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Foam Blowing Agents Market

Foam Blowing Agents Market

Foam Blowing Agents Market Share & Size Analysis By Product Type (HC, HFO, HFC & HCFC Foam Blowing Agents), By Application (Polyurethane, Phenolic, Polystyrene Foam Blowing Agents), By End-use Industry & By Region - Global Insights to 2031

Foam Blowing Agents Market

Foam Blowing Agents Market Outlook

Sales of foam blowing agents will exceed US$ 1 Bn in 2021. Increasing demand from electronic and electrical industry and construction industry are expected to positively influence sales. The market is anticipated to expand at a CAGR of around 6% by accumulating US$ 1.8 Bn over the 2021 to 2031 assessment period, with polyurethane foam capturing a major market share.

Market Size Value in 2021 US$ 1 Bn
Project Market Forecast Value in 2031 US$ 1.8 Bn
Global Growth Rate (2021-2031) 6%
Market Share of Asia 45% 

Demand Analysis of Foam Blowing Agents from 2016 to 2020 Vs Market Projections for 2021 to 2031 

Historical performance suggests that sales of foam blowing agents experienced a steady incline, clocking a CAGR of nearly 5% from 2016-2020. As countries increasingly legislate laws to phase out carbon emissions, demand for environmentally conducive foam blowing agents is experiencing a significant incline.

Demand prospects appeared dim during the height of the COVID-19 pandemic. Contractions mostly occurred across the building & construction and the automotive industries respectively. Suspension of all manufacturing and production activity was majorly responsible, especially in the first two quarters. Eventually, as restrictions eased in the wake of accelerating vaccination drives, demand prospects are exhibiting a gradual resurgence.

With increased investments in the development of energy-efficient and eco-friendly blowing agents and an ever-increasing demand from the electrical and electronics industry will bolster the overall production and consumption of foam blowing agents in the long run. All in all, the foam blowing industry is anticipated to expand at a modest rate of around 6% through 2021-2031.

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Elevated Climate Change Concerns Augmenting Foam Blowing Agents Adoption?

Over the past half-a-decade countries have been planning to systematically phase out the production and consumption of HFCs as per the Montreal Protocol of 2016. Since then, hydrocarbon-based products have started to witness strong growth for applications such as refrigeration, wall sheathing and roofing attributed to their low ozone depletion potential (ODP) and low global warming potential (GWP).

Moreover, rising investment for the development of environmentally friendly and energy-efficient blowing agents is expected to drive its production over the forecast period. Additionally, continuous demand from the construction industry, where it is used as an insulating agent coupled with a growing trend in the healthcare sector has given a boost to the consumption of foam blowing agents.

For instance, in July 2019, FDA announced the approval of expandable foam to heal abdominal trauma in military personnel. Also due to its varied application in end-use industries such as construction, automotive, and electrical and electronics, the foam blowing agents industry is anticipated to grow in the assessment period.

How is the Electrical and Electronics Industry Boosting Sales of Foam Blowing Agents?

Foam blowing agents have found wide usage among the consumer electronics industry dominated by application in the air conditioners, ovens, refrigerators and freezer. For instance, in 2018, electrical and electronic end-use dominated the market and held around 33% share of the global market. Additionally, rising demand from the construction and automotive industry is expected to propel the growth over the forecast period.

Moreover, raising concerns over the use of blowing agents such as HCFC and HFC that pose environmental issues attributed to the high ozone depletion potential (ODP) and high global warming potential (GWP) may hinder the growth of blowing agents production. However, demand for energy-efficient blowing agents coupled with the introduction of low GWP alternatives has given a major boost to the foam blowing agent’s production over the past half-decade.

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How is the Need for Energy Consumption Bolstering Demand for Foam Blowing Agents?

Foam blowing agents are mainly used for the manufacturing of polystyrene foams, polyurethane foams and phenolic foams which finds their application in insulation in numerous end-use industries such as construction, automotive and electrical & electronics. This can be attributed to rapid urbanization and the need for reduction in energy consumption.

Polyurethane (PU), extruded polystyrene (XPS), expanded polystyrene (EPS) and phenolic foams contribute significantly in reducing energy consumption. With the introduction of the green building concept, the demand for thermal insulation has increased multi-folds attributed to the recognized role of green buildings in reducing energy consumption and greenhouse emissions (GHGs).

Country-wise Analysis

Housing and Construction Industry to Drive Demand for Foam Blowing Agents in Asia?

Asia continues to be a lucrative region for the blowing agents both in terms of value and volume. The rising population coupled with an increase in housing and construction activities is projected to drive the demand for polyurethane foam and other blowing agents in the near future.

Moreover, rapid urbanization and population rise in countries like China, India and Japan has increased the demand for insulation applications, hence bolstering the overall production and consumption of foam blowing agents in the region. In addition, China's construction industry in the past decade has seen significant growth attributed to the rise in real estate investments coupled with huge infrastructural spending.

Moreover, the Montreal Protocol of 2016 has mandated the phasing out production and consumption of HFCs in developing countries by 2024 paving the way for hydrocarbon, and other eco-friendly blowing agents. The market is currently dominated by domestic players which mainly produces large scale low-cost chemicals and give tough competition to their technically superior rivals. Thus, the region is expected to possess 45% market share for foam blowing agents in the assessment period.

What is Driving Demand for Foam Blowing Agents in North America?

The U.S has set an ambitious target to phase out total production and consumption of any HCFCs by the end of 2030, as a result, demand for eco-friendly blowing agents has increased multi-folds. Moreover, rising awareness among people regarding the adverse effects of using conventional blowing agents coupled with a change in spending behaviour of consumers has changed the market dynamics in the U.S.

