The market for foam-blowing agents will be valued at US$ 1.1 billion in 2023 and is projected to expand at a CAGR of 6.0% from 2023 to 2033.
Over the course of the forecast period, rising investment in the creation of foam-blowing agents that are both energy and environmentally friendly is anticipated to drive its production. The need for foam-blowing agents has also increased due to a growing trend in the healthcare business and consistent demand from the building industry, where it is employed as an insulating agent.
By forming a cellular structure when foaming, foam-blowing agents increase the end good’s flexibility and thermal and acoustic insulation. They are utilised more frequently to improve and increase particular polymer properties. Due to its properties, which are essentially retained within the foam for the whole time the foam is used, the foam blowing agent is chosen to provide a closed-cell structure that inhibits heat transfers.
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The prognosis for the sector has improved with the FDA’s clearance of the use of blowing agents to treat abdominal injuries in military personnel. Warriors who have suffered major stomach injuries will live much better because to this finding.
Key Takeaways from Market Study
- By 2033, it is anticipated that the market for foam-blowing agents will have grown at a 6.0% CAGR and will be worth US$ 2.0 billion.
- The market saw a 4.6% CAGR from 2018 to 2022.
- Due to their high insulating qualities and eco-friendliness, polyurethane foam blowing agents will continue to rule the global market in terms of application, accounting for about 60.4% of sales by 2033.
- The largest market share belongs to Asia, which will make up about 45.2% of the worldwide market by 2033.
- By 2033, the electrical and electronics category will generate 40.2% of the total income, according to the end-use industry.
- The Chemours, Arkema S.A., DuPont, HCS Group GmbH, Honeywell International Inc., Linde Group, Marubeni Corporation, Solvay S.A., and Honeywell International Inc. are well-known manufacturers of foam blowing agents.
Market Development
To supply their goods, market participants are concentrating on preserving long-term connections with reliable suppliers and distributors. Manufacturers will have attractive opportunities thanks to capacity growth and the extension of their worldwide footprints through partnerships or acquisitions. Manufacturers place a strong emphasis on providing goods that respect the environment and adhere to legal requirements.
For instance, In April 2021, KUMYANG launched Cellcom KY-ECO which is an eco-friendly blowing agent and is free from hazardous gases such as ammonia, formamide, and sulfur dioxide.
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Competitive Landscape
Market players are employing a combination of organic and inorganic techniques to increase their penetration into profitable areas. There has been a great focus on eco-friendly foam-blowing agents due to stringent government mandates and an inclination towards greener products. The rising demand from various industries has led manufacturers to expand their production capacity in order to meet the demand.
- In November 2021, the Chemours Company, a global chemistry company announced a new production line dedicated to the expansion of its non-ozone depleting, low global warming potential (GWP) hydrofluoroolefin (HFO) platform – Opteon™ 1150, chemically referred to as HFO-1336mzzE.
- In October 2021, Honeywell International Inc. announced the global adoption of Soltice low global warming potential refrigerants, blowing agents avoided the 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 June 2021, Arkema announced plans to increase the production capacity of insulation foam blowing agent, hydro-fluoro olefin 1233zd in China and the U.S. Arkema’s partner Aofan has started the production process at their plant in China. The company’s US$ 60 Mn investment will add 15 kilotons per year of capacity for the HFO at its plant in Calvert City, Kentucky, the U.S. The project is expected to be completed by 2024.
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
Segmentation of Foam Blowing Agents Industry Research
- By Product Type :
- HC
- HFC & HCFC
- Blends
- HFO
- Methylal and Methyl Formate
- Others (Liquid CO2 and Water)
- By Application :
- Polyurethane
- Polystyrene
- Phenolic
- Others (PVC, Polyisocyanurate)
- By End-Use Industry :
- Building and Construction
- Electrical and Electronics
- Furniture and Bedding
- Automotive
- Footwear
- Others (Textiles, Medical, etc.)
- By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the foam blowing agents market, presenting historical market data (2018–2022) and forecast statistics for the period of 2023–2033.
The study reveals essential insights on the basis of product type (HC, HFC & HCFC, blends, HFO, methylal, and methyl formate, others (liquid CO2 and water)), application (polyurethane, polystyrene, phenolic, and others (PVC and polyisocyanurate)), end-use industry (building and construction, electrical and electronics, furniture and bedding, automotive, footwear, others (textiles, medical, etc.)), and across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, Middle East & Africa).
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