Foam Blowing Agents Market Surges Due to Demand for Sustainable Insulation Material
The global foam blowing agents market is estimated to reach a valuation of US$ 1.1 billion in 2023 and it is expected to grow at a CAGR of 6.0% to reach US$ 2.0 billion by the end of 2033. The foam blowing agents market is a rapidly growing segment of the chemicals industry. Foam blowing agents are used to create foam in a variety of applications, including insulation, packaging, and automotive parts. The market is driven by the growing demand for foam blowing agents in the construction and automotive industries
The Asia-Pacific region is expected to be the largest market for foam blowing agents, due to the growing construction and automotive industries in countries such as China and India. North America and Europe are also significant markets for foam blowing agents, driven by the demand for energy-efficient buildings and regulations aimed at reducing greenhouse gas emissions
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Overall, the foam blowing agents market is poised for significant growth in the coming years, driven by increasing demand from the construction and automotive industries, as well as advancements in technology and increasing focus on sustainability
Key Takeaways from Market Study
- Based on application, polyurethane foams capture a major market share.
- Among the end uses, the electrical & electronics industry has been the fastest-growing segment, owing to rise in the purchase of consumer appliances over the past decade.
- Asia Pacific is set to dominate market revenue through 2031.
- The market in China is expected to rise at a high single-digit CAGR through 2031.
- Due to the COVID-19 crisis, demand for blowing agents was hit in 2020. But with the manufacturing industry back on track, demand is expected to bounce back.
Segmentation of Foam Blowing Agents Industry Research
- By Product Type :
- HC
- HFC & HCFC
- Blends
- HFO
- Methylal and Methyl Formate
- Others (Liquid CO2 and Water)
- By Application :
- Polyurethane
- Polystyrene
- Phenolic
- Others (PVC, Polyisocyanurate)
- By End-Use Industry :
- Building and Construction
- Electrical and Electronics
- Furniture and Bedding
- Automotive
- Footwear
- Others (Textiles, Medical, etc.)
- By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
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Competitive Landscape
- The OpteonTM 1150, also known as HFO-1336mzzE chemically, is a non-ozone depleting, low global warming potential (GWP) hydrofluoroolefin (HFO) platform that will be expanded by a new production line announced by the Chemours Company in November 2021.
- The global adoption of Soltice low global warming potential refrigerants, which prevent the release of 250 million metric tons of carbon dioxide into the atmosphere, was announced by Honeywell International Inc. in October 2021. The business will keep utilizing Soltice as it works to cut carbon emissions.
- Arkema announced plans to increase hydro-fluoro olefin 1233zd, the blowing agent used in insulation foam, in both China and the United States in June 2021. Aofan, a partner of Arkema, has begun production at their facility in China. The company’s investment of US$ 60 million will increase the HFO production capacity at its U.S. plant in Calvert City, Kentucky, by 15 kilotons annually. By 2024, the project is anticipated to be finished.
Key Companies Profiled
- Arkema S.A
- E.I DuPont de Nemours (DuPont)
- Foam Supplies, Inc.
- Guangzhou Jiangyan Chemical Co., Ltd
- HCS Group GmbH
- Honeywell International Inc.
- Linde Group
- Marubeni Corporation
- Solvay S.A
- The Chemours Company
Regional Analysis
- North America: The North American foam blowing agents market is expected to grow significantly due to the increasing demand for energy-efficient buildings and regulations aimed at reducing greenhouse gas emissions. The United States is the largest market in this region, with a significant share of the market due to the growth of the construction industry and the need for energy-efficient insulation materials.
- Europe: The European market for foam blowing agents is also growing due to the same factors as North America. The region has strict regulations regarding the use of insulation materials with low global warming potential, which is driving the demand for foam blowing agents with better environmental profiles. Germany is the largest market in this region, followed by France and the United Kingdom.
- Asia-Pacific: The Asia-Pacific region is expected to be the largest market for foam blowing agents due to the growing construction and automotive industries in countries such as China, India, and Japan. The increasing demand for energy-efficient buildings and regulations aimed at reducing greenhouse gas emissions are also driving the market in this region.
- Latin America: The foam blowing agents market in Latin America is expected to grow due to the increasing demand for insulation materials in the construction industry. Brazil is the largest market in this region, followed by Mexico and Argentina.
- Middle East & Africa: The foam blowing agents market in the Middle East & Africa is also expected to grow due to the increasing demand for insulation materials in the construction industry. The United Arab Emirates is the largest market in this region, followed by Saudi Arabia and South Africa.
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Key Questions Answered in Report
- Which markets for foam blowing agents are the most profitable?
- What elements will affect the development of foam blowing agents?
- How will shifting trends affect the tactics used by market participants?
- How can market participants seize the chances that are geographically low-hanging?
- Which businesses dominate the market for foam blowing agents?
- What are the market’s key players’ winning strategies?
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