Additionally, in July 2019, FDA announced the approval of expandable foam to heal abdominal trauma in military personnel which has propelled the demand and is expected to rise modestly in the coming years. Thus, North America is expected to hold around 25% market share for foam blowing agents in the sales indicator period.

Foam blowing agents market forecast analysis by Fact.MR

Category-wise Insights

Why are Polyurethane Foam Blowing Agents in High Demand?

Environmental benefits associated with polyurethane foam such as low greenhouse gas emission has raised its popularity. Additionally, important properties such as enhanced flexibility make it an excellent insulating material for buildings thus spurring its demand in the market.

Moreover, demand from the oil & gas and automotive industry is also projected to be a major driver for the growth of polyurethane sales. For instance, in the oil & gas industry polyurethane finds its utilization in the protection of pipelines for smooth operation. Owing to the aforementioned factors, it is expected to hold 60% market share in the forecast period 2021-2031.

Foam Blowing Agents to be Highly Popular across Electricals & Electronics?

The electrical & electronics segment dominates the market for foam blowing agents, attributed to its use in consumer appliances such as refrigerators, water heaters, and other domestic appliances. Additionally, growing consumption in refrigeration for scientific purposes is also expected to drive its demand.

Moreover, rising technological developments in this segment have also bolstered growth. For instance, U.S retailer Aldi has committed to upscale the utilization of energy-efficient and pollution-free non-HFC technology for refrigeration and retail cooling system to curb greenhouse gas emissions. The segment is expected to possess 40% revenue in the foam blowing agents industry.

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Competitive Landscape

Key foam blowing agents manufacturers deploy a range of expansion strategies, including incorporation of environmentally friendly material, outright or partial acquisition of existing small or medium scale manufacturers and strategic collaborations.

  • In October 2021, Honeywell International Inc. announced the global adoption of Soltice low global warming potential refrigerants, blowing agents avoided release of 250 million metric tons of carbon dioxide into the atmosphere. The company will continue to use soltice as it aims to reduce carbon emissions.
  • In 2019 Arkema completed its acquisition by acquiring the remaining of its stake in Taixing Sunke Chemicals to expand its operations in the Asia Pacific region. Through this initiative, the company will support the growth of its customers in Asia, benefitting from the greater flexibility to run business in a region which generates over 50% of global acrylic acid demand
  • Likewise, Foam Supplies Inc. supported the Delaware government’s directive to establish regulations in March 2020 so as to eliminate the use of dangerous HFCs across the State, given their highly potent contribution to rising carbon dioxide levels

Report Scope

Attribute Details
Forecast Period 2021-2031
Historical Data Available for 2016-2020
Market Analysis US$ Mn for Value & Tons for Volume
Key Regions Covered
  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia
  • Oceania 
  • Middle East & Africa
Key Countries Covered
  • U.S
  • Canada
  • Brazil
  • Mexico
  • Germany
  • U.K
  • France
  • Italy
  • India
  • China
  • Japan
  • South Korea
  • Thailand
  • Australia
  • New Zealand
  • GCC
  • South Africa
Key Segments Covered
  • Product Type
  • Application
  • End User Industry
  • Region
Key Companies Profiled
  • Arkema S.A
  • E.I DuPont de Nemours (DuPont)
  • Foam Supplies, Inc.
  • Guangzhou Jiangyan Chemical Co., Ltd
  • HCS Group GmbH
  • Honeywell International Inc.
  • Linde Group
  • Marubeni Corporation
  • Solvay S.A
  • The Chemours Company
Pricing Available upon Request

Key Segments Covered

  • Product Type

    • HC Foam Blowing Agents
    • HFC & HCFC Foam Blowing Agents
    • Foam Blowing Agent Blends
    • HFO Foam Blowing Agents
    • Methylal and Methyl Formate
    • Others (Liquid CO2 and Water)
  • Application

    • Polyurethane Foam Blowing Agents
    • Polystyrene Foam Blowing Agents
    • Phenolic Foam Blowing Agents
    • Others (PVC Foams, Polyisocyanurate Foams)
  • End Use Industry

    • Foam Blowing Agents for Building and Construction
    • Foam Blowing Agents for Electrical and Electronics
    • Foam Blowing Agents for Furniture and Bedding
    • Foam Blowing Agents for Automotive
    • Foam Blowing Agents for Footwear
    • Others (Textiles, Medical, etc.)

- FAQs -

As of 2021, the market for foam blowing agents will reach nearly US$ 1 Bn

From 2016 to 2020, foam blowing agents sales expanded at nearly 5% CAGR

The foam blowing agents industry is expected to surge at a CAGR of 6% from 2021-2031.

The foam blowing agents market is expected to reach nearly US$ 1.8 Bn by 2031

Increase in use of foam blowing agents in electrical and electronics industry along with demand for energy consumption are the key trends driving foam blowing agents sales.

Arkema S.A, E.I DuPont de Nemours (DuPont), Foam Supplies, Inc., Guangzhou Jiangyan Chemical Co., Ltd, HCS Group GmbH, Honeywell International Inc., Linde Group, Marubeni Corporation, Solvay S.A, The Chemours Company are the prominent foam blowing agen

Polyurethane foam is expected to hold 60% market share for foam blowing agents.

The foam blowing agents industry is expected to possess nearly 25% market share throughout North America.

The foam blowing agents industry is expected to possess nearly 45% market share throughout Asia

As per Fact.MR, foam blowing agents will experience maximum uptake in the electrical & electronics industry, capturing 40% revenue

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