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Blowing Agents Market worth 5.47 Billion USD by 2026
The report "Blowing Agents Market by Product Type (HCFC, HC, HFC), Foam (Polyurethane, Polystyrene, Phenolic, Polyolefin Foams), and Region - Global Forecast to 2026", The global blowing agents market is projected to reach USD 5.47 Billion by 2026, at a CAGR of 6.7% from 2016 to 2026. This growth is fueled by the high demand from the construction & building, appliances, and packaging industries and increasing global demand for blowing agents in Asia-Pacific, South America, and the Middle East & Africa.
Browse 94 market data tables and 51 figures spread through 169 pages and in-depth TOC on “Blowing Agents Market by Product Type (HCFC, HC, HFC), Foam (Polyurethane, Polystyrene, Phenolic, Polyolefin Foams), and Region - Global Forecast to 2026"
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HFC: The most-widely used product type of blowing agents
The scheduled phase out of the hydrochlorofluorocarbons (HCFC) is facilitating the growth of the hydrofluorocarbons (HFC) in the market. HCFC is scheduled to phase out as it has high ozone depletion potential (ODP) and high global warming potential (GWP) and hence is harmful to the environment. HFC currently is effectively being used by the manufacturers as a substitute for HCFC as it is a drop in replacement for HCFC. Therefore, the market for HFC is large. Also, HFC have a low ODP hence it is accepted as a replacement for HCFC.
Polyurethane Foams: The largest foams made from blowing agents
Polyurethane foams are the largest type of foams made from blowing agents. They have wide application in various end-use industries such as appliances, apparel, automotive, building & construction, electronics, flooring, marine, furnishing and others. Also, they have superior properties and hence they help in energy saving for appliances and automotive applications. These foams are widely used for insulation and cushioning purposes.
Asia-Pacific: The largest blowing agents market
Asia-Pacific is a potential market for blowing agents, in terms of value, and is expected to continue to be dominant market during the forecast period. Countries in this region such as China, India, Japan, and South Korea are witnessing significant increase in the use of blowing agents for appliances, building & construction, and packaging industries. This growth is mainly due to the rapid economic growth and increasing population that is driving the demand for blowing agents type for various end-use industries in Asia-Pacific. China is estimated to be the fastest-growing market in Asia-Pacific till 2021.
The blowing agents have a few numbers of global players competing for market share. These companies are actively adopting various strategies such as partnerships/collaborations/agreements, new product developments, merger & acquisitions, and expansion projects globally to increase their market share. Major players such as Arkema SA (France), Honeywell International Inc. (U.S.), Solvay SA (Belgium), Exxon Mobil Corporation (U.S.), Linde AG (Germany), and others have adopted various organic and inorganic developmental strategies.
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