Foam Blowing Agent Market, by Product [Hydrofluorocarbons (HFC0), Hydrochlorofluorocarbons (HCFC), Hydrocarbons], by Application (Polyolefin, Polyurethane, and Polystyrene), Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2019–2026

Foam Blowing Agent Market Analysis:

Foam blowing agents are commonly used for thermal insulation in appliances and commercial and residential buildings. As foam blowing agents offer higher energy efficiency, they are vital components in the construction, healthcare, and automotive industries. Foam blowing agents are non-flammable and some of the liquid blowing agents are with a boiling point close to room temperature. Traditionally, HFC (hydrofluorocarbon) foam blowing agents have been majorly used due to their overall performance, suitable boiling points, and insulating properties. Moreover, gas and liquid blowing agents are available in the market that have negligible ozone depletion potential along with very low GWP (Global Warming Potential).

Versatile applications of foam blowing agents in numerous industries expected to drive the global foam blowing agent Market

The potential demand for foam blowing agents in the automobile sector is one of the major factors for the growth of the foam blowing agents market. This is because, these agents are majorly used in the manufacturing of multiple automotive parts like roll pans, wiper cowls, and side skirts. Moreover, foam blowing agents are cost effective and pollution-free; also this agent has no residue after foaming. Furthermore, the extensive hike in the global population is making an impact on the construction projects, resulting in massive demand for the products of the foam blowing agent. For instance, as per the study of the UN (United Nations), the global population is anticipated to surpass 11.2 billion by the year 2100. Therefore, the world requires constructing 2 billion new homes in the coming 80 years.

Stringent government regulations are projected to restrain the growth of global foam blowing agent Industry

Contrary to this, higher costs along with growing strict environmental policies worldwide, are anticipated to restrain the growth of the global market.

HFO Blowing Agent projected to create enormous opportunities for the foam blowing agent industry

The inclusion of foam blowing agent chemicals with a global warming potential (GWP) has an adverse impact than carbon dioxide on the environment. However, hydrofluoroolefin (HFO) foam blowing agent contains at least one carbon-carbon double bond that makes them highly reactive in the atmosphere, which has a small impact on the environment. The GWP (Global warming Potential) of HFC blowing agents is around 1,430, whereas, the GWP of the new HFO blowing agents is 1. These newly invented HFO blowing agents are safer and they are easy to install. HFOs have several features such as they are non-flammable and non-toxic and they are not considered as volatile organic compounds by the Environmental Protection Agency.  Because of these factors, green builders are highly recommending HFO foam as it is eco-friendly.

Foam Blowing Agent Market, by Product:

Hydrocarbons segment will be most lucrative till 2026, and it will generate noticeable revenue, over the forecasted period

The hydrocarbons segment has significant market share, throughout the projected period. Hydrocarbons have a major role in the production of polyurethane foam, which has further applications in multiple end-use industries like appliances, automotive, and construction. Moreover, in the production of zero ODP, blowing agent hydrocarbons are the most used component, because of the good mix of performance features (cycle time, final foam properties and processing window) and being cost-effective, in continuous laminated sandwich panels industry and domestic appliance industry.

Foam Blowing Agent Market, by Application:

Polyurethane segment will register notable revenue by 2026

Polyurethane has dominating global market share and this share will continue to grow over the projected timeframe. Superior properties such as low density and thermal conductivity associated with mechanical properties make them excellent sound and thermal insulators; these benefits will drive the growth of the foam blowing agents market. In addition, spray polyurethane foams have the considerable role in the reduction of the greenhouse gases emission. Furthermore, in the construction sector, polyurethane foam blowing agents are mostly preferred as an insulating agent, and this will have huge impact on the global market.
Foam Blowing Agent Market, by Region:

North America region will have immense opportunities for the market investors 

North America market for foam blowing agents is anticipated to witness an immense growth, at a noticeable rate, over the forecasted period. Ozone layer depletion, extensively rising air pollution and global warming are some of the environmental challenges worldwide. Therefore, the U.S. government is implementing stringent environmental policies, for the reduction of greenhouse gases emission. Thus, there is a massive demand for low GWP and zero/low ODP blowing agents in the US market. Moreover, the significant base of end-user industries such as consumer goods, healthcare, and automotive for polymer foams is one of the major factors for the growth of the North American market. In addition, market players such as Honeywell are focusing more on eliminating ozone-depleting materials. The aforementioned key factors are further expected to boost the growth of the North American market.  

The Asia-Pacific region has the highest foam blowing agents market and it is anticipated to generate remarkable revenue, during the projected period. The improving government policies and foreign investment attributed to the surge in construction activities, particularly in Asian countries such as India, Thailand, and South Korea is anticipated to drive the demand for products of foam blowing agents in the market. Moreover, technological innovation and rapid growth in industrialization in the Southeast Asia region have contributed massively to the foam blowing agents.
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Key participants in the Global Foam Blowing Agent Market:

Merger & acquisition and advanced product development are the frequent strategies followed by the market players

Source: Research Dive Analysis

Some of the significant foam blowing agent market players include SINOCHEM GROUP CO., LTD., Akzo Nobel N.V., ZEON CORPORATION., HCS Group, DAIKIN INDUSTRIES, Ltd., Honeywell International Inc, Arkema S.A., Solvay, DuPont. and Exxon Mobil Corporation.

Market Players prefer inorganic growth strategies to expand into local markets. 

Foam blowing agent market players are emphasizing more on merger & acquisition and advanced product development. These are the frequent strategies followed by established organizations. To emphasize more on the competitor analysis of market players, the porter’s five force model is explained in the report.
 

Source: Research Dive Analysis