on strategies, such as sustainability programs and acquisitions and mergers, to increase market share. Manufacturers of foam blowing agents are focusing on developing novel products with advanced technology to gain traction.
Foam blowing agents exhibit distinctive properties, particularly for construction and automotive applications, which is expected to create business opportunities. Increase in the usage of foam blowing agents in the manufacture of electronics, textiles, and footwear is expected to augment demand during the forecast period. Governmental regulations and stringent usage guidelines are expected to hamper the growth of the global foam blowing agents market in the near future.
Foam insulation is also encouraged in developing countries. The Energy Conservation Building Code (ECBC), which was established in 2014 in Andhra Pradesh, India, requires commercial and public buildings in the state to cut overall energy usage by 40% to 60%. Initiatives such as this are anticipated to increase demand for insulation materials with high energy efficiency in the near future.
Key Findings of Market Report
- Based on application, the polyurethane foams segment accounted for more than 60% share of the global industry in 2021. It is possible to reduce greenhouse gas emissions significantly by using spray polyurethane foams, as they utilize low-emission foam blowing agents. Buildings can benefit greatly from the excellent insulation properties of polyurethane foam. Given its stiffness, it can be utilized for intricate applications in the construction and building industry. Additionally, usage of polyurethane foam is likely to increase owing to excellent flexibility, temperature resistance, and higher durability. High demand for polyurethane foams across several end-use sectors is expected to drive industry growth between 2022 and 2031.
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Global Foam Blowing Agents Market: Growth Drivers
- Usage of foam blowing agents is projected to increase in various consumer appliances, including water heaters, air conditioners, and refrigerators, due to shock-absorbing characteristics. Food & beverage, chemical, mechanical, medical & pharmaceutical, and plastics industries require refrigeration. Refrigerants are increasingly used for scientific studies across the world, which is expected to increase demand for foam blowing agents globally.
- Buildings for commercial, residential, and institutional purposes often use insulation techniques to slow down the rate of heat transmission, particularly through sidewalls and roofs.Energy can be saved and greenhouse gas emissions can be reduced by insulating building components. Polymer foams are made using foam blowing agents, and are utilized in various insulation-related applications. Thus, increase in usage of insulating materials is anticipated to drive the utilization of foam blowing agents during the forecast period.
Global Foam Blowing Agents Market: Regional Landscape
- Based on region, Asia Pacific is projected to account for the largest market share during the forecast period. Rise in demand for consumer durables, large population base, and rapid urbanization in countries such as Japan, India, and China contributed to increasing demand for insulation products. This, in turn, is increasing wage of foam blowing agents in the region. China is likely to be a major market for foam blowing agents owing to growing utilization of blowing agents for polyurethane foams. Demand for foam blowing agents is expected to be high in Asia Pacific due to rise in utilization in customized packaging & food, apparel, and textile packaging applications.
Global Foam Blowing Agents Market: Key Players
- Guangzhou Jiangyan Chemical Co., Ltd.
- Honeywell International Inc.
- The Chemours Company
- HCS Group GmbH
- Arkema S.A.
- E.I DuPont de Nemours (DuPont)
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Global Foam Blowing Agents Market: Segmentation
- HFC & HCFC
- Methylal and Methyl Formate
- Others (Liquid CO2 and Water)
- Polyurethane Foams
- Polystyrene Foams
- Phenolic Foams
- Others (PVC foams, polyisocyanurate foams, etc.)
- Building and Construction
- Electrical and Electronics
- Furniture and Bedding
- Others (textiles, medical, etc.)
- North America
- Asia Pacific
- Middle East & Africa
- Latin America
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