New York, USA, July 23, 2024 (GLOBE NEWSWIRE) -- Market Overview:
The blowing agent market was estimated at USD 1.45 billion in 2023. The market valuation is expected to be USD 2.29 billion by 2032, registering a staggering CAGR of 5.2% during the forecast period of 2024-2032.
What is Blowing Agent?
Blowing agents are supplements utilized in making foam plastics that have the benefit of weightlessness, assisting in substance and economizing, and are acclaimed by the fact that they are thermally insulating. Blowing agents normally generate exceptional and systematic cellular structures in the course of polymer processing. Foam-blowing agents circumscribe a broad gamut of applications involving refrigerators, building insulation, automobiles, furniture, and packaging. The applications enclose substances such as stiff PUR and polyisocyanurate foams and, to a limited extent, extruded PS board foam and phenolic foam.
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Key Market Stats:
- The blowing agent market size was valued at USD 1.45 billion in 2023.
- The market is anticipated to grow from USD 1.52 billion in 2024 to USD 2.29 billion by 2032.
- The market is expected to exhibit a CAGR of 5.2% during the forecast period.
Major Findings from the Report:
- The market for blowing agents is expected to increase significantly due to the fact that firms are inventive to encounter strict directives and advancing consumer inclination by developing green lowing agents.
- The blowing agent market segmentation is mainly based on type, foam, application, and region.
- In 2023, Asia Pacific registered as the largest market share.
Blowing Agent Market Drivers and Trends
- Excessive Usage in Healthcare: Blowing agents are acquiring more propulsion in several contemporary applications, such as healthcare, concentrated on FDA consent of a foaming agent for curing abdominal injury. These collusions of blowing agents in alternate applications are causing the market to grow.
- Growing Usage in the Aerospace Industry: Blowing agents play a crucial role in the aerospace industry, especially in safeguarding intrinsic aircraft constituents such as turbine housings and blades. These constituents entail numerous layers of polyurethane foam coatings to decrease corrosion and elongated performance longevity.
- Growing Urbanization: Altering lifestyles, speedy urbanization, and growing disposable income among consumers worldwide are escalating the demand for both luxury and mid-segment vehicles. The extensive engagement in the automotive sector for making several automotive constituents such as wiper cowls, side skirts, and several others is causing the growth of global blowing agent market demand.
Market Challenges:
Growing Government Directives: The demand for blowing agent market growth is anticipated to be constrained by an aggregate of directives and policies permitting the acquisition of green-blowing agents covering several industries to decrease environmental influence. However, the consistently advancing creation of these directives portrays provocations attempting to detect compliant blowing agents hindering market growth.
Industry’s Prominent Players:
- Arkema SA (France)
- Daikin Industries, Ltd. (Japan)
- Exxon Mobil Corporation (US)
- Foam Supplies, Inc. (US)
- Haltermann Carless (Germany)
- Harp International Ltd. (UK)
- Honeywell International Inc. (US)
- Linde plc (UK)
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Geographical Landscape:
In 2023, the Asia Pacific region accounted for the most blowing agent market share. This is due to the flourishing automotive building and construction sectors, which are pushing the demand for polyurethane and vinyl thermal insulating foam.
Moreover, due to the usage of blowing agents in building, construction and automotive sectors, the North American region is anticipated to grow at the quickest rate over the forecast period, with a robust compound annual growth rate (CAGR).
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Market Segmentation:
By Type Outlook:
- Hydrochlorofluorocarbons (HCFC)
- Hydrofluorocarbons (HFC)
- Hydrofluoroolefin (HFO)
- Hydrocarbons (HC)
- Others
By Foam Outlook:
- Polystyrene Foam
- Polyolefin Foam
- Polyurethane Foam
- Phenolic Foam
By Application Outlook:
- Bedding and Furniture
- Building and Construction
- Appliances
- Automotive
- Packaging
- Others
By Region Outlook:
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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