Blowing Agent Market Industry Trends, Share, Growth Analysis by MarketsandMarkets™
A blowing agent is a substance used in the manufacture of foam and plastic products. It is added to a polymer or resin and then heated, causing the blowing agent to expand and create bubbles inside the material. The resulting foam or plastic is lighter, stronger, and more resistant to heat and chemicals. Blowing agents are used in a variety of industries, including automotive, aerospace, building, and packaging.
The global demand for blowing agents is projected to grow steadily over the next decade, driven by increasing demand for foam insulation and plastic products. Demand is expected to be especially strong in the automotive, packaging, and building industries, where foam insulation and plastic products are increasingly being used for their energy-saving and durability characteristics. Additionally, the growing demand for sustainable and recyclable products is driving demand for blowing agents with high biodegradability and recyclability.
The blowing agent market size is projected to grow from an estimated value of USD 1.4 billion in 2021 to USD 1.9 billion by 2026, at a CAGR of 6.5% during the forecast period. The growth of this market is attributed to the increasing demand for blowing agents from various end-use industries, such as building & construction, packaging, and automotive. Moreover, the growing demand for lightweight materials with improved properties is expected to drive the growth of the blowing agent market.
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Blowing agents are widely used in the production of polyurethane foam and other foam materials. They are used to generate gases, which increase the volume of the foam and make it light and porous. The blowing agents market is divided into two segments—chemical blowing agents and physical blowing agents. Chemical blowing agents are widely used in the production of various foam materials due to their low cost and ease of use. In addition, physical blowing agents are used in the production of high-performance foam materials due to their excellent properties.
HC segment is estimated to dominate the overall blowing agent market.
In terms of volume, HC is anticipated to be the most prevalent type of blowing agent used globally. Due to its low ODP and GWP characteristics, HC blowing agent is frequently employed in a variety of foam applications. The growing use of oxygenated hydrocarbons, including methyl formate, in applications for integrated skin and polystyrene foams is contributing to the expansion of the HC blowing agent. The appliance industry is seeing an improvement in energy efficiency thanks to the increased need for vacuum panels combined with hydrocarbon-blown foams, which raises the need for HC-blowing agents.
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Polyolefin foam is projected to be the fastest-growing market for blowing agents, by foam, during the forecast period.
Polyolefin foam is a lightweight and resilient material that offers excellent thermal insulation, sound absorption, and cushioning properties. It has become a preferred choice in the construction and packaging industries due to its superior performance and environmental friendliness. The increasing demand for polyolefin foam in insulation, automotive, and packaging applications, along with its better insulating properties than traditional materials, is expected to drive the market for blowing agents, by foam, during the forecast period. The growing demand for energy-saving products and the increasing use of polyolefin foam for insulation in automotive and construction applications are expected to fuel the growth of the market for blowing agents, by foam, during the forecast period.
Asia Pacific is estimated to be the largest blowing agent market during the forecast period.
The Asia Pacific region is projected to be the fastest-growing market for blowing agents during the forecast period. The increasing demand for lightweight and energy-efficient insulation materials, particularly in the construction, automotive, packaging, and refrigeration industries, is driving the market in this region. Moreover, the increasing demand for polyurethane foam and the rising disposable income in countries such as China, India, South Korea, and Japan, are also driving the market in the region. Furthermore, the increasing demand for advanced insulation materials in the home appliance industry, especially in India and China, is driving the market. Additionally, the presence of several leading players in the region is further aiding the market growth.
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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.
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