Blowing Agent Market 2024 – Market Size & Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Forecast 2034
Page: 215 | Report Code: MC240510 | Research Suite: Report (PDF) & Market Data (Excel)
A blowing agent is a substance that is used in the manufacturing of foam-based goods to create gas bubbles in a polymer matrix, which causes a foam structure to develop. Blowing agents are used to give foam certain qualities, such as increased structural integrity, cushioning capacity, lightweight qualities, and thermal insulation. These agents are essential to the building, automotive, packaging, and furniture sectors, as foams are widely used in these fields for a variety of purposes.
Chemical blowing agents are
materials that break down at specific temperatures, releasing gases that cause
bubbles to form inside the polymer, including carbon dioxide, nitrogen, or
water vapor. Conversely, gases that dissolve in the polymer under pressure and
expand upon release of pressure are known as physical blowing agents.
Blowing Agent Market
Global estimates for the blowing agent market point to a huge expansion; by 2034, the market is expected to be valued at USD 5,885.4 million, a major rise from the projected USD 3,225.0 million in 2023. Between 2024 and 2034, this growth trajectory is anticipated to sustain a strong compound annual growth rate (CAGR) of about 6.2%. Technological developments, rising demand from a variety of sectors, and an emphasis on environmental laws encouraging low-global warming potential (GWP) solutions are driving the blowing agent market.
The manufacture of some physical blowing agents is
hampered by government laws that target ozone-depleting substances (ODS), such
as hydro chlorofluorocarbons (HCFCs) and chlorofluorocarbons (CFCs). Future
possibilities will arise from the growing demand for blowing agents with low
global warming potential (GWP) and zero ozone depletion potential (ODP). The
International Organization of Motor Vehicle Manufacturers reports that
Australia produced 14% more cars in 2021 than it did the year before. In
addition to the automotive business, the blowing agents market is expanding due
to significant improvements in the building construction, and aerospace
industries.
Blowing Agent Market Growth Drivers:
Growing demand from important sectors including
construction, automotive, packaging, and appliances is driving the blowing
agent market. In these industries, blowing agents are necessary for uses such
as foam manufacturing, insulation, and lightweight materials. The need for
blowing agents keeps growing as these sectors develop and flourish.
The use of blowing agents with low global warming
potential (GWP) and zero ozone-depleting potential (ODP) is driven by strict
environmental rules that aim to reduce greenhouse gas emissions and
ozone-depleting substances (ODS). Market expansion is promoted by regulatory
compliance, which pushes producers to create and employ ecologically beneficial
blowing agents.
New developments in blowing agent technology
result in products that are more effective, efficient, and environmentally
friendly. Technological advancements in chemical compositions and production
techniques allow blowing agents to be produced with minimal negative
environmental effects while yet fulfilling performance specifications. Increasing
application options and raising product quality, promotes market growth.
The blowing agent market is growing due in large
part to growth in emerging regions, especially in Latin America and
Asia-Pacific. In these areas, blowing agent consumption has increased due to
rapid industrialization, infrastructural development, and rising consumer
demand for durable products.
Blowing Agent Market Segmentation:
·
By Product Type: Hydrofluorocarbons (HFCs), Hydrofluoroolefins (HFOs), Hydro
chlorofluorocarbons (HCFCs), Hydrocarbons (HCs), Other Product Types
·
By Foam Type: Polystyrene Foam, Polypropylene Foam, Polyurethane Foam, Phenolic Foam, Polyethylene
Foam, Other Foam Types
·
By Application: Automotive, Appliances, Building & Construction, Packaging, Bedding
& Furniture, Other Applications
·
By End-User: Residential, Industrial, Commercial, Other End-User
·
By Region: North America, Europe, Asia-Pacific, Latin America, Middle East &
Africa
Blowing Agent Market Product Type Segment Review
With an XX.X% market share in 2023, hydrocarbons
(HCs) are preferred over other chemical blowing agents such as CFCs and HCFCs
due to their lower environmental effect. With a reduced GWP and no ODP,
hydrofluorocarbons, or HFCs, have become popular as HCFC substitutes. Foam
applications such as building, packaging, and insulation all make extensive use
of HFCs. The ultra-low GWP and low toxicity of hydrofluoroolefins (HFOs), a
more recent family of foam-blowing agents, have drawn attention.
