Foam blowing agents Market Research Report- Forecast till 2030

Foam blowing agents Market research: information by product type (HCFC, HFC, HCS, HFOS, Others), by chemistry (physical & chemical) by application (polyurethane, polyolefin, polystyrene, phenolic, others) – Forecast till 2030

ID: MRFR/CnM/4041-HCR | February 2023 | Region: Global | 138 Pages         

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Foam Blowing Agents Market

Foam Blowing Agents Market is projected to be worth USD 1.9 Billion by 2030, registering a CAGR of 4.8% during the forecast period (2021 - 2030).

Segmentation
By Product Type HCFC HFC HCS HFOS Others
By Chemistry Physical Chemical
By Application Polyurethane Polyolefin Polystyrene Phenolic Others
Key Players
Companies Profiled   Arkema S.A. (France)   Honeywell International Inc.   Exxon Mobil Corporation (U.S.)   Haltermann GmbH (Germany)   Harp International Ltd. (U.K.)   Daikin Industries Ltd. (Japan)
Drivers
Market Driving Forces   The demand from the application sector is the major factor
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Foam Blowing Agents Market Overview


Foam blowing agents are used as additives for the manufacture of polymer foams. It has become an essential ingredient in foam substrates and provides the cellular structure for the material. It offers advantages like heat and acoustic insulation and a lower production reduction rate. These agents are used in environmentally friendly products like HFO, methyl formate, and methylal. The zero ozone depletion (OPD) and low global warming potential (GWP), non-toxic and direct foaming agents were introduced, which resulted in foam blowing agents. The Foam Blowing Agents Market will notice significant growth due to the effective advantages of foaming agents like environmental friendliness, efficiency, and best thermal insulation. The usage of polymer foam in the industrial sectors like construction and automotive is propelling the Foam Blowing Agents Market Size globally.


The Foam Blowing Agents Market Growth is driven by lifespan growth and purchasing power growth, impacting the development of the flooring and furniture industry. Hospitality products require excellent, high-quality, aesthetic furniture. Polymer foam absorbs the impact and water of furniture and provides an improved aesthetic appearance. The foam blow market is expected to grow in the flooring and furniture industry as the acceptance of polymer foam increases. The usage of polymer foam in the construction sector has increased slightly over the past years and will increase significantly over the next years. Global population growth and rising average disposable income continue to drive the development of the construction industry in developing countries. These growth factors will contribute to the growth of the Foam Blowing Agents Market.


The rise in demand for foaming agents that perform well in consumer devices is a key driver of the global Foam Blowing Agents Market Trend. Among various household appliances such as refrigerators, air conditioners, water heaters, and other household appliances, foaming agents are widely consumed in refrigerators. The increased rate in the workforce in the refrigeration sector in both developed and developing countries is projected to expand the sector and ignite the rise in demand for insulating foams and agents.


Foam blowing agents encompass a wide variety of applications, including refrigerators, buildings, automobiles, furniture, packaging, and many more. The blowing agent is used to create a cellular structure from liquid plastic resin, and in the case of foam used for insulation, it functions as an insulating component of the foam.


Foam Blowing Agents Market is projected to be worth USD 1.9 Billion by 2030, registering a CAGR of 4.8% during the forecast period (2021 - 2030).


COVID-19 Analysis


The COVID-19 pandemic has moderately impacted the Foam Blowing Agents Market. The pandemic has highly affected the construction sector, and it has halted the construction activities. The manufacturing and production activity was suspended, which reduced the market's demand. The lockdown has resulted in transportation restriction, which has halted the raw materials procurement. The pandemic has declined the efficiency at the manufacturing and operational sites due to the workforce shortage. In the future days, the Foam Blowing Agents Market Analysis will acquire a sheer growth rate.


Chief Factors Existing In The Market


Key Market Drivers


The Foam Blowing Agents Market is extensively driven by the rise in demand from the packaging, automotive, construction, shipping, transportation, electrical appliances, bedding and furniture, and packaging sectors. The Foam Blowing Agents Market Revenue will be further driven due to the usage of foaming agents. Therefore, the expected increase in demand for different types of polymer foams in different end applications will drive the foaming agent market in the future years.


Market Challenges


Due to the COVID19 pandemic, the halt in the manufacturing and transportation industries has reduced the demand for foaming agents. The decline in foam products from sectors of industries has also reduced the demand for foaming agents. Therefore, in order to balance the supply chain and demand, the Foam Blowing Agents Market manufacturers are expected to operate plants at low utilization rates over the coming period.


Market Opportunities


In recent years, the demand for environmentally friendly foaming agents has increased sharply and is expected to remain unchanged in the future. Environmental concerns and government regulations require the use of environmentally friendly foaming agents. Therefore, shifting the focus to the shift in preference for green foaming agents due to severe climate change opens up opportunities for Foam Blowing Agents Market players.


Market Restraints


 The Foam Blowing Agents Market is facing major restraints due to the pollution control initiated by governments in global regions and organizations that are expected to limit the market growth.


Cumulative Evaluation Of The Market


The cumulative assessment summary of the Foam Blowing Agents Market Forecast shows that it has reached remarkable heights in recent years based on its developments. The market will also ensure to maintain the growth rate over the forecast period into the future. Growth factors, including both drivers and opportunities, are contributing to the market growth. The pandemic has also resulted in opportunities for growth, which will continue in the post-pandemic era. The market is estimated to experience a CAGR of 3.60 % during the forecast period.


