CHICAGO, July 2, 2020 /PRNewswire/ -- 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", published by MarketsandMarkets™, 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.
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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.
HC segment is estimated to dominate the overall blowing agent market.
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.
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Polyolefin foam is projected to be the fastest-growing market for blowing agent, by foam, during the forecast period.
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.
APAC is estimated to be the largest blowing agent market during the forecast period.
APAC is projected to be the largest blowing agent market during the forecast period. The growing construction, automotive, footwear, and manufacturing industries are the major factors driving the growth of blowing agents in the region. The region's rapid economic development, increased standard of living, rising per capita income are the factors driving the growth of the industries mentioned above. Also, the increasing usage of eco-friendly blowing agents, along with the consumption of HFCs and HCFCs, will drive the blowing agent market in the region.
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) are the major players in the blowing agent market.
Polyurethane Foam Market by Type (Flexible, Rigid, Spray Foam), End User (Bedding & Furniture, Building & Construction, Electronics, Automotive, Footwear, Packaging), and Region (Asia Pacific, Europe, North America) - Global Forecast to 2023
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