New York, Aug. 12, 2020 (GLOBE NEWSWIRE) -- The Global Blowing Agents Market is forecast to reach USD 2.36 Billion by 2027, according to a new report by Reports and Data. Growing demand for polymeric foams, especially polyurethane foams, is driving demand for blowing agents, especially rapid growth in their end-user industries such as construction and appliances. Furthermore, high growth in end-use industries in the Asia Pacific region is also anticipated to fuel the demand for blowing agents even further.
The growing demand for polyolefins, polyurethane, and natural foam blowing agents, development of low GWP foam blowing agents, zero ODP, and increased efficiency of foam blowing agents are factors augmenting the demand of the market. The increase of investment in the development of low-cost and environmentally friendly foam blowing agents is also encouraging market demand.
Wide a large variety of end-user industries for polymer foams and high demand for polyurethane blowing agents is driving the market in North America. Global environmental threats such as global warming and degradation of the ozone layer are also encouraging demand. To curb greenhouse gas emissions, the U.S. administration is deploying strict environmental legislation. The creation of low GWP blowing agents and zero / small ODP blowing agents provides ample prospects for business growth.
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COVID-19 Impact Analysis:
The virus had completely stopped production activity all across the globe, but the manufacture of these products is picking up as slowly companies are being reopened. Even though production has started, manufacturers are facing shortages in supply chain and logistic issues which are hampering the market. Many jobs have been lost, and the world is expected to witness a massive recession.
Further key findings from the report suggest
- An increase in the application of foam blowing agents in various end sectors is one of the driving factors of the blowing agents market.
- The growth in the construction industry has resulted in high demand for blowing agents. Additionally, the increasing requirement of high efficiency for the manufacturing of polymeric foams has fueled the growth of the blowing agents market.
- Blowing agents are environment-friendly and are generally used in construction due to their non-ozone depleting, non-VOC, low global warming potential, and decreased energy consumption. These agents help in building a more homogeneous material, leading to stronger, tighter insulation, and higher energy efficiency.
- Hydrofluorocarbons are a group of industrial chemicals that are used mainly for cooling and ventilation. HFCs have been developed to replace stratospheric ozone-depleting compounds currently being phased out under the Montreal Protocol on Compounds Depleting the Layer of Ozone.
- The blowing agents that are used in producing Polystyrene Foam are Butane and Pentane, which are pure hydrocarbon similar to polystyrene.
- Polystyrene foam can be more than 95% air and is commonly used to make home and appliance insulation, surfboards, lightweight, protective packaging, food and vegetable packaging, road and road bank stabilization systems, vehicle components, and more.
- Asia Pacific is anticipated to be the world's fastest-growing market for blowing agents in the coming years. One of the key consumers of blowing agents in the region is China. Other countries such as India and South Korea are also generating considerable demand due to high levels of production.
- Key participants include The Chemours Company, Honeywell International Inc., Nouryon, Arkema, Solvay SA, Honeywell International Inc., Linde PLC, INEOS, Harp International Ltd., and Sinochem Group, among others.
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For the purpose of this report, Reports and Data has segmented the Global Blowing Agents Market on the basis of product, foam type, application, and region:
Product Outlook (Revenue, USD Billion; 2017-2027)
- Hydrofluorocarbons (HFCs)
- Hydrofluoroolefin (HFO)
- Hydrochlorofluorocarbons (HCFCs)
- Hydrocarbons (HCs)
- Others
Foam Type Outlook (Revenue, USD Billion; 2017-2027)
- Polystyrene Foam
- Polypropylene Foam
- Polyurethane Foam
- Phenolic Foam
- Polyethylene Foam
- Others
Application Outlook (Revenue, USD Billion; 2017-2027)
- Automotive
- Appliances
- Building and Construction
- Packaging
- Bedding & Furniture
- Others
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/blowing-agents-market
Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Benelux
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- Rest of MEA
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Bio-Based Polyurethane Market: https://www.reportsanddata.com/report-detail/bio-based-polyurethane-market
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