Dublin, July 06, 2021 (GLOBE NEWSWIRE) -- The "Global Blowing Agent Market by Type (HC, HFC, HCFC), Foam (Polyurethane Foam, Polystyrene Foam, Phenolic Foam, Polyolefin Foam), and Region (APAC, North America, Europe, Middle East & Africa, South America) - Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
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.
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).
Premium Insights
- Emerging Economies Offer Attractive Opportunities in the Blowing Agent Market During the Forecast Period
- APAC: Blowing Agent Market, by Type and Country - China Was the Largest Market for Blowing Agent Market in APAC in 2020
- Blowing Agent Market, by Type - HC to Lead the Blowing Agent Market During the Forecast Period
- Blowing Agent Market, by Foam -PU is Projected to be the Largest Segment by 2026
- Blowing Agent Market, by Region - APAC to Register the Highest Growth in the Blowing Agent Market
Market Dynamics
Drivers
- Increasing Demand for Blowing Agent from Developing Countries in Different Applications
- High Growth in Global Polymeric Foams Market
Restraints
- High Cost of Shifting Technology
Opportunities
- Shifting Preference Towards Environment-Friendly Blowing Agent
Challenges
- HFC Phase Out to Impact the Blowing Agent Market
- Lower Capacity Utilization Due to COVID-19 Pandemic
Regulations
- Kyoto Protocol
- US Environment Protection Agency (EPA) - Snap Program
Porter's Five Forces Analysis
Market Mapping/Ecosystem Map
Macroeconomic Indicators
- Trends and Forecast of GDP at Country Level
- Countries Engaging in More Than 60% Green Projects (2018 and 2021)
- Sectors Having Planned Green Activity Over the Next Three Years
- Construction Contribution to GDP
- Automobile Production Statistics
Competitive Landscape
- Honeywell International Inc.
- Solvay SA
- Arkema SA
- ExxonMobil Corporation
- Linde plc
- Daikin Industries, Ltd.
- The Chemours Company
- Haltermann Carless
- Foam Supplies, Inc.
- Harp International Ltd.
Additional Company Profiles
- INEOS
- Nouryon
- Changshu 3F Zhonghao New Chemical Materials Co. Ltd.
- Lambiotte & CIE
- Scharr CPC GmbH
- Sinochem Group
- Zeon Corporation
- Songwon Industrial Co. Ltd.
- Lanxess
- Evonik Industries Ag
- Huntsman International LLC
- HPL Additives Limited
- Chemico (India)
- SPL Group
- Ajanta Group
- A-Gas
For more information about this report visit https://www.researchandmarkets.com/r/t5su50