NEW YORK, Sept. 12, 2018 (GLOBE NEWSWIRE) -- The global foam blowing agent market was valued at 1,182.0 million in 2016, is expected to witness CAGR of 6.4% (2017-2023), and is projected to reach USD 1,806.0 million by 2023. The growth of the foam blowing agent market is primarily driven by the growing demand for polymeric foams in automotive & construction industries. Further, stringent environment norms and regulation. Moreover, the increasing demand of blowing agents in emerging economies and development of eco-friendly (zero/low ODP) foams would stream its demand over the forecast period.
The report segments Foam Blowing Agents market by Product (Hydrofluorocarbons(HFCs), Hydrochlorofluorocarbons(HCFCs), Hydrocarbons(HCs), Hydrofluoroolefin (HFOS), Others), by Application (Polyurethane Foam, Polyolefin Foam, Polystyrene Foam, Phenolic Foam and Others), by End-use (Automotive, Building and Construction, Packaging, Medical, others), by Region (North America, Central and Eastern Europe, Western Europe, Asia-Pacific, Middle East and Africa (MEA) and Latin America. The report studies the global Foam Blowing Agent market over the forecast period (2017-2023).
Foam blowing agents are used as additives that impart cellular matrix structure properties of foam to the substance. The benefits of foaming of a polymeric material include minimum material utilization, thermal and acoustic insulation, and weight reduction. Polyurethane foam is the most prominent polymer foam, due to various end-user applications such as building and construction, electronics, automotive, flooring, medical devices, furnishings, and packaging.
Key Findings of the Global Foam Blowing Agent Market Report
- The foam blowing agents market is expected to witness USD 1,806.0 million by 2023
- Polyurethane is the largest application segment and is expected to continue being the largest application of foam blowing agent, owing to its increased efficiency and multiple end-user applications
- Polyolefin foam is the fastest growing segment during the forecast years
- Hydrofluorocarbons (HFC) is the fastest growing segment owing to low ozone depletion potential
- Asia-Pacific is accounted for 25% of the market share in 2016 and would be the lucrative market during the forecast period, owing to the growing blowing agent’s consumption in China and presence of large end-user industries in the region
- American companies to invest over $1 billion to invent, commercialize and build US manufacturing facilities to provide hydrofluro-olefin(HFO) solutions and replacing Hydroflurocarbon products.
- The key players operating in the foam blowing agent market include Daikin Industries Ltd., Arkema S.A., Corporation, Haltermann GmbH, Sinochem Group, Zeon Corporation, Solvay S.A. and Harp International Ltd, Linde AG, Honeywell International Inc.among others.
Foam Blowing Agent Market- Opportunity to develop eco-friendly blowing agents with low GWP and ODP
The global warming and ozone layer depletion are the major environmental challenges across the globe. Various legislations across the globe are imposing stringent environmental regulations to lower the greenhouse gases emissions. Blowing agents such as CFCs had high GWP and ODP and is banned in many countries.
The HC blowing agents such as, isopentane, n-butane, and other eco-friendly blowing agents, including HFOs, methyl formate and CO2, has zero ODP and very low GWP. Consumption and production of eco-friendly foam blowing agent is expected to grow at higher rate in comparison to other agents. The development of the eco-friendly blowing agents is creating abundant opportunities for the manufacturers of blowing agents, who earlier had to suffer due to stringent environmental regulations. There also lies an opportunity for new players to establish their presence in the global foam blowing agents market, by developing very low GWP and zero ODP blowing agents.
Browse full research report with TOC on “Global Foam Blowing Agents Market Outlook, Trend and Opportunity Analysis, Competitive Insights, Actionable Segmentation & Forecast 2023” at: https://www.energiasmarketresearch.com/global-foam-blowing-agents-market-outlook/
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Foam Blowing Agent Market- Regional Insight
Asia-Pacific is one of the leading region in the global foam blowing agents market and is expected to garner majority of the market share by 2023. Countries in this region such as China, India, Japan, and South Korea are witnessing significant application of blowing agents across various end-use industries. Demand from industries such as construction, and automotive manufacturing are driving the growth of the foam blowing agents market in the region. The increasing demand of foam blowing agent by automotive and construction industries have created lot of opportunities mainly in developing regions where infrastructural development is on rise.
The foam blowing agents market in the North America is expected to grow at a steady rate owing to presence of large base of end-user industries for polymer foams and moderate demand of blowing agents in the manufacturing of polyurethane foam. However, stringent norms are the major restraint for the market growth. The abundance of raw materials, such as petrochemicals and fluorochemicals in the Middle East and Africa region is driving the foam blowing agents market.
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