The worldwide blowing agents market size is estimated at USD 1.5 billion in 2020 and is predicted to reach USD 1.4 billion by 2025, with a CAGR of 9.8%. The expansion of the blowing agent market is driven primarily by expansion in the construction, automotive and electronics industries in the emerging economies of the APAC region. In addition, the escalating application of polymeric foam worldwide will drive market expansion. The main types of blowing agents currently employed in the industry are hydrocarbons (HC), fluorinated hydrocarbons (HFCs) and hydrochlorofluorocarbons (HCFCs). Hydrocarbons are the dominant product segment, among which butanes and pentanes are most frequently employed as blowing agents. HCFCs have been phased out from developed countries and other regions due to their high ozone depletion potential (ODP) and worldwide warming potential (GWP). This has encouraged industry players to develop and market alternative and environmentally friendly blowing agents.
Blowing agents are employed as additives in the polymeric foam industry. To impart some of the desired properties to the production process, polymeric foam is employed. The call for blowing agents is escalating due to escalating industrialization, which in turn needs more and more blowing agents. These agents are employed to induce a specific cell structure for foam materials. Helps increase thermal and acoustic capabilities, reduce density and improve original material toughness. The most widely employed blowing agent is a chlorofluorocarbon.
The blowing agent market is experiencing strong expansion with an escalating call for polyurethane, polystyrene, phenol and polyolefin foams employed in the construction, automotive and appliance industries. Blowing agents are also known as blowing agents that produce foam products in many thermoplastic resins and some metals. This dictates the immense expansion potential of the foaming agent market, as they play a vital role in finished foam products. The growing call for polymeric foams, especially polyurethane foams, due to the rapid development of their end-use industries, such as construction and household appliances, is driving the call for blowing agents. Additionally, strong expansion in end-use industries in Asia-Pacific is predicted to further drive call for blowing agents.
Americhem Launches New Line of Chemical Blowing agents; aims to reduce CO2 emissions and waste. Polymer additive and colorant specialist Americhem Inc of Cuyahoga Falls, OH, USA, recently launched an expanded line of chemical blowing agents (CBAs) under the nCore brand.
Whirlpool and Honeywell launch eco-friendly insulation. Honeywell Solstice LBA offers an 8-10% improvement in efficiency over proven refrigerator decks with blown hydrocarbon foam insulation, and a 2% improvement over 245fa, currently the most widely employed blowing agent in the United States.
The polymer foam market is driven by a growing call from the packaging, automotive, construction, marine, transportation, home appliance, bedding and furniture industries. and packaging. The expansion of the polymeric foam market further facilitates the use of blowing agents. Therefore, the predicted increase in call for different types of polymer foam in various end applications will drive the blowing agent market for years to come. The main reason for the expansion of the worldwide market for blowing agents is the escalating call for polymeric foams, especially polyurethane foams. This is due to the rapid expansion of end-user businesses such as infrastructure and devices. These agents are mainly employed in the polymer industry as adhesives to inherit specific foam properties such as acoustics and shock absorption, permeability and elasticity, weight reduction, and thermal and electrical insulation. The market for polyurethane foam has the largest share of the world market for blowing agents due to the increase in applications such as automobiles, chemicals and infrastructure.
Frequent changes in the choice of blowing agents from environmental regulations like the Montreal Protocol and other national and regional regulations hamper the blowing agent market. The main objective and intention after the implementation of these protocols and regulations is to minimize the damage to the ozone layer with the use of different types of blowing agents such as HCFC and HFC. Therefore, foam manufacturers find it difficult to choose an ideal alternative that provides the perfect combination of desired foam properties and profitable operation.
The call for environmentally friendly blowing agents has escalated rapidly in recent years and is predicted to remain the same in the future. Environmental awareness and government regulations have made the use of environmentally friendly blowing agents mandatory.
Due to the COVID-19 disruption, there has been a significant drop in the call for blowing agents due to the shutdown of the manufacturing and transportation sectors. The decline in foam products from various industries has also reduced the call for blowing agents. Therefore, to balance supply and call and avoid inventory build-up, several blowing agent manufacturers are predicted to operate their plant with a low capacity utilization rate in the coming period.
