Foam Blowing Agents Market By Applications (Polyurethane, Polystyrene, Polyolefins, Others), By Product Type (Hydrocarbons, Hydrofluorocarbons, Hydrochlorofluorocarbons, OTHERS): Global Opportunity Analysis and Industry Forecast, 2020-2030
The global foam blowing agents market was valued at $1.2 billion in 2020, and is projected to reach $1.9 billion by 2030, growing at a CAGR of 4.8% from 2021 to 2030.
Foam blowing agent is a substance used in the foam blowing process that expands in the matrix and imparts a cell structure to the substrate, enhancing the flexibility, acoustics, and insulation of the final product. Polyurethane foam is one of the most commonly used types of polymer foam and is widely used in various industries such as electronics, flooring, automotive, construction, packaging, and medical equipment. This trend is expected to continue for the foreseeable future, which in turn is anticipated to have a positive impact on the growth of the global foam blowing agent market.
The foam blowing agent market is driven by increased demand for polymer foams, primarily in all industries such as automotive, construction, and consumer electronics. The increased use of foam blowing agents in the manufacturing of polyurethane foams is expected to play a role to promote the growth of the global foam blowing agent market. The medical industry has grown rapidly in recent years, characterized by various technological advances. In addition, rise in world trade has significantly increased the demand for safe and reliable packaging for products that require foam-based polymers for their shock-absorbing properties. Therefore, the booming packaging and medical device industry is expected to drive global market growth during the forecast period. In addition, improved standard of living of people around the world has consistently contributed to the growth of the foam blowing agent end-use industry. Apart from that, the surgein purchasing power parity (PPP) in recent years has contributed to the development of the flooring and furniture industry, which requires polymer foam for shock absorption. Thus, increased adoption of polymeric foams is projected to boost the global market growth.
During the COVID-19 pandemic, the outlook for demand seemed bleak. The contraction occurred mainly in the building &construction sector and the automobile industry. The first two quarters in 2020 had a low demand primarily due to the suspension of all manufacturing and production activities. Eventually, the demand outlook gradually recovered as regulations were relaxed as vaccination campaigns accelerated.
The foam blowing agents market is segmented on the basis of type, application, and region. By type, the market is categorized into hydrocarbons, hydrofluorocarbons, hydrochlorofluorocarbons, and others (that include hydrofluoroolefins, methyl formate, liquid CO2, and water). By applications, the market is fragmented into polyurethane, polystyrene, polyolefin’s, and others (that include phenolic foams and polyvinyl chloride). By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific accounted for more than 45% share of the total revenue in 2020, followed by North America and Europe.The applications of foam blowing agents in the construction and automotive industries such as for building insulation and as sealants for windows &doors drive the foam blowing agents market in North America.
The key players operating in the global foam blowing agents market include 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. (Germany), and ZEON Corporation (Japan).
The other prominent foam blowing agents industry players include Linde AG (Germany), AkzoNobel N.V., Lychem International Co., Limited, BEO International, SPL Group, KSJN Catalyzing Industries, Sunwell Global Ltd., Marubeni Corporation, and Astra Polymers are competing for the share of the market through product launch, joint venture, partnership, and expansion of the production capabilities to meet the future demand for the foam blowing agents market in the forecast period.
Key benefits for stakeholders
This report provides a detailed quantitative analysis of the current foam blowing agents market trends and estimations from 2020 to 2030, which assists to identify the prevailing opportunities.
An in-depth analysis of foam blowing agents market across the globe is anticipated to provide a detailed understanding of the current trends to enable stakeholders formulate specific plans.
A comprehensive analysis of the factors that drive and restrain the growth of the market is provided.
Region-wise and country-wise, market conditions are comprehensively analyzed in this report.
The projections in this report are made by analyzing the current trends and future market potential from 2020 to 2030 in terms of value.
An extensive analysis of various regions provides insights that are expected to allow companies to strategically plan their business moves.
Key market players within the market are profiled in this report and their strategies are analyzed thoroughly, which help to understand the competitive outlook of the global foam blowing agents market.
COVID-19 Impact Analysis:
COVID-19 has severely impacted the global economy with devastating effects on global trade, which has simultaneously affected households, business, financial institution, industrial establishments, and infrastructure companies. The spread of COVID-19 has moderate impact on this market. Suspension of all manufacturing and production activity was majorly responsible for the dim demand prospects during the outbreak of COVID-19 pandemic. The stringent government regulations toward the shutdown of transportation sector have led to increase in difficulty in the procurement of the raw materials. The outbreak of the pandemic has led to the decline in efficiency at the manufacturing sites due to the low labor force.
Key Market Segments
By Applications
Polyurethane
Polystyrene
Polyolefins
Others
By Product Type
Hydrocarbons
Hydrofluorocarbons
Hydrochlorofluorocarbons
OTHERS
By Region
North America
U.S.
Canada
Mexico
Europe
Germany
UK
France
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Rest Of Asia Pacific
LAMEA
Latin America
Middle East
Africa
Key Market Players
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. (GERMANY)
ZEON CORPORATION (JAPAN)
LTD. (JAPAN)
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