Blowing Agent Market by Chemistry, Foaming Process, Type (Hydrochlorofluorocarbons (HCFC), Hydrofluorocarbons (HFCS), Hydrocarbons (HCS)), Foam (Polystyrene Foam, Phenolic Foam, Polyolefin Foam), and Region - Global Forecast to 2029
The blowing agent market is projected to reach USD 2.3 billion by 2029, at a CAGR of 5.5% from USD 1.8 billion in 2024. increasing demand in various end-use industries and high growth in the global polymeric foams market driving the market for blowing agent. The Asia Pacific region is one of the largest and fastest-growing markets for blowing agents globally. Rapid industrialization, urbanization, and infrastructure development in countries like China and India are driving the demand for blowing agents, particularly in sectors such as construction, automotive, packaging, and appliances. The construction sector in Asia Pacific is a major consumer of blowing agents, primarily for thermal insulation materials. Rising demand for residential and commercial buildings, as well as infrastructure projects, is fueling the growth of the blowing agent market in this region.
Attractive Opportunities in the Blowing Agent Market
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Blowing agent Market Dynamics
Driver: High growth in global polymeric foams market
The polymer foam market is driven by increasing demand from the packaging, automotive, building & construction, marine, transportation, appliances, bedding & furniture, and packaging industry. The growth of the polymer foams market further facilitates the use of blowing agents, and hence this directly affects the volume of blowing agents required. Also, continuous expansion, growing awareness of high-quality products and demand of polymeric foam industry, especially in APAC, the Middle East & Africa, and South American regions, would create a huge demand for blowing agent used for foam blowing purposes. The emerging economies, such as India, China, Brazil, Southeast Asia, and Mexico, are expected to be the most lucrative destinations for the polymer foam market in the near future. Thus, the expected increase in the demand for different types of polymeric foam in varied end-use applications will drive the market for blowing agent in the coming years.
Restraint: Frequent changes in the choice of blowing agents due to environmental regulations
The growth of the blowing agents market faces challenges due to shifting preferences in blowing agents driven by environmental regulations. The transition from one blowing agent technology to another poses technical complexities that act as potential barriers. Interconnected technical, commercial, and legislative issues further complicate this shift, adding potential limitations. The regulations and codes governing blowing agent selection present a significant challenge for foam producers aiming to move towards zero-emission solutions. The Montreal Protocol plays a pivotal role in driving major transitions in blowing agents, especially in Article 5 countries, funded through national HCFC Phase-out Management Plans (HPMPs) in response to Decision XIX/6. Initially, HFC-134a replaced chlorofluorocarbons (CFCs) as a blowing agent due to the latter's ozone-depleting effects, leading to a ban under the Montreal Protocol in 1989. Presently, Massachusetts law 310 CMR 7.76 prohibits the sale of XPS foam containing specific hydrofluorocarbons (HFCs) after January 1, 2024, aiming to reduce greenhouse gas emissions from XPS foam, specifically targeting HFC-134a as a prohibited blowing agent. The increasing focus on reducing carbon emissions and the adoption of eco-friendly blowing agents in response to environmental concerns are key drivers of the next generation blowing agents’ market. Additionally, the technical complexity involved in the shift from one blowing agent technology to another is a potential barrier in itself, and the complexity of interrelated technical, commercial, and legislative problems which need to be addressed may create additional limitations.