HC is predicted to be the most widely employed type of blowing agent in the world in terms of volume. HC blowing agent is widely employed in various foam applications due to its low ODP and GWP properties. The expansion of the HC blowing agent is supported by the escalating use of oxygenated hydrocarbons, such as methyl formate, in full skin and styrofoam applications.
The main polyurethane foams find their applications in various applications around the world. It is widely employed for thermal insulation of buildings, transportation systems, and household appliances. Therefore, the continued call for polyurethane foams from these application industries is predicted to drive their call, which in turn will drive the foaming agent market in the future.
APAC is estimated to be the largest foaming agent market during the foreseen period. Among China, Japan, South Korea, India, Thailand, Indonesia, and the rest of the APAC region, China was the region's largest consumer of blowing agents in 2019 by value. and volume. The main production base for HCFC blowing agents located in China and the escalating use of hydrocarbons, unsaturated HFCs and other chemical blowing agents are the main factors driving the blowing agent market in the region. The region that drives the worldwide foaming agent market is the Asia Pacific region. It is one of the most consumed regions in the world market.
China is one of the main consumers of blowing agents in the Asia-Pacific region. The other Asian countries that contribute to the world market are India and South Korea, mainly due to escalating levels of industrial production. Developed regions such as North America and Europe are contributing their share to the expansion of the worldwide blowing agent market. These regions are also taking initiatives to use environmentally friendly blowing agents. Asia-Pacific is predicted to be the world's largest and fastest-growing foaming agent market in the coming years. China is the main consumer of blowing agents in Asia-Pacific. Other countries like South Korea and India are also generating high call due to high production levels.
Few of the major competitors currently working in the global blowing agents market are The Chemours Company, ZEON CORPORATION, LANXESS, Solvay, Nouryon, HCS Group GmbH, Huntsman International LLC, Honeywell International Inc., AMERICHEM, A-Gas, Arkema Group, Linde plc, Harp International Ltd, DuPont de Nemours Inc., Dow, Akzo Nobel N.V., FSI, Exxon Mobil Corporation, DAIKIN INDUSTRIES Ltd., BASF SE, CHEMSPEC LTD. and 3M among others.
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Econometric Modelling
2.2.4 Expert Validation
2.3 Analysis Design
2.4 Study Timeline
3.1 Executive Summary
3.2 Key Inferences
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1.5 Y-o-Y Growth Analysis, By Product
5.1.6 Market Attractiveness Analysis, By Product
5.1.7 Market Share Analysis, By Product
5.2.5 Polyolefin Foams
5.2.6 Y-o-Y Growth Analysis, By Foam
5.2.7 Market Attractiveness Analysis, By Foam
5.2.8 Market Share Analysis, By Foam
6. Geographical Analysis
6.1.1 Regional Trends
6.1.2 Impact Analysis
6.1.3 Y-o-Y Growth Analysis
18.104.22.168 By Geographical Area
22.214.171.124 By Product
126.96.36.199 By Foam
6.1.4 Market Attractiveness Analysis
188.8.131.52 By Geographical Area
184.108.40.206 By Product
220.127.116.11 By Foam
6.1.5 Market Share Analysis
18.104.22.168 By Geographical Area
22.214.171.124 By Product
126.96.36.199 By Foam
6.2 North America
6.1.2 United States
6.3.6 South Korea
6.5 Latin America
6.4.5 Rest of Latin America
6.6 Middle East & Africa
7. Strategic Analysis
7.1 PESTLE analysis
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8. Market Leaders' Analysis
8.1.2 Product Analysis
8.1.3 Financial analysis
8.1.4 Recent Developments
8.1.5 SWOT analysis
8.1.6 Analyst View
8.2 The Dow Chemical Company
8.3 INEOS Group
8.4 Daikin Industries Ltd
8.6 BASF SE
8.7 Sinochem Group
8.8 Zeon Corporation
8.9 Harp International Ltd.
8.10 Honeywell International Inc.
9. Competitive Landscape
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations and Joint Ventures
9.4 New Product Launches
10. Market Outlook and Investment Opportunities
a) List of Tables
b) List of Figures