DUBLIN--(BUSINESS WIRE)--The "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 2026" report has been added to ResearchAndMarkets.com's offering.
The blowing agent market size is estimated to be USD 1.5 billion in 2019 and is projected to reach USD 2.2 billion by 2026, at a CAGR of 5.8%.
The increasing polymeric foam application in industries such as packaging, automotive, building & construction, marine, transportation, appliances, bedding & furniture, and packaging industry is expected to drive the blowing agent market.
Further, the increasing blowing agent usage in developing economies, mainly in the construction industry, is expected to boost the blowing agent consumption. The construction sector is a major consumer of PIR/ PUR board, XPS board, and sandwich panels, which majorly uses polyurethane foams. The increasing infrastructure spending is expected to drive the growth of this market. However, the frequent shifts in blowing agent technologies owing to rising environmental concerns and frequent amendments to rules & regulations along with high shifting cost will act as a restrain for the market.
HC is the fastest-growing segment of the blowing agent
HC was the most widely consumed type of blowing agent globally in 2018 in terms of value and volume. The huge consumption of hydrocarbon-based polyolefin and extruded polystyrene foams in applications such as packaging, refrigerator, and continuous panels are expected to drive the market for blowing agents during the forecast period. Further, the improved thermal efficiency of hydrocarbon foams due to technological advancement will also support its growth in the future.
Polyurethane Foam (PU) is the largest application of blowing agents in by foam segment
Polyurethane foam (PU) was the largest application of blowing agent in terms of value and volume in 2018. Polyurethane foam (PU) is majorly used in varied application industries owing to its low density, mechanical strength, and resilience properties. The considerable demand for polyurethane foam (PU) from industries such as furniture cushioning, packaging, automotive, footwear, and household appliances are expected to drive its market in the future. Polyurethane foams are available in three types, i.e., flexible, rigid, and semi-rigid forms.
APAC is the largest as well as the fastest-growing market for blowing agents
APAC is the largest as well as the fastest-growing market for blowing agents in 2018 in terms of value and volume. The largest market share in 2018 and the highest growth during the forecast period is attributed to the presence of developing markets such as China as well as emerging economies such as India, South Korea, and Indonesia.
APAC is one of the prominent construction markets and is expected to grow at a rapid pace in the coming years, with India expected to become a new global hub for construction in the emerging markets, growing almost twice as fast as China. Therefore, due to the steady growth of the construction industry, the region is expected to have a heavy demand for different types of foams, which will further drive the blowing agent market in the region.
In addition, the shifting preference towards low GWP and ODP more environment-friendly blowing agents with the planned phase-out HFCs will further drive the blowing agent demand in the region.
- High Growth in Global Polymeric Foams Market
- Growing Chinese Market
- Increasing Use of Blowing Agents in Construction, Automotive and Appliances Industry
- Frequent Changes in the Choice of Blowing Agents With Respect to Environmental Regulations
- High Cost of Shifting Technology
- Increasing Demand for Environment-Friendly Blowing Agents
- Phase Down of HFCS
- Montreal Protocol (MP)
- Kyoto Protocol
- U.S. Environment Protection Agency (EPA) - Snap Program
- Arkema S.A.
- Daikin Industries, Ltd.
- E.I. Dupont De Nemours & Company
- Exxon Mobil Corporation
- Foam Supplies, Inc.
- Haltermann GmbH
- Harp International Ltd.
- Honeywell International Inc.
- Linde AG
- Solvay SA
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