Opportunity: Innovations in performance advancements and eco-friendly blowing agents
The demand for environmentally friendly blowing agents has rapidly increased in the past few years and is expected to remain the same in the future. The major reason behind this increase in the global demand for eco-friendly blowing agents is owing to the amendments in the rules and regulations concerning this market. The environmental regulations & restrictions such as EU F-Gas Initiatives (GWP<150), Kigali agreement, and Kyoto Protocol (5% reductions in GHG emission) plays an important role in the market development of blowing agent at a global level. The growing demand for environmentally friendly solutions is pushing the development of bio-based blowing agents derived from sources such as vegetable oils, plant starches, and organic acids. These have a lesser environmental effect and promote circular economic ideas. High-performance blowing agents, such as HFC (Hydrofluorocarbon) blowing agents, do not deplete ozone and have a lower Global Warming Potential (GWP) than typical blowing agents, making them more environmentally friendly. Blowing agents are being designed with additional features beyond gas expansion, such as flame retardancy, enhanced thermal insulation, and antibacterial qualities. This adds value to the finished foam product. Incorporating nanoparticles into foam compositions can improve mechanical strength, fire resistance, and other qualities, bringing up new uses in fields including aerospace and transportation. Increasing demand for high-performance foams in areas like medical devices, electronics, and filtration is creating niches for specialized blowing agents with tailored properties.
Challenge: Fluctuation in raw material prices and supply chain disruptions
Price variations and disruptions in the supply chain within the blowing agents market result from diverse factors such as fluctuations in raw material costs, adherence to environmental regulations, and the unpredictability of the global economy. To illustrate, let's examine the scenario of HFO-1234yf, a prevalent hydrofluoroolefin (HFO) blowing agent utilized in polyurethane (PU) foams for insulation and refrigeration purposes. HFO-1234yf is predominantly derived from tetrafluoroethane (R-134a). In 2021, the cost of R-134a surged due to global initiatives aiming to phase out high-GWP refrigerants, leading to heightened demand as a temporary alternative, especially from the air conditioning sector. Hurricane Laura in 2020 briefly halted a major R-134a production facility in the US, exacerbating supply constraints. Consequently, R-134a prices, and subsequently HFO-1234yf, quadrupled in certain regions within a year, significantly impacting polyurethane foam manufacturers. This surge in costs extended to PU foam products like insulation panels and refrigerators, potentially affecting consumer demand. Additionally, trade conflicts and protective trade policies may complicate the sourcing of specific raw materials or finished blowing agents, contributing to price fluctuations and supply shortages. The resulting uncertainty in supply poses challenges for manufacturers in maintaining optimal inventory levels, potentially leading to stockouts or overstocking.
Blowing Agent Market: Ecosystem
Source: Secondary Research, Interviews with Experts, and MarketsandMarkets Analysis
"Polyurethane foam is largest foam type in blowing agent market, in terms of value."
Polyurethane foam is indeed one of the most widely used types of foam in various industries due to its versatility, durability, and excellent insulating properties. It's used in applications such as building insulation, furniture cushioning, automotive interiors, and packaging. Polyurethane foam can be formulated to have a wide range of properties, including different densities, hardness, and flexibility, making it suitable for various applications across industries.
"Based on type, hydrocarbons is the largest blowing agent market in 2023, in terms of value."
Hydrocarbons can be used in various foam applications, including insulation for buildings, refrigeration, packaging, and automotive components. Their versatility allows for a wide range of foam densities, properties, and applications. Hydrocarbons exhibit good blowing efficiency, enabling the production of foams with consistent quality and properties. They can effectively expand foam materials to achieve the desired structure and performance characteristics.
“North America accounted the second largest market for blowing agent in 2023, in terms of value."
The blowing agent market in North America has experienced significant growth in recent years, driven by various factors including increasing demand from end-use industries, regulatory changes, and technological advancements. Stringent energy efficiency regulations and building codes in North America have led to a growing demand for high-performance insulation materials. Blowing agents play a crucial role in enhancing the thermal insulation properties of foam materials used in buildings, thereby contributing to energy savings and compliance with regulations such as ENERGY STAR and LEED certification.
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Key Market Players
The key players in this market are Honeywell International Inc. (US), Solvay (Belgium), Arkema (France), Exxon Mobil Corporation (US), Linde PLC (UK), Daikin Industries Ltd. (Japan), The Chemours Company (US), BASF SE (Germany), HCS Group (Germany), FSI (US), and Harp International Ltd. (UK). Continuous developments in the market—including new product launches, mergers & acquisitions, agreements, and expansions—are expected to help the market grow.
