Blowing Agent Market to Witness Stunted Growth Amid Global COVID-19 outbreak, Reveals MarketsandMarkets™

The blowing agent market size is projected to grow from USD 1.1 billion in 2020 to USD 1.6 billion by 2025, at a CAGR of 9.5%. The increasing foam demand from industries such as construction, automotive, and electronics drives the global blowing agent demand. A blowing agent is used as an essential raw material or as a catalyst in foam formation. Also, the increasing preference for environment-friendly blowing agents with the phase-out of HCFCs and planned phase-out of HFCs, as suggested by Montreal Protocol, Kigali agreement, and Kyoto Protocol, will further drive the blowing agent market in coming years.

Based on type, the blowing agent market is segmented into HC, HFC, HCFC, and others (HFO, inert gases, and methyl formate). HC is estimated to be the fastest-growing market for blowing agents during the forecast period in terms of value and volume. The significant factor supporting the fast growth of HC blowing agents is its cost-effectiveness and rapid transition of blowing agent users based in developed regions such as Europe and Japan after the regulatory stance on HCFC blowing agents. The major types of HC blowing agents available in the industry are cyclopentane, n-pentane, iso-pentane, isobutane, and n-butane. Further, the primary consumers of HC blowing agents include rigid insulating foams and extruded polystyrene foams.

Based on by foam segment, the blowing agent market is segmented into polyurethane foam (PU), polystyrene foam (PS), phenolic foam, polyolefin foam, and others (metal foams, inorganic foams, and biodegradable foams). Polyolefin foam is expected to register the fastest growth rate in the blowing agent market during the forecast period. The increasing global construction and packaging industries are expected to drive the demand for polyolefin foams, which in turn will boost the blowing agent consumption. Polyolefin foams are a material of choice for these industries owing to its high resilience property.

The blowing agent market in APAC is projected to register the highest CAGR between 2020 and 2025. The region is expected to witness substantial demand for blowing agents during the forecast period owing to the rapid growth of the construction, automotive, packaging, and electronics industries. However, the construction industry is the major consumer of blowing agents, among others. A rapid increase in tourism, healthcare awareness, and retail and commercial construction are some of the significant factors contributing to the growth of the construction industry in the APAC 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.
read more..