About the Report
The foam blowing agents market is anticipated to expand at a CAGR of around 6% over the 2021 to 2031 assessment period, with polyurethane foam capturing a major market share.
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.
The foremost objective of the report by Fact.MR on the foam blowing agents market is to pitch insights on the market scenario, demand generators, and technological advancements in this space. The report provides a taxonomy elaborating on key segments. The report also outlines visionary insights on the dynamics of the market, including the drivers, restraints, opportunities, trends and pricing analysis, along with key success factors.
Market trends have been tracked in 20+ high-growth countries, pointing towards countries in North America, Europe, and East Asia holding the bulk of the market share.
Historical Trends Vs Future Market Projections
Over the past half-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 market is projected to grow at a CAGR of ~6% over the forecast period (2021-2031).
Besides, demand over the long-term forecast period can be estimated by breaking the forecast timeline into three parts.
- Short-run: COVID-19 pandemic led to the shutdown of manufacturing plants along with disruption in the supply chain which impacted the raw material supply. Moreover, reduced spending in the construction sector also impacted the overall market growth.
- Medium run: Mandated Montreal protocol to phase out the production and consumption of HFCs and HCFCs in the developed and developing countries is expected to impact the overall growth of the blowing agents' market.
- Long run: 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 2031, providing a positive outlook to the investors in the market.
Know More Details About the Report
What are the Primary Applications that Generate 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 a 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 demand for thermal insulation has increased multi-folds attributed to the recognized role of green buildings in reducing energy consumption and greenhouse emissions (GHGs).
Further, there is an international call to contain and phase out conventional blowing agents. Besides, the need for alternate sources is going drive the foam blowing market over the next decade.
Which Region Offers Great Potential for Foam Blowing Agent Manufacturers?
The Asia Pacific continue to be a lucrative region for the blowing agent 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 application hence bolstering the overall production and consumption of foam blowing agents in the region.
Besides, China is projected to hold a major share in the production and consumption of blowing agents attributed to the well-established construction and packaging industry in the country.
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What Makes China the Growth Epicentre for Foam Blowing Agents?
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.
What is Driving Demand for Foam Blowing Agents in the U.S.?
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.
Which Application is Projected to Drive Demand for Foam Blowing Agents?
Currently, polyurethane foam dominates the segment by holding a major part of the market share, i.e. approx. ~60%. Environmental benefits associated with polyurethane foam such as low greenhouse gas emission has raised its popularity. Additionally, important properties such as flexibility and rigidity 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, this segment is poised to account for substantial share during the forecast period.
Which End-Use industry Contributes Significantly to the Growth of the Foam Blowing Agents Industry?
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 over the forecast period.
Moreover, rising technological developments in this segment have also bolstered the blowing agent 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 aforementioned factors coupled with rising investment in the technology space to develop more energy-efficient technologies will propel production and consumption in the long run.
How are Rising Investments in Technology Shaping Demand for Foam Blowing Agents?
Market players are investing heavily for the development of energy-efficient blowing agents that has no adverse effect on the environment:-
- For instance, Chemours Company introduced OpteonTM 1100 foam blowing agent and BASF SPRAYTITE foam insulation offering homeowners excellent thermal insulation while reducing energy consumption and greenhouse gas emissions substantially.
Such initiatives adopted by the players keep the market competitive, help them to expand in untapped markets and open up newer opportunities of revenue generation in the future.
An Adaptive Approach to Modern-day Research Needs
The aforementioned players have mainly relied on a blend of organic and inorganic growth strategies such as product launches, collaborations and acquisitions to expand their market share.
- In 2019 Arkema completed its acquisition by acquiring the remaining of its stake in Taixing Sunke Chemicals to expand its operations in the APAC region.
- In July 2017 Honeywell under the brand name Solstice launched a liquid blowing agent which can be used as a key ingredient in the roof installation under extremely hot climatic conditions.
Similarly, recent developments related to companies manufacturing foam blowing agents have been tracked by the team at Fact.MR, which is available in the full report.