The Global foam blowing agent market share by product type industry.


 foam blowing agent


Source: MRFR analysis


Market Segmentation


The global Foam Blowing Agents Market is fragmented into product type, chemistry, and end-user industry.


By Chemistry


The global market is divided into physical foam blowing agents and chemical foam blowing agents based on chemistry.


By Product Type


The product type segment is classified into hydrochlorofluorocarbons (HCFC), hydrofluorocarbons (HFC), hydro Carbons (HCS), and hydro fluoro olefin(HFOS), and others.


By Application


Based on the application segment, the global market is categorized into polyurethane foam (P.U.), polystyrene foam (P.S.), phenolic foam, polyolefin foam, and others.


Regional Analysis


The Foam Blowing Agents Market is distributed into five regions: North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa. Of these regions, Asia-Pacific holds the largest market share of the Foam Blowing Agents Market Share and is forecast to be the fastest-growing market with an expanding CAGR during the forecast period. The rapid growth of industries and urbanization are driving the growth of blowing agents in developing Asia-Pacific countries. In addition, favorable government regulation in the region has attracted many players in the industry to participate in the lucrative Asia-Pacific market, which in turn is driving the growth of the Foam Blowing Agents Market. Moreover, the presence of the most populous countries has increased the construction and automobile sectors, which further contributes to the market's growth.


Countries like India, China, and Japan are the largest consumers of blowing agents in this region. North America is the region that dominates the blow molding agent market. Developed end-user industries such as construction, transportation, and electronics, among others, are driving the market to significant growth. In addition, increasing renovation and construction of public and private infrastructure is contributing to the growth of this regional market.


 The European market is another dominant region, driven mainly by the growing electrical and electronics, construction, and automotive sectors. In addition, the increasing use of hydrofluorocarbons (HFCs) is significantly driving the market's growth. In addition, the fast pace of life has promoted the use of packaged foods in the region, which has driven the demand for foaming agents in the food packaging industry.


Competitive Intensity Within The Industry 


The Foam Blowing Agents Market competition displays the top players from the most prominent countries in the world. The market is driven by the influential development of players in the industry. Players are known for their development activities such as service improvements, updated version deployments, innovative service deployments, and other service-based developments. Competition among industrial players to improve their activities also drives the market. In addition, other complex activities such as collaboration, mergers, and partnerships are helping the market emerge globally. The major industrial players in the Foam Blowing Agents Market are:



  • Arkema S.A. (France)

  • Haltermann GmbH (Germany)

  • Harp International Ltd. (U.K.)

  • Daikin Industries Ltd. (Japan)

  • Exxon Mobil Corporation (U.S.)

  • Sinochem Group (China)

  • Solvay S.A. (Belgium)

  • Honeywell International Inc. (U.S.)

  • ZEON Corporation (Japan).


Recent Market Developments


November 2021: One of the leading companies across the globe, The Chemours Company had declared their latest invention in the production line and named it Opteon 1150, which is considered as the non-ozone depleting and sustainable product in the industry developed utilizing the HFO technology. Therefore this product offers higher performance across foam blowing solutions.


October 2021: One of the leading market players, Honeywell had developed a novel technology called Solstice HFO technology which efficiently reduces the carbon footprint and improves the energy efficiency as well, while maintaining the end-product performance. These blowing agents are used for several applications such as insulation, propellants, and personal care products due to their enhanced performance.


Report Overview


The Foam Blowing Agents Market Research forecasted overall report showcases its growth analysis. The existing factors like the drivers, opportunities, challenges, and restraints are studied in detail. The report also covered the segmentation, geographical growth, and competitive intensity of the market. Even the pandemic's effect was discussed in proper detail. By covering all the analyzed reports, the Foam Blowing Agents Market is expected to project a higher CAGR value in the forecast period.


Key Industrial Segments


By Product



  • HCFC

  • HFC

  • HCS

  • HFOS

  • Others


By Chemistry



  • Physical

  • Chemical


By Application



  • Polyurethane

  • Polyolefin

  • Polystyrene

  • Phenolic

  • Others



Report Scope:

Report Attribute/Metric Details
  Market Size   2030: USD 1.9 Billion
  CAGR   4.8% (2021-2030)
  Base Year   2020
  Forecast Period   2021-2030
  Historical Data   2019 & 2020
  Forecast Units   Value (USD Billion)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   By Product Type, Chemistry, Application and Region
  Geographies Covered    North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors    Arkema S.A. (France), Honeywell International Inc. (U.S.), Exxon Mobil Corporation (U.S.), E.I. du Pont de Nemours & Company (U.S.), Haltermann GmbH (Germany), Harp International Ltd. (U.K.), Daikin Industries Ltd. (Japan), Sinochem Group (China), Solvay S.A. (Belgium), and ZEON Corporation (Japan).
  Key Market Opportunities   The growing urbanization and globalization in the developing regions across the globe
  Key Market Drivers   The demand from the application sector is the major factor


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Frequently Asked Questions (FAQ) :

The forecast period for Foam blowing agents Market research report is 2020-2030.

Global Foam blowing agents Market is dominated by APAC region.

Arkema S.A. (France), Honeywell International Inc. (U.S.), Exxon Mobil Corporation (U.S.), E.I. du Pont de Nemours & Company (U.S.), Haltermann GmbH (Germany), Harp International Ltd. (U.K.), Daikin Industries Ltd. (Japan), Sinochem Group (China), Solvay S.A. (Belgium), and ZEON Corporation (Japan).