Blowing Agent Market Foam Type Segment Review
Polyurethane foam is a multipurpose foam kind that
finds widespread application in the insulation, building, furniture,
automotive, and packaging sectors. In 2023, it held the largest market share
with XX.X%. Phenolic foam is widely used in the HVAC (heating, ventilation, and
air conditioning) and construction sectors because of its exceptional fire
resistance. The demand for products from the phenolic foam manufacturing
industry is driven by the necessity for thermal and fire-safe insulation
materials. Polyolefin foams, such as polyethylene (PE) and polypropylene (PP)
foams, are used in building, packaging, and automobile parts.
Blowing Agent Market Application Segment Review
Foam-blowing agents are widely utilized in wall,
roof, and floor insulation materials, offering thermal insulation and energy
efficiency to the building and construction industry. The market for products
in this sector is driven by the growing emphasis on energy efficiency and
sustainable building techniques. Blowing agents are used in the insulation of
appliances, such as air conditioning units, freezers, water heaters, and
refrigerators. Making cozy beds, couches, and upholstery is a key application
area for the bedding and furniture industries. The increasing need from
consumers for sturdy and cozy furniture supports the segment's product sales.
Blowing Agent Market End-User Segment Review
Blowing agents are mostly used in the industrial
sector for production, packing, and insulation. Insulation materials for
factories, warehouses, and industrial equipment are used in industrial
applications to improve temperature control and energy efficiency. In the
commercial sector, blowing agents are applied for diverse purposes in office
buildings, retail areas, and public amenities. To achieve thermal efficiency
and comfort in commercial construction, blowing agents are utilized in the
manufacturing of insulating materials. Blown agents provide cushioning and
comfort to foam-based products including beds, mattresses, and furniture in
household settings.
Blowing Agent Market Regional Synopsis:
Tight environmental rules that prioritize lowering
greenhouse gas emissions and ozone-depleting compounds have led to a
significant demand for blowing agents in the construction, automotive, and
packaging sectors in North America. Low-global warming potential (GWP) blowing
agents are more popular because of the current regulatory environment. With
significant expenditures in R&D aimed at creating environmentally
sustainable foam-based material compositions, technological innovation is a
major driver. In insulation and automotive applications, polyurethane foams
dominate the industry, demonstrating the region's dedication to both
performance and energy economy.
In response to stringent environmental laws,
Europe has taken the lead in sustainable blowing agent techniques by focusing
on low-GWP and bio-based alternatives. The market's trends and the uptake of
environmentally friendly blowing agents are shaped by the significant
regulatory environment. To adapt to changing legislation and consumer demands,
European firms place a high priority on technical innovation. Because of a
dedication to energy efficiency and climate action, the European market is
witnessing an increasing demand for insulating materials in the automotive and
construction industries.
Significant market expansion for blowing agents is
being driven by the fast industrialization of the Asia Pacific region,
particularly in the building and automotive industries. The market is expanding
due in large part to the growth of emerging economies such as China and India,
where the need for foam-based materials is increased by growing automobile
manufacturing and major infrastructure projects. China's automotive output grew
by 3% in 2021, but India's had a notable 30% growth in production, according to
the International Organization of Motor Vehicle Manufacturers. Blowing agents
are becoming more and more in demand because of the building construction and
automobile industries fast growth.
Growth in the building and automotive sectors is
supporting the blowing agent market in Latin America; however, country-specific
regulatory barriers impact market dynamics and blowing agent usage. Market
expansion is fueled by infrastructure expenditures and economic growth, and
consumer preferences for sustainability are reflected in the noteworthy demand
for affordable, environmentally friendly solutions.
Demand for blowing agents, notably for insulating
materials in the building and automotive industries, is mostly driven by
infrastructure expansion in the Middle East and Africa. Amid a construction
boom that drives demand for lightweight materials in building and automotive
applications, the regulatory landscape is developing to prioritize
sustainability and environmental laws, supporting market development.
Blowing Agent Market Key Challenges:
The blowing agent sector is subject to constantly
changing environmental rules that are designed to minimize greenhouse gas
emissions and compounds that deplete the ozone layer (ODS). Manufacturers have
hurdles due to regulatory limits on high-GWP and ozone-depleting blowing
agents, such as hydro chlorofluorocarbons (HCFCs) and chlorofluorocarbons
(CFCs). The need for novel and environmentally friendly blowing agent solutions
is rising due to the push for low-GWP and zero-ODP substitutes.