Historical Data Available for
US$ Mn for Value and Tons for Volume
Key Regions Covered
Key Countries Covered
Key Segments Covered
Key Companies Profiled
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Key Market Segments Covered
By 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)
- Polyurethane Foam Blowing Agents
- Polystyrene Foam Blowing Agents
- Phenolic Foam Blowing Agents
- Others (PVC Foams, Polyisocyanurate Foams)
By 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 Clothing & Apparel
- Others (Textiles, Medical, etc.)
- North America
- Latin America
- Asia Pacific
- Middle East and Africa
Foam Blowing Agents Market - Scope of Report
A recent study by Fact.MR on the foam blowing agents market offers a 10-year forecast for 2021 to 2031. The study analyzes crucial trends that are currently determining the growth of the market. This report explicates on vital dynamics, such as the drivers, restraints, and opportunities for key market players along with key stakeholders as well as emerging players associated with the development of foam blowing agents.
The study also provides the dynamics that are responsible for influencing the future status of the market over the forecast period. A detailed assessment of value chain analysis, business execution, and supply chain analysis across regional markets has been covered in the report.
A list of prominent companies manufacturing foam blowing agents market, along with their product portfolios, enhances the reliability of this comprehensive research study.
The study offers comprehensive analysis on diverse features, including production capacities, demand, product developments, revenue generation, and sales of foam blowing agents across the globe.
A comprehensive estimate on the market has been provided through an optimistic scenario as well as a conservative scenario, taking into account the sales of foam blowing agents during the forecast period. Price point comparison by region with global average price is also considered in the study.
Analysis on Market Size Evaluation
The market has been analyzed for each market segment in terms of volume (‘Tons) and value (US$ Mn).
Market estimates at global and regional levels for foam blowing agents are available in terms of “US$ Mn” for value and in “‘Tons” for volume. A Y-o-Y growth contrast on prominent market segments, along with market attractiveness evaluation, has been incorporated in the report. Furthermore, absolute dollar opportunity analysis of all the segments adds prominence to the report. Absolute dollar opportunity plays a crucial role in assessing the level of opportunity that a manufacturer/distributor can look to achieve, along with identifying potential resources, considering the sales and distribution perspective in the global foam blowing agents market.
Inspected Assessment on Regional Segments
Key sections have been elaborated in the report, which have helped deliver projections on regional markets. These chapters include regional macros (political, economic, and business environment outlook), which are expected to have a momentous influence on the growth of the market during the forecast period.
Country-specific valuation on demand for foam blowing agents has been offered for each regional market, along with market scope estimates and forecasts, price index, and impact analysis of the dynamics of prominence in regions and countries. For all regional markets, Y-o-Y growth estimates have also been incorporated in the report.
Detailed breakup in terms of value and volume for emerging countries has also been included in the report.
In-depth Analysis on Competitive Landscape
The report sheds light on leading manufacturers of foam blowing agents, along with their detailed profiles. Essential and up-to-date data related to market performers who are principally engaged in the production of foam blowing agents has been brought with the help of a detailed dashboard view. Market share analysis and comparison of prominent players provided in the report permits report readers to take preemptive steps in advancing their businesses.
Company profiles have been included in the report, which include essentials such as product portfolios and key strategies, along with all-inclusive SWOT analysis on each player. Company presence is mapped and presented through a matrix for all the prominent players, thus providing readers with actionable insights, which helps in thoughtfully presenting the market status, and predicting the competition level in the foam blowing agents market.
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Is the market research conducted by Fact.MR?
Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.
What research methodology is followed by Fact.MR?
Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.
What are the sources of secondary research?
Fact.MR conducts extensive secondary research through proprietary databases, paid databases, and information available in the public domain. We refer to industry associations, company press releases, annual reports, investor presentations, and research papers. More information about desk research is available upon request.
Who are the respondents for primary research?
Fact.MR speaks to stakeholders across the spectrum, including C-level executives, distributors, product manufacturers, and industry experts. For a full list of primary respondents, please reach out to us.
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