Market Research Future (MRFR) report on the Global Foam Blowing Agents Market provides a comprehensive overview of the market segments, current trends, growth projections, and challenges of the market from 2018 to 2023 (forecast period) to identify the current market opportunities. MRFR predicts that the Global Market for Foam Blowing Agents is expected to expand at a significant CAGR in the forecast years.
Blowing Agents are substances that create a cellular structure through a foaming process in a wide variety of materials, including plastics, polymers, and metals. This cellular structure helps to reduce density and improve acoustic and thermal insulation while increasing the stiffness of the original polymer.
Key Players:
Some of the Prominent Players Operating in the Global Foam Blowing Agents Market are Honeywell International Inc. (U.S.), Solvay S.A. (Belgium), Exxon Mobil Corporation (U.S.), Arkema S.A. (France), E.I. du Pont de Nemours & Company (U.S.), Harp International Ltd. (U.K.), Haltermann GmbH (Germany), Sinochem Group (China), Daikin Industries Ltd. (Japan), and ZEON Corporation (Japan).
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Market Dynamics:
Demand from the application field is the primary driver of the development of the global market for Foam Blowing Agents. Some of the main applications of Foam Blowing Agents are building & manufacturing, automobile, food packaging, and electronics. Moreover, increasing urbanization and globalization in developing regions across the globe are expected to fuel the demand in the forecast years.
Market Segmentation:
The Global Market for Foam Blowing Agents is segregated into Chemistry, Product Type and End-User Industry.
Based on Chemistry, the Global Market for Foam Blowing Agents is segmented into physical foam blowing agents and chemical foam blowing agents.
Among the Product Type, the Global Market for Foam Blowing Agents is classified into hydrofluorocarbons (HFC), hydrochlorofluorocarbons (HCFC), hydro Carbons (HCS), hydrofluoroolefin (HFOS) and others. Among the different types of products on the market for Foam Blowing Agents, hydrofluorocarbons (HFCs) are the leading segment of the market and are expected to remain dominant over the forecast period. This rise is due to the growing use of hydrofluorocarbons (HFCs) as a replacement for the high global warming potential of hydrochlorofluorocarbons (HCFCS). These are commonly used in air conditioning, refrigeration, building insulation, and fire extinguishing, among others.
Based on the application, the Global Market for Foam Blowing Agents is segmented into polyurethane foam (PU), phenolic foam, polystyrene foam (PS), polyolefin foam, and others.Polyurethane foams are the leading product segment and are projected to dominate over the forecast period. The excellent properties of polyurethane foams make them ideal for the use of cushioning, insulation, energy savings, and automotive applications, among others.
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Regional Analysis:
Regionally, the Global Market for Foam Blowing Agents has been segregated into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa.
Asia Pacific holds a significant market share and is projected to be the fastest-growing region with an increasing CAGR during the forecast period. The rapid growth of industries and urbanization drives the development of Foam Blowing Agents in the developing countries of Asia Pacific. Furthermore, the favorable government regulation in the region has attracted several industry players to enter the lucrative Asia Pacific market, which, in turn, is fueling the market growth. In addition, the presence of the most populated countries has increased the construction and automotive sectors, further contributing to the growth of the market. China, Japan, and India are the largest consumers of Foam Blowing Agents in the region.
North America is a significant market field for Foam Blowing Agents. Developed end-user industries such as construction, transport, and electronics, among others, are boosting market growth significantly. In addition, the growing renovation and construction of public and private infrastructure are adding to the growth of the market in the region.
The European market is another leading area, primarily powered by the advanced electrical & electronics, construction, and automotive sectors. Therefore, the growing use of hydrofluorocarbons (HFCs) is a significant driver of market development. In addition, the fast-paced lifestyle fuelled the use of packaged food in the area and, in effect, stimulated demand for Foam Blowing Agents in the food packaging industry.
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