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Report Metric |
Details |
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Years considered for the study |
2020-2029 |
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Base Year |
2023 |
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Forecast period |
2024–2029 |
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Units considered |
Kiloton; Value (USD Million) |
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Segments |
Type, Foam, and Region |
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Regions |
Asia Pacific, North America, Europe, Middle East & Africa, and South America |
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Companies |
Honeywell International Inc. (US), Solvay (Belgium), Arkema (France), Exxon Mobil Corporation (US), Linde PLC (UK), Daikin Industries Ltd. (Japan), The Chemours Company (US), BASF SE (Germany), HCS Group (Germany), FSI (US), and Harp International Ltd. (UK). |
This report categorizes the global blowing agents market based on type, foam, and region.
Based on the type:
- HC
- HFC
- HCFC
- Others
Based on the foam:
- Polyurethane Foam
- Polystyrene Foam
- Phenolic Foam
- Polyolefin Foam
- Others
Based on the region:
- Asia Pacific
- Europe
- North America
- South America
- Middle East & Africa
Recent Developments
- In December 2023, BASF completed its capacity expansion for key specialty amines manufactured at its Geismar, Louisiana site. As a result, BASF will be able to produce more of its key polyetheramines and amine catalysts marketed under the Baxxodur and Lupragen brands. Blowing agents falls under Lupragen products.
- In November 2023, The Chemours Company announced it is expanding production of Chemours HFC-152a by approximately 20 percent. HFC-152a is a versatile, low GWP, non-VOC, aerosol propellant and foam blowing agent used in a wide range of personal care, household, industrial, and construction applications.
Frequently Asked Questions (FAQ):
What are the factors influencing the growth of the blowing agent market?
The growth of this market can be attributed to increasing demand from end-use industries, regulatory environment, and technological advancements.
Which are the key sectors driving the blowing agent market?
The sectors driving the demand for blowing agent are construction, automotive, packaging and refrigeration industry.
Who are the major manufacturers?
Major manufacturers include Honeywell International Inc. (US), Solvay (Belgium), Arkema (France), Exxon Mobil Corporation (US), Linde PLC (UK), Daikin Industries Ltd. (Japan), The Chemours Company (US), BASF SE (Germany), HCS Group (Germany), FSI (US), and Harp International Ltd. (UK), among others.
What is the biggest restraint for blowing agent?
The biggest restraint can be frequent changes in the choice of blowing agents due to environment regulations.
How is recession impact affecting the overall blowing agent market?
The recession impact is majorly affecting the developed regions like North America and Europe whereas developing regions like Asia Pacific are largely unimpacted. .
What will be the growth prospects of the blowing agent market?
Increasing demand for blowing agent from various end-use industries and growing awareness. .
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The study involved four major activities in estimating the market size of the blowing agents market. Exhaustive secondary research was done to collect information on the market, the peer market, and the grandparent market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter, the market breakdown and data triangulation procedures were used to estimate the market size of the segments and subsegments.
Secondary Research
In the secondary research process, various secondary sources have been referred to for identifying and collecting information for this study. These secondary sources include annual reports, press releases, investor presentations of companies, white papers, certified publications, trade directories, articles from recognized authors, gold standard and silver standard websites, and databases. Secondary research has been used to obtain key information about the value chain of the industry, monetary chain of the market, the total pool of key players, market classification and segmentation according to industry trends to the bottom-most level, and regional markets. It was also used to obtain information about the key developments from a market-oriented perspective.
