Foam Blowing Agents Market

Industry Insights-

• The Global Foam Blowing Agents Market was valued at USD 1265.2 Million in 2021
• It is anticipated to reach USD 1756.6 Million by 2028
• A CAGR of 4.8% is anticipated over the forecast period

Overview-

A foam blowing agent can create a cellular structure in a wide range of materials undergoing phase transitions such as polymers, plastics, and metals through the foaming process. It includes ammonium bicarbonate (NH4HCO3), sodium bicarbonate (NaHCO3), sodium borohydride (NaBH4), and chlorofluorocarbons (CFCs), hydro-chlorofluorocarbons (HCFCs), hydrocarbons, and liquid carbon dioxide (COCO2). It helps to reduce density, increase thermal and acoustic insulation, and increase the relative stiffness of the parent polymer. Due to its low thermal conductivity, foam blowing agents find wide applications in the electrical, automobile, construction, and packaging industries.

Covid-19 Impact-

The Covid-19 pandemic has shown a negative impact on the growth of the global foam-blowing agent market. The pandemic has greatly affected the construction sector & has brought construction work to a standstill. Production & manufacturing activities were suspended, which reduced market demand. The lockdown has led to restrictions on transport, which has halted the procurement of raw materials. The pandemic has reduced the efficiency of production and operational sites due to labor shortages. However, In the coming days, the foam-blowing agents market analysis will attain an absolute growth rate.

Key Players-

Some of the key players for global Foam Blowing Agents Market are

• Honeywell International Inc.
• The Chemours Company
• Arkema S.A
• Marubeni Corporation
• I DuPont de Nemours (DuPont)
• Foam Supplies Inc.
• Linde Group
• Solvay S.A
• HCS Group GmbH
• Guangzhou Jiangyan Chemical Co. Ltd.
• others

Segmentation Analysis-

By Product:

• HCS
• HFOS
• HCFC
• HFC
• Others

The global foam blowing agent market is segmented based on the product, application, end-user, and region & country level. Based on product, the global foam-blowing agent market is classified into HCS, HFOS, HCFC, HFC, and others. The global foam blowing agents market is dominated by the hydrocarbons segment. Due to their zero Global Warming Potential (GWP) and negligible Ozone Depletion Potential (ODP) compared to fluorocarbons, hydrocarbon-based products have seen maximum demand in a variety of applications such as refrigeration, wall cladding, and roofing. The 2016 Montreal Protocol has mandated the phasing out of HFC production and consumption in developing countries by 2024, thus creating opportunities for hydrocarbons and other green foaming agents. Moreover, hydrocarbons are widely used in polyurethane foams for various end-use industries, such as home appliances, automobiles, flooring, construction, and furniture.

By Application:

• Phenolic
• Polyurethane
• Polystyrene
• Polyolefin
• Others

By application, the global market is classified into phenolic, polyurethane, polystyrene, polyolefin, and others. Polyurethane foam is dominating the global foam blowing agents market due to the environmental benefits it provides such as low greenhouse gas emissions and its increasing popularity as a moisture and mould resistant material. Its inflexibility makes it an excellent insulation material for buildings, thus driving market demand. Furthermore, the demand from the oil & gas and automotive industries are predicted to be major drivers of polyurethane sales growth. For instance, polyurethane is used to protect pipelines in the oil and gas industry for efficient operations. As a result, it is expected to maintain a substantial market share over the forecast period.

By End User:

• Electrical & Electronics
• Automotive
• Furniture & Bedding
• Building & Construction
• Footwear
• Others

By end-user, the global foam blowing agent market is classified into electrical & electronics, automotive, furniture & bedding, building & construction, footwear, and others. The building and construction segment is expected to dominate the global blowing agent market during the forecast period. This is due to the increasing demand for non-VOC, non-ozone depleting, low global warming potential, and reduced energy consumption blowing agents which are more environmentally acceptable. This has been driving the demand for this segment.

