Blowing Agents Market: By Foam Type, By Product, Hydrofluorocarbons, Hydrocarbons, Hydrofluoroolefin, and Others), By Application and Geography
Blowing Agents Market size was valued at US$ 1,768.4 million in 2023 and is expected to grow at a CAGR of 6.8% from 2024 to 2030. The global market provides a detailed overview and which can be segmented by foam type, product, application, and region. By foam type, the market has been segmented into polyurethane foam, polystyrene foam, phenolic foam, polypropylene foam, polyethylene foam, and other foam types. By foam type, Polyurethane foam is the largest market for blowing agents. Polyurethane foams have found their applications in several applications across the globe. It is widely used for thermal insulation in buildings, transport systems, and household appliances.
Furthermore, it is also used in bedding, seating, carpet backing, electronics, computer, dash panels, shoe soles, and others, consequently, the continuous demand for polyurethane foams from several application industries is expected to enhance its demand, which in turn will boost the blowing agent market in coming future. By product, the market has been segmented into hydrochlorofluorocarbons (HCFCs), hydrofluorocarbons (HFCS), hydrocarbons (HC), hydrofluoroolefin (HFO), and others. C segment is estimated to dominate the overall blowing agent market. HC is expected to be the largest type of blowing agent used globally in terms of volume. HC blowing agent is widely used in varied foam applications owing to its low ODP and GWP properties.
The growth of HC blowing agents is supported by the increasing usage of oxygenated hydrocarbons, such as methyl formate, in integral skin and polystyrene foams applications. The increasing demand for vacuum panels in combination with hydrocarbon-blown foams increases energy efficiency in the appliances industry, which increases the consumption of HC-blowing agents. Based on the application, the segment has been segregated into building & construction, automotive, bedding & furniture, appliances, packaging, and other applications. The building & construction segment is expected to lead the end-user segments owing to rising huge investment in the advancement and development of better infrastructure projects worldwide.
Study Period
2024-2030Base Year
2023CAGR
6.8%Largest Market
North AmericaFastest Growing Market
Asia-Pacific
The blowing agent market growth is majorly driven by the growing construction, automotive, and electronics industries, in emerging economies worldwide. Apart from this, the increasing polymeric foam application globally will further drive market growth.
APAC is expected to have the largest blowing agent market during the forecast period. As China was the largest consumer of blowing agents in the region as of 2019 in terms of value as well as volume. The major production base of HCFC blowing agents are situated in China and the increasing usage of hydrocarbons, unsaturated HFCs, and other chemical blowing agents are the major factors propelling the blowing agent market growth in the region.
Latin America
Europe
Asia Pacific
Middle East
North America
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Report Benchmarks |
Details |
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Report Study Period |
2024-2030 |
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Market Size in 2023 |
US$ 1,768.4 million |
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Market CAGR |
6.8% |
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By Foam Type |
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By Product Type |
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By Application |
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The global blowing agents market size was valued at US$ 1,768.4 million in 2023 and is projected to grow at a CAGR of 6.8% from 2024 to 2030.
The blowing agents market key players are: Honeywell International Inc. (US) Solvay SA (Belgium) Arkema SA (France) Exxon Mobil Corporation (US) Linde plc (UK) Daikin Industries, Ltd. (Japan) The Chemours Company (US) Haltermann Carless (Germany) Foam Supplies, Inc. (US) Harp International Ltd. (UK) Americhem (US) Sinochem Group Co. Ltd (China) Lanxess (Germany) The Chemours Company (US) Arkema (France)
The blowing agents market has been classified into North America, Asia Pacific, Europe, Latin America, Middle East and Africa, and the rest of MEA.
Key Market Players
Author
Prem Kumar with profound experience and sound knowledge across a wide range of market forecasting methods, demand forecasting, and pricing analysis, I am able to make precise projections. I have extensive practical knowledge in Time Series Analysis (TSA), Simple Linear Regression (SLR), Multiple Linear Regression (MLR), Seasonality & Trend Forecasting, and Forecasting Models for New Products, among others. Additionally, I have hands-on experience with tools such as Power BI and SQL. I am highly committed, self-motivated, and possess a strong entrepreneurial spirit. Over the past 8 years, my team and I have built a robust clientele in various sectors, including Packaging, Pharma, Medical Devices, Oil & Gas, and Chemicals & Materials. We have provided a wide range of services, from management consulting to market forecasting and survey-related projects. I am particularly proud to have provided consulting services to one of the industry’s leading COVID-19 vaccine manufacturers for a packaging-related project. In the packaging space, I have served clients across a range of segments, including packaging printing, consumer packaging, flexible packaging, rigid packaging, and pharmaceutical packaging, to name a few. I deeply appreciate the efforts of my team and am grateful to our clients for their continued trust.
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