Blowing Agent Market Estimated to Reach $2.3 billion by 2029 Globally, at a CAGR of 5.5%, says MarketsandMarkets™

Chicago, Aug. 21, 2024 (GLOBE NEWSWIRE) -- The Blowing Agent Market is projected to reach USD 2.3 billion by 2029, at a CAGR of 5.5% from USD 1.8 billion in 2024, as per the recent study by MarketsandMarkets.  The combination of regulatory frameworks, growing applications, increasing market trends, consumer awareness, and technological advancements are driving the blowing agent’s market.

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256- Market Data Tables

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List of Key Players in Blowing Agents Market:

1. Honeywell International Inc. (US)
2. Solvay (Belgium)
3. Arkema (France)
4. Exxon Mobil Corporation (US)
5. Linde PLC (UK)
6. Daikin Industries Ltd. (Japan)
7. The Chemours Company (US)
8. BASF SE (Germany)
9. HCS Group (Germany)
10. FSI (US)
11. Harp International Ltd. (UK)

Drivers, Restraints, Opportunities and Challenges in Blowing Agents Market:

1. Drivers: High growth in global polymeric foams market
2. Restraints: Frequent changes in the choice of blowing agents due to environmental regulations
3. Opportunity: Innovations in performance advancements and eco-friendly blowing agents
4. Challenge: Fluctuation in raw material prices and supply chain disruptions

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Key Findings of the Study:

1. Polyolefin foam is projected to be the fastest growing foam type of blowing agent, in terms of value, during the forecast period.
2. Hydrocarbons is the largest type of the blowing agent, in terms of value.
3. Asia Pacific captures the largest share in the blowing agent market during the forecast period, in terms of value.

Based on foam, the blowing agent market has been segmented into polyurethane foam, polystyrene foam, phenolic foam, polyolefin foam, and others. Polyurethane foam can be manufactured using a variety of processes, including pouring, spraying, and molding, allowing for efficient production and customization according to specific requirements. Polyurethane foam is lightweight, which makes it easy to handle and transport, reducing manufacturing and installation costs. Polyurethane foam is resilient and long-lasting, providing good cushioning and support over time. It resists degradation from moisture, chemicals, and physical wear, contributing to its durability.

Based on type, the blowing agents’ market has been segmented into HC, HFC, HCFC, and others. the combination of environmental benefits, regulatory compliance, versatility, efficiency, cost-effectiveness, compatibility, and performance has contributed to hydrocarbons becoming the largest blowing agent in the foam industry. As sustainability and environmental concerns continue to drive innovation and regulation in the industry, hydrocarbons are expected to maintain their prominent position as a preferred blowing agent choice for foam production.

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Asia Pacific is the largest market for blowing agents. Asia-Pacific is the most populous region globally, and it includes countries with large and growing populations such as China and India. With the region's growing population, rising incomes, and changing lifestyles, there has been an increasing demand for refrigeration and air conditioning systems in residential, commercial, and industrial sectors. Blowing agents are essential components in the production of insulating foams used in refrigeration and HVAC systems, driving their demand in the Asia Pacific region.

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