By Regional & Country Level:

• North America

• U.S.
• Canada

• Europe

• U.K.
• France
• Germany
• Italy

• Asia Pacific

• China
• Japan
• India
• Southeast Asia

• Latin America

• Brazil
• Mexico

• Middle East and Africa

• GCC
• Africa
• Rest of Middle East and Africa

Geographically, Asia Pacific is expected to capture a major share in the global foam blowing agents market within the forecast period due to the increasing housing and construction activities, rapid urbanization, and population growth, and huge infrastructure investments in this region. Increasing housing and construction activities are driving the growth of the market. For instance; according to Smart City Mission, on February 20th, 2021; the Government of India with the mission to develop 100 smart cities in the nation.

North America is the fastest-growing region in the global foam blowing agents market due to increasing demand for eco-friendly blowing agents, and rising awareness among people regarding the adverse effects of using conventional blowing in this region. For instance; on July 1st, 2019; the FDA granted its second successful device designation in as many weeks for an expanding foam to rapidly control acute internal bleeding in trauma patients.

Market Drivers-

Increasing demand for the packaging and medical devices industries

One of the major factors driving the growth of the foam-blowing agent market is the increasing demand for the packaging and medical devices industries. Polyurethane foam is one of the most used polymer foams, which finds a wide range of applications in various industries, including electronics, flooring, automotive, construction, packaging, and medical devices. This trend is expected to continue soon and is predicted to positively impact the growth of the global foam-blowing agent market. The medical industry has witnessed rapid growth in recent times, characterized by various technological advancements. Also, fluctuations in global trade have increased the demand for safe and reliable packaging of products, which require foam-based polymers due to their shock-absorbing nature.

Innovation in the Field of Refrigeration

In addition, the innovation in the field of refrigeration is also boosting the growth of the foam-blowing agent market. Foam blowing agents are additives used for the expansion of the polymer matrix and its densification during the manufacture of polymer foams. There is the widespread use of foam-blowing agents in the consumer electronics industry, which is one of the most dynamic and fastest growing industries in the world. For instance; on March 7th, 2022; Meritor announced the 'Zero Emission Refrigerator Trailers' innovation. This is likely to increase during the forecast period owing to increasing demand for foam-blowing agents in various applications such as refrigerators, ACs, ovens, and freezers, thereby fuelling the growth of the foam-blowing agent market.

Growing demand for foam blowing agents in the automobile sector

Moreover, the growing demand for foam-blowing agents in the automobile sector is also supplementing the foam-blowing agent market growth. This is because these agents are mainly used in the manufacture of many automotive parts such as roll pans, wiper cowls, and side skirts. Furthermore, foam blowing agents are cost-effective and pollution-free; also, this agent has no residue after foaming. For example; according to The International Organization of Motor Vehicle Manufacturers, in 2019 the world produced 91.8 million vehicles. However, the high cost associated with foam-blowing agents may hinder the growth of the global foam-blowing agent market. Despite that, increasing demand for environmentally friendly foaming agents may create more opportunities in the global foam-blowing agent market.

Recent Developments-

• On June 11th, 2021; Arkema was ramping up production of the insulation foam-blowing agent hydrofluoroolefin-1233zd (HFO-1233zd) in the US and China. Arkema plans to spend $60 million to add 15,000 metric tons (t) per year of capacity for HFO at its plant in Calvert City, Kentucky. The company will tie up with chemical maker Aofan to produce 5,000 tonnes in China from 2022.

Report Analysis	Details
Historical data	2016 - 2021
Forecast Period	2022 - 2029
Market Size in 2021:	USD 1265.2 Million
Base year considered	2021
Forecast Period CAGR %:	4.8%
Market Size Expected in 2028:	USD 1756.6 Million
Tables, Charts & Figures:	175
Pages	200
Companies	Honeywell International Inc., The Chemours Company, Arkema S.A, Marubeni Corporation, E.I DuPont de Nemours (DuPont), Foam Supplies, Inc., Linde Group, Solvay S.A, HCS Group GmbH, Guangzhou Jiangyan Chemical Co., Ltd., and others
Segments Covered	By Product, By Application, By End User
Regional Analysis	North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa