Global Foam Blowing Agents Market Report, published by Variant Market Research, forecast that the global market is expected to reach $1,109 Million by 2024, growing at a CAGR of 5.7% from 2016 to 2024. By geography, Rest of the World and Asia-Pacific are expected to grow at a CAGR of 9.5% and 6.2%, respectively, during the forecast period.
A foam blowing agent is a material which is able to produce a cellular structure through foaming process in various materials, which goes through hardening or phase transition, such as plastics, polymers, and metals. A foam blowing agent is a key ingredient in foam insulation. They are generally applied when the blown-material is in liquid stage. Its well-known property is that it could expand 30 times more to its original volume, owing to helping in filling cracks and crevices that could prevent water and gas infiltration. Various advantages such as, durability, structural strength, water resistant, and excellent thermal properties would pose an attractive blowing agents market trend.
"Foam Blowing Agents (By Product: Hydrofluorocarbon, Hydrochlorofluorocarbons, Hydrocarbons, and Other Products; By Application: Polyurethane Foam, Polyolefin Foam, Polystyrene Foam, Phenolic Foam, and Other Applications; By Geography: North America, Europe, Asia-Pacific, and RoW) Global Scenario, Market Size, Outlook, Trend And Forecast, 2015 – 2024"
Upsurge in demand for polyolefins, polyurethane foam, and natural foam blowing agents drives the global foam blowing agents.
Upsurge in demand for polyolefins, polyurethane foam, and natural foam blowing agents are the major factors to drive the global foam blowing market. Improvement of zero ODP & low GWP blowing agents, and augmented efficiency of this agents have also supported the growth of the market. However, action against harmful agents obliged by government and other organizations in different regions are the major hindrance for the market growth. Furthermore, growing applications of polymer foams in automotive & construction sectors are likely to gain significant impetus for the market in the forecast period.
Foam Blowing Agents Market, by Application
Type, application, and geography are the major segments considered in the global foam blowing agents market. The product segment is bifurcated into hydrofluorocarbons, hydrochlorofluorocarbons, hydrocarbons, and others products. The segmentation by application includes polyurethane foam, polyolefins foam, polystyrene foam, phenolic foam, and other applications. By geography, the market is segmented into North America, Europe, Asia-Pacific, and Rest of the World (RoW).
Hydrocarbons (HCS) dominated the product type segment
In 2016, hydrocarbons accounted for the majority of the total market share in product segment and is expected to continue its trend during the forecast period i.e. 2016 – 2024. The high growth is attributed owing to their widespread usage in blowing agents, having a drop-in replacement for HCFC they are currently used as a substitute for HCFCS, and also it has a low ODP.
Polyurethane foam held the largest share in application segment
Polyurethane dominated the application segment with largest share in 2016, owing to their extensive application in several end-use industries that are automotive, electronics, marine, appliances, and furnishing among others. Other applications of polyurethane includes insulation for cushioning purposes.
GLOBAL FOAM BLOWING AGENTS MARKET SHARE BY GEOGRAPHY, 2016 (%)
Asia-Pacific accounted the major market share in the global foam blowing agents market
Asia-Pacific generated the highest revenue with around half of the total market share in 2016, and is expected to continue its dominance throughout the forecast period 2016 – 2024. The growth is seen due to rapid economic development, increasing population, and demand for foam blowing agents in end-use industries in countries such as India, China, and Japan.
On 3rd November, SRF Limited plans to acquire HFC125 products manufacturing process of Mexichem S.A.B de C.V. a UK company. This acquisition includes all resources and related technical know-how for the refrigerant, which along with R32, is a major component of R410A. The key players in the market are Honeywell International Inc., E.I. du Pont de Nemours & Company, SRF Limited, Daikin Industries, Ltd., Sinochem Group, Harp International Ltd., Exxon Mobil Corporation, ZEON Corporation, Haltermann GmbH, and Solvay S.A., among others.