Technology can make it difficult to create novel
blowing agent compositions that satisfy strict regulatory criteria and uphold
performance standards. It is sometimes necessary to make large expenditures in
infrastructure and technology as part of research and development efforts to
produce environmentally friendly blowing agents. It becomes more difficult to
develop and implement novel blowing agent technologies when cost-effectiveness
and environmental factors are balanced.
Adaptable blowing agent solutions are needed to
satisfy a variety of end-user demands in sectors including appliances, automobiles,
packaging, and construction. Customizing blowing agents for a given application
can be difficult since different applications have different performance
requirements. The blowing agent market's stability and expansion may also be
impacted by shifting demand from important sectors as a result of external
economic factors or industry movements.
Blowing Agent Market Key Global Players:
The competitive landscape of the blowing agent market
is shaped by several factors, including:
·
Environmental restrictions aimed at
lowering greenhouse gas emissions, ozone depletion, and chemical safety impact
the blowing agent business and encourage the use of low-global warming
potential (GWP) and ozone-friendly blowing agents. Market positioning and
product development strategies are guided by adherence to these laws.
·
Constant improvements in blowing
agent technologies as the creation of sustainable or bio-based substitutes are
essential for raising market competitiveness. Businesses that spend money on
R&D to produce cutting-edge, high-performing blowing agents have a major
competitive advantage.
·
A landscape affected by industry
consolidation through mergers and acquisitions, which also affects market
competitiveness and concentration, could be avoided by organizations by keeping
an eye on rival strategies, such as product offers, price, and market
positioning.
·
Companies with a strong reputation
for dependability, quality, and customer service have an advantage in acquiring
and holding onto market share. Strong brand reputation and customer connections
also play a role in market leadership. To take advantage of expanding markets
and adapt to local dynamics, businesses must expand into new areas and build
strong distribution networks to increase their market reach and
competitiveness.
Numerous players are vying for market share and
investing in new technologies and product development to stay ahead of the
curve in the market. Several key global players in the blowing agent market
include:
·
Honeywell International, Inc.
·
Arkema S.A.
·
The Chemours Company
·
ExxonMobil Corporation
·
Daikin Industries, Ltd.
·
Lanxess AG
·
Linde plc
·
BASF SE
·
Huntsman Corporation
·
Nouryon
·
Foam Supplies Inc.
·
Other Players
The report on the blowing agent market covers the following aspects:
·
Market Overview: A general overview
of the global blowing agent market, including its current size and growth
projections for the future.
·
Market Segmentation: A market
breakdown by product type, foam type, application, end-user, and geographic
region.
·
Market Dynamics: An analysis of the
key drivers, challenges, and trends affecting the growth of the blowing agent
market.
·
Competitive Landscape: A
comprehensive analysis of the leading players in the blowing agent market,
including their market share, product offerings, and key strategies.
·
Regional Analysis: A detailed
analysis of the blowing agent market by geographic region, including market size,
growth projections, and key trends for each region.
·
Company Profiles: In-depth profiles
of key players in the blowing agent market, including their business overview,
product offerings, financial performance, and recent developments.
· Market Forecast: Projections for the future growth of the blowing agent market, including market size, growth rate, and key trends for the next five to ten years.
Attributes |
Details |
Base Year |
2023 |
Trend Period |
2020 – 2023 |
Forecast Period |
2024 – 2034 |
Pages |
240 |
By Product
Type Segment |
Hydrofluorocarbons
(HFCs), Hydrofluoroolefins (HFOs), Hydrochlorofluorocarbons (HCFCs),
Hydrocarbons (HCs), Other Product Types |
By Foam
Type Segment |
Polystyrene
Foam, Polypropylene Foam, Polyurethane Foam, Phenolic Foam, Polyethylene Foam,
Other Foam Types |
By Application
Segment |
Automotive,
Appliances, Building & Construction, Packaging, Bedding & Furniture,
Other Applications |
By
End-User Segment |
Residential,
Industrial, Commercial, Other End-User |
Company Profiles |
Honeywell International,
Inc., Arkema S.A., The Chemours Company, ExxonMobil Corporation, Daikin
Industries, Ltd., Lanxess AG, Linde plc, BASF SE, Huntsman Corporation,
Nouryon, Foam Supplies Inc., Other Players |
Edition |
4th edition |
Publication |
May 2024 |