Blowing Agent Market to Perceive Substantial Growth During 2021-2026
Blowing Agent Market by Type (HC, HFC, HCFC), Foam (Polyurethane Foam, Polystyrene Foam, Phenolic Foam, Polyolefin Foam), and Region (APAC, North America,Europe
The global blowing agent market size is estimated at USD 1.1 billion in 2020 and is projected to reach USD 1.6 billion by 2025, at a CAGR of 9.5%, between 2020 and 2025. Blowing agents are defined as a chemical substance capable of producing pores or cells in polymeric compositions. They are used widely in generating the gas to expand rubber, plastics, and ceramics to create foams. They are highly utilized materials for manufacturing different types of polymeric foams to achieve specific properties and enhancing the nature of polymer parts.
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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 key players in the blowing agents market are 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). The blowing agent market report analyzes the key growth strategies adopted by the leading market players, between 2014 and 2020, which include expansions, merger & acquisition, new product developments, and collaborations.
Honeywell International Inc. (US) is one of the major players in the blowing agent market. The company is operating in the low GWP blowing agent market along with the continuous transition from the production of CFC’s to HCFC’s to HFC’s to HFO’s over the years with the on-going phase-out of existing blowing agents. The company offers its products through four operating segments, namely, aerospace, building technologies, performance materials and technologies, and safety and productivity solutions. The company has its R&D facilities in the US, Europe, India, and China. The company has a global presence at 991 locations, of which 252 are manufacturing sites.
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Solvay SA (Belgium) is one of the leading players in the blowing agent market. The company engages in the manufacturing and sale of chemical and plastic products. It functions through three business segments - advanced formulations, advanced materials, and performance chemicals. The company offers HCFC and HFC blowing agents through its special chemical division under the advanced materials business segment. The company has 125 sites and presence in 62 locations across the globe with 21 major R&D centers.
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