Primary Research
The blowing agents market comprises several stakeholders in the value chain, which include manufacturers, and end users. Various primary sources from the supply and demand sides of the blowing agents market have been interviewed to obtain qualitative and quantitative information. The primary interviewees from the demand side include key opinion leaders in hygiene sectors. The primary sources from the supply side include manufacturers, associations, and institutions involved in the blowing agents industry. Primary interviews were conducted to gather insights such as market statistics, data of revenue collected from the products and services, market breakdowns, market size estimations, market forecasting, and data triangulation. Primary research also helped in understanding the various trends related to type, foam, and region. Stakeholders from the demand side, such as CIOs, CTOs, and CSOs were interviewed to understand the buyer’s perspective on the suppliers, products, component providers, and their current usage of blowing agents and outlook of their business, which will affect the overall market.
The breakdown of profiles of the primary interviewees is illustrated in the figure below:
Note: Tier 1, Tier 2, and Tier 3 companies are classified based on their market revenue in 2022 available in the public domain, product portfolios, and geographical presence.
Other designations include consultants and sales, marketing, and procurement managers.
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Market Size Estimation
The top-down and bottom-up approaches have been used to estimate and validate the size of the blowing agents market.
- The key players in the industry have been identified through extensive secondary research.
- The supply chain of the industry has been determined through primary and secondary research.
- All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.
- All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to obtain the final quantitative and qualitative data.
- The research includes the study of reports, reviews, and newsletters of the key market players, along with extensive interviews for opinions with leaders such as directors and marketing executives.
Top - Down Approach-
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Bottom - Up Approach-
Data Triangulation
After arriving at the total market size from the estimation process, the overall market has been split into several segments and sub-segments. To complete the overall market engineering process and arrive at the exact statistics for all the segments and sub-segments, the data triangulation and market breakdown procedures have been employed, wherever applicable. The data has been triangulated by studying various factors and trends from both the demand and supply sides. Along with this, the market size has been validated by using both the top-down and bottom-up approaches and primary interviews. Hence, for every data segment, there have been three sources—top-down approach, bottom-up approach, and expert interviews. The data was assumed correct when the values arrived from the three sources matched.
Market Definition
Blowing agents are substances used in the manufacturing process of foam materials to create bubbles or cells within the material. These bubbles or cells contribute to the lightweight and insulating properties of foam materials. Blowing agents can be introduced into the foam material in various forms, such as gases, liquids, or chemical compounds, depending on the specific manufacturing process and desired properties of the foam. The choice of blowing agent depends on factors such as the type of foam material being produced, desired foam density, thermal insulation properties, environmental considerations, and regulatory requirements. Common types of blowing agents include hydrocarbons, hydrofluorocarbons (HFCs), hydrochlorofluorocarbons (HCFCs), carbon dioxide (CO2), water, and various chemical compounds.
Key Stakeholders
- Senior Management
- End User
- Finance/Procurement Department
- R&D Department
- Manufacturers
- Raw Material Suppliers
Report Objectives
- To define, describe, and forecast the size of the blowing agents market, in terms of value and volume.
- To provide detailed information regarding the major factors (drivers, opportunities, restraints, and challenges) influencing the growth of the market
- To estimate and forecast the market size based on type, foam, and region.
- To forecast the size of the market with respect to major regions, namely, Europe, North America, Asia Pacific, Middle East & Africa, and South America, along with their key countries
- To strategically analyze micro-markets with respect to individual growth trends, prospects, and their contribution to the overall market
- To analyze opportunities in the market for stakeholders and provide a competitive landscape of market leaders.
- To track and analyze recent developments such as expansions, new product launches, partnerships & agreements, and acquisitions in the market.
- To strategically profile key market players and comprehensively analyze their core competencies.
Available Customizations
Along with the given market data, MarketsandMarkets offers customizations according to the company’s specific needs. The following customization options are available for the report:
Regional Analysis
- Further breakdown of a region with respect to a particular country or additional application
Company Information
- Detailed analysis and profiles of additional market players
Tariff & Regulations
- Regulations and Impact on Blowing Agents Market
Generating Response ...
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