Blowing Agent Market by Product Type (Hydrochlorofluorocarbons, Hydrofluorocarbons, Hydrocarbons, and Others) Foam Type (Polyurethane Foam, Polystyrene Foam, Phenolic Foam, and Others), Application (Building and Construction, Appliances, and Others): Global Market Size Estimates and Forecast (2022-2030)
The market crossed US$ 1.5 billion mark in 2022 and is expected to hit US$ 2.5 billion by 2030, recording a CAGR of 6% during the forecast period.
Blowing agent market has been significantly growing with the increasing their use in different end-use industries
There is a high demand for polymer foam with the increasing their demand from the industries such as packaging, automotive, building & construction, marine, appliances, and others. The high demand for polymer foams facilitates the use of blowing agents. Hence, the growing demand for polymeric foam from various end-use application drives the demand for blowing agents. The polyurethane foam segment is expected to pace up with the growing its use in different applications. Further, other segments such as, polystyrene foam and phenolic foam are also expected to gain traction during the forecasted year.
Within the report, the market is segmented into product type, foam type, application, and geography. By product type, the market is further segmented into hydrochlorofluorocarbons, hydrofluorocarbons, hydrocarbons, and others. On the basis of foam type, the market is segmented into polyurethane foam, polystyrene foam, phenolic foam, and others. On the basis of application, the market is segmented into building and construction, appliances, and others. Geographically, the market is sub segmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa.
Strong growth of the market in Asia Pacific region
The strong growth of the blowing agent market in Asia Pacific region is attributed to increasing their use in different end-use industries such as building and construction, appliances, and others. China is a major production base of hydrochlorofluorocarbons blowing agent. Further, the increasing usage of hydrocarbons, unsaturated hydrochlorofluorocarbons and other blowing agents are the major factors driving the growth of the blowing agent market in Asia Pacific region.
High demand for eco-friendly blowing agents
In the recent years, the demand for eco-friendly blowing agent is rapidly increasing. The environment protection awareness and various governmental regulations are encouraging the use of eco-friendly blowing agent. In addition, the market players are also focusing on developing high quality eco-friendly blowing agents. For instance, in 2021, Kumyang introduced KY-ECO, the innovative eco-friendly blowing agent. Cellcom KY-ECO is free from hazardous gases such as ammonia, formamide and sulfur dioxide.
Recent strategic developments in blowing agent market
The blowing agent market has undergone several significant developments, and a few of these have been mentioned below:
In 2018, Arkema developed its range of latest generation fluorogases. The company is expanding its range of sustainable high-performance solutions to assist its customers in making the transition to fluorogases with a lower GWP (global warming potential).
In November 2021, the Chemours Company announced a new production line dedicated to the expansion of its non-ozone depleting, low global warming potential hydrofluoroolefin (HFO) platform – Opteon1150.
The blowing agent market is driven by several players by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. Honeywell International Inc., Solvay SA, Dupont, Arkema, and Linde AG are among the prominent players operating in the market.
Target audience for the report:
Raw material providers
Blowing agent related associations, organizations, forums, and alliances
Government bodies, such as regulating authorities and policy makers
Venture capitalists, private equity firms, and start-up companies
Application industries of blowing agent
Research institutes, organizations, and consulting companies
Scope of the report:
In this report, the market has been segmented on the basis of:
Building And Construction
Asia Pacific (APAC)
South & Central America
Middle East & Africa
Honeywell International Inc.
- Honeywell International Inc.
- Solvay SA
- Linde AG