The blowing agent market size is projected to grow from an estimated value of USD 1.5 billion in 2019 to USD 2.2 billion by 2026", at a CAGR of 5.8% during the forecast period.
The growing application of polymeric foams at a global level in industries such as construction, packaging, automotive, electronics, and footwear to drive the market demand for blowing agents.
Attractive Opportunities in the Blowing Agent Market
Further, the increasing demand for blowing agents from developing economies of the world owing to the growth of different application industries as well as the shift from high ODP and GWP blowing agents towards more eco-friendly ones will additionally boost the blowing agents market in future.
HFC Segment is Estimated to Dominate the Overall Blowing Agent Market
- HFC is expected to be the largest type of blowing agent used globally in terms of volume.
- HFC blowing agent is widely used in varied foam applications owing to its excellent insulation and non-flammability properties.
- The primary consumers of HFC blowing agents include extruded polystyrene foams and spray polyurethane foams, which are further used for insulation purposes.
- The usage of HFC blowing agents has experienced rapid growth with the ban implied on the consumption of HCFC blowing agents in all types of foams.
Polyolefin Foam - Estimated to be Fastest-Growing Market for Blowing Agent
- Polyolefin foam is projected to be the fastest-growing market for blowing agent during the forecast period.
- Polyolefin foams are considered as a high-performance packaging material, particularly when used for the packaging of delicate, high-value equipment, owing to its added resilience.
- Thus, the growth of global packaging industry is expected to drive the demand for such foams, which, in turn, will drive the blowing agents market.
- Further, the high usage of HFC blowing agents for manufacturing polyolefin foams is supporting the growth of this market.
APAC - Estimated to be Largest Blowing Agent Market During Forecast Period
- APAC is projected to be the largest blowing agent market during the forecast period.
- The growing construction, automotive, footwear, and manufacturing industries are the major factors driving the growth of blowing agents in the region.
- The region’s rapid economic development, increased standard of living, rising per capita income are the factors driving the growth of the industries mentioned above.
- Also, the increasing usage of eco-friendly blowing agents along with the consumption of HFCs and HCFCs will drive the blowing agent market in the region.
Source: MarketsandMarkets