According to the new market research report “Blowing Agent Market by Type (HC, HFC, HCFC), by Foam (Polyurethane Foam, Polystyrene Foam, Phenolic Foam, Polyolefin Foam), and Region (APAC, North America, Europe, Middle East & Africa, South America) – Global Forecast To 2025“, The blowing agent market size is projected to grow from an estimated value of USD 1.1 billion in 2020 to USD 1.6 billion by 2025, at a CAGR of 9.5% during the forecast period.
The growing application of polymeric foams at a global level in industries such as construction, packaging, automotive, electronics, and footwear to drive the market demand for blowing agents. Further, the increasing demand for blowing agents from developing economies of the world owing to the growth of different application industries as well as the shift from high ODP and GWP blowing agents towards more eco-friendly ones will additionally boost the blowing agents market in future.
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HC is expected to be the most significant type of blowing agent used globally in terms of volume. HC blowing agent is widely used in varied foam applications owing to its low ODP and GWP properties. The growth of the HC blowing agent is supported by the increasing usage of oxygenated hydrocarbons, such as methyl formate, in integral skin and polystyrene foams applications. The growing demand for vacuum panels in combination with hydrocarbon blown foams to increase energy efficiency in the appliances industry, which increases the consumption of HC blowing agents.
Polyolefin foam is projected to be the fastest-growing market for blowing agent during the forecast period. Polyolefin foams are considered as a high-performance packaging material, mainly when used for the packaging of delicate, high-value equipment, owing to its added resilience. Thus, the growth of the global packaging industry is expected to drive the demand for such foams, which, in turn, will drive the blowing agents market. Further, the high usage of HFC blowing agents for manufacturing polyolefin foams is supporting the growth of this market.
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The global blowing agent market size is estimated at USD 1.1 billion in 2020 and is projected to reach USD 1.6 billion by 2025, at a CAGR of 9.5%, between 2020 and 2025. Blowing agents are defined as a chemical substance capable of producing pores or cells in polymeric compositions. They are used widely in generating the gas to expand rubber, plastics, and ceramics to create foams. They are highly utilized materials for manufacturing different types of polymeric foams to achieve specific properties and enhancing the nature of polymer parts.
The key players in the blowing agents market are Honeywell International Inc. (US), Solvay SA (Belgium), Arkema SA (France), Exxon Mobil Corporation (US), Linde plc (UK), Daikin Industries, Ltd. (Japan), The Chemours Company (US), Haltermann Carless (Germany), Foam Supplies, Inc. (US), Harp International Ltd. (UK). The blowing agent market report analyzes the key growth strategies adopted by the leading market players, between 2014 and 2020, which include expansions, merger & acquisition, new product developments, and collaborations.
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Honeywell International Inc. (US) is one of the major players in the blowing agent market. The company is operating in the low GWP blowing agent market along with the continuous transition from the production of CFC’s to HCFC’s to HFC’s to HFO’s over the years with the on-going phase-out of existing blowing agents. The company offers its products through four operating segments, namely, aerospace, building technologies, performance materials and technologies, and safety and productivity solutions. The company has its R&D facilities in the US, Europe, India, and China. The company has a global presence at 991 locations, of which 252 are manufacturing sites.
Solvay SA (Belgium) is one of the leading players in the blowing agent market. The company engages in the manufacturing and sale of chemical and plastic products. It functions through three business segments – advanced formulations, advanced materials, and performance chemicals. The company offers HCFC and HFC blowing agents through its special chemical division under the advanced materials business segment. The company has 125 sites and presence in 62 locations across the globe with 21 major R&D centers.
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