Newark, Oct. 09, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 1.50 billion in 2021 global blowing agent market will reach USD 2.77 billion by 2030. Given the expanding global population, there will be an increase in consumer demand for various products, including medications, industrial items, and consumer goods. Blowing agents are often employed for packaging Because they retain the integrity and contents of the product while in transportation. Packaging requirements will increase in line with the expansion of the industrial, consumer products, and pharmaceutical sectors. Using blowing agents in the forecast period and its growth will be boosted by developing sustainable, recyclable, and environmentally friendly blowing agents.
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Key Insight of the Global Blowing Agent Market
Asia Pacific is expected to rise the fastest during the forecast period.
Due to its growing population and resulting consumer demand, the Asia Pacific region now dominates the market for cold seal adhesives. Because increasingly significant industrial, medical, and food production facilities are present and increasingly use blowing agents in their packaging, the Asia Pacific region will maintain its dominance during the projection period. The Asia Pacific blowing agent market will expand due to government initiatives focused on sustainability.
In 2021, the polyurethane foam segment dominated the market with the largest market share of 34.13% and market revenue of 0.51 billion.
The foam segment is divided into polystyrene foam, polyolefin foam, polyurethane foam, and phenolic foam. In 2021, the polyurethane foam segment dominated the market with the largest market share of 34.13% and market revenue of 0.51 billion.
In 2021, the hydrocarbons (HC) segment dominated the market with the largest market share of 29.16% and market revenue of 0.43 billion.
The type segment is divided into hydrochlorofluorocarbons (HCFC), hydrofluorocarbons (HFC), hydrofluoroolefin (HFO), hydrocarbons (HC), and others. In 2021, the hydrocarbons (HC) segment dominated the market with the largest market share of 29.16% and market revenue of 0.43 billion.
In 2021, the building and construction segment dominated the market with the largest market share of 23.17% and revenue of 0.34 billion.
The application segment comprises bedding and furniture, building and construction, appliances, automotive, packaging, and others. In 2021, the building and construction segment dominated the market with the largest market share of 23.17% and revenue of 0.34 billion.
Advancement in market
August 2023 - Al-Essa Industrial Company, a manufacturer of appliances based in Saudi Arabia, has adopted Honeywell Solstice Liquid Blowing Agent (LBA) for use in insulating its products, according to a Honeywell announcement. As part of Saudi Arabia's climate goals and to preserve compliance with local laws, Honeywell Solstice LBA will assist Al-Essa Industrial Company in phasing out climate change-causing solutions with a higher global warming potential (GWP). As an ultra-low-GWP substitute for conventional hydrochlorofluorocarbons (HCFCs) like HCFC-141b, which is restricted in Saudi Arabia, Honeywell's Solstice LBA supports these goals.
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Market Dynamics
Driver: the increasing demand for PE foam from the packaging industry.
PE foam is used across industries, from automotive and construction to military and pharmaceuticals. The wide scope of application contributes to the rising demand for PE. Therefore, with the expansion of the packaging industry, the demand for PE is also anticipated to grow and contribute to the market's growth. Due to its superior vibration-dampening and insulation qualities, it is frequently used for packing industrial and agricultural items. Additionally, it offers excellent resistance to moisture and chemicals. Polyethylene (EPE) foam is a much more sustainable packaging choice for several straightforward reasons. It is 100% curbside recyclable and reusable, making it the ideal choice for a climate-conscious consumer market.
Restraints: stringent government regulation.
With the growing climate change awareness and the need to shift economic units towards more sustainable processes, products and systems, the government is introducing new measures more in line with an eco-friendly future. These rules are ever-changing with different standards of recyclability, composition and consumption of blowing agents, making it difficult for the market players to adapt and grow. Therefore, stringent government regulations will limit the market's growth.
Opportunities: the introduction of sustainable and eco-friendly blowing agents.
The increasing demand for eco-friendly materials to replace conventional products has grown in the past decade. The increasing research and development expenditure towards innovating sustainable and green-blowing agents has yielded fruition. These eco-friendly products are replacing the older versions of their counterparts and will, therefore, contribute to the market's growth during the forecast period.
Challenge: global economics uncertainties.
The COVID-19 pandemic-induced lockdowns led to an unprecedented economic meltdown, followed by the Russian invasion of Ukraine, which fuelled the volatility in the economic market. The trade war between China and the US and other territorial disputes have led to disruptions and supply chain bottlenecks. The reeling effect of the COVID-19 pandemic can be seen through dismal growth projections and high inflationary pressure, negatively impacting the blowing agent market. Therefore, global economic volatility and uncertainty will challenge the market's growth.
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Some of the major players operating in the global blowing agent market are:
• Solvay SA
• Honeywell International Inc.
• Exxon Mobil Corporation
• Daikin Industries, Ltd.
• Arkema SA
• Linde plc
• Haltermann Carless
• Harp International Ltd.
• Foam Supplies, Inc.
• The Chemours Company
Key Segments covered in the market:
By Foam
• Polystyrene Foam
• Polyolefin Foam
• Polyurethane Foam
• Phenolic Foam
By Type
• Hydrochlorofluorocarbons (HCFC)
• Hydrofluorocarbons (HFC)
• Hydrofluoroolefin (HFO)
• Hydrocarbons (HC)
• Others
By Application
• Bedding and Furniture
• Building and Construction
• Appliances
• Automotive
• Packaging
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
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