CHICAGO, April 19,
2024 /PRNewswire/ -- The
report "Blowing Agent Market by
Chemistry, Foaming Process, Type (Hydrochlorofluorocarbons (HCFC),
Hydrofluorocarbons (HFCS), Hydrocarbons (HCS)), Foam (Polystyrene
Foam, Phenolic Foam, Polyolefin Foam), and Region - Global Forecast
to 2029", is projected to reach USD 2.3
billion by 2029, at a CAGR of 5.5% from USD 1.8 billion in 2024.
The Blowing agent market is driven by increasing demand in
various end-use industries and high growth in the global polymeric
foams market. Regulations requiring blowing agents with lower
global warming potential (GWP) and ozone depletion potential (ODP)
have also led to the use of more environmentally friendly agents
like hydrofluoroolefins (HFOs) and hydrocarbons.
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"Polyolefin foam is projected to be the fastest growing foam
type of blowing agent, in terms of value, during the forecast
period."
Polyolefin foam, such as polyethylene (PE) and polypropylene
(PP) foam, is experiencing rapid growth as a blowing agent.
Polyolefin foams are lightweight and versatile materials that offer
excellent cushioning, insulation, and buoyancy properties. They can
be easily molded or fabricated into various shapes and sizes,
making them suitable for a wide range of applications across
industries such as packaging, automotive, construction, and sports
equipment.
"Hydrocarbons is the largest type of the blowing agent, in
terms of value."
Hydrocarbons, such as pentanes and cyclopentane, have low global
warming potential (GWP) and zero ozone depletion potential (ODP).
With increasing environmental concerns and regulations targeting
substances with high GWPs and ODPs, hydrocarbons have become
popular as environmentally friendly blowing agents. Many countries
have implemented regulations to phase out or restrict the use of
blowing agents with high GWPs and ODPs, such as
hydrochlorofluorocarbons (HCFCs) and certain hydrofluorocarbons
(HFCs). This has led to a shift towards alternative blowing agents
like hydrocarbons to comply with these regulations, such as the
Montreal Protocol and the Kigali Amendment.
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"Asia Pacific captures the
largest share in the blowing agent market during the forecast
period, in terms of value."
Asia Pacific has experienced
significant industrialization and urbanization over the past few
decades, leading to increased demand for various industrial and
construction materials, including blowing agents. The region's
booming manufacturing sectors, particularly in countries like
China, India, Japan,
and South Korea, have driven the
demand for blowing agents in applications such as foam insulation,
packaging, automotive, and construction. The region's economic
expansion is also a significant contributor to the expansion of the
global blowing agent market.
Mergers, new product launches and expansions are the major
growth strategies adopted by the key players in the market. The key
global players in the blowing agents market include Honeywell
International Inc. (US), Solvay (Belgium), Arkema (France), Exxon Mobil Corporation (US), Linde
PLC (UK), Daikin Industries Ltd. (Japan), The Chemours Company (US), BASF SE
(Germany), HCS Group (Germany), FSI (US), and Harp International
Ltd. (UK).
Browse Adjacent Market: Specialty Chemicals Market
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