Foam Blowing Agents Market - Forecast(2023 - 2028)

Overview

Foam Blowing Agents Market size is forecast to reach $1.04 billion by 2025, after growing at a CAGR of 5.59% during 2020-2025. Asia-Pacific developing countries are witnessing the migration to urban areas of people from rural areas. In the near future, this is expected to improve construction activities in urban areas. Since the demand for isolating materials and therefore for foam blowing agents in urban areas is typically more intense than in countryside, the market is probably on the rise in next few years. Due to its high insulation value, foamed plastic isolation is often used in construction applications.

Report Coverage

The “Foam Blowing Agents Market – Forecast (2020-2025)”, by IndustryARC, covers an in-depth analysis of the following segments of the Foam Blowing Agents Industry.

Key Takeaways

• The demand for foam blowing agents is expected to show substantial growth because of the competitive advantages of foam blowing agents, such as improved performance, eco-friendly and improved insulation.
• Recent advances in technology in foam blowing agents have led to an increase in the market growth. For instance, Opteon 1100 foaming agent and BASF SPRAYTITE ® foam insulation have been introduced to provide home-owners with excellent thermal insulation efficiency and minimize power usage, environment footprint and emissions. In addition, they are also responsible for reducing emissions from greenhouse gasses.
• In order to boost the attractive foam properties, foam blowing agents find applications in the manufacture of polymer foam. As a result of its use in building and appliances, the market for polymeric foam is growing.
• However, the end use industries are being significantly affected due to the COVID-19 pandemic, as most of the countries have issued “stay at home guidance” i.e., lockdown. This factor is the market growth in current situation.

Product Type - Segment Analysis

For many years, Hydrocarbon segment have been a major segment. Due to its zero global warming potential (GWP) and the marginal degradation of the ozone layer (ODP), accompanied by hydrofluorocarbons, maximum demand is demonstrated in various applications such as codling and wall sheathing & roof toping over Hydrochlorofluorocarbons and Hydrofluoroolefins. Nonetheless, steps taken by the government and various organizations from different regions against harmful agents are likely to impede the growth of the sector.

Foam Type - Segment Analysis

For many years, the polyurethane - foam based segment have been a major segment. The large-scale adoption of foam blowing agents is evident as a result of growing demand in the building and car industries for polyurethane foams. However, the market of foam blowing agents has been encouraged by rising energy efficiency and better insulating properties. The construction and automotive industry serve the leading end users on the market for foam blowing agents. Due to the rising demand of natural spray blowing products, the applications of foam blowing agents are expected to develop in the coming years. Further applications such as footwear and furniture, such as new technology for foam blowing agents to enhance the properties and function of polymer foams, are expected to be seen in decent growth in the following years.

End-Use Industry - Segment Analysis

Building & Construction sector has been the primary market for Foam Blowing Agents for many years at a CAGR of 6.89%. Blowing agents are environmentally acceptable and are used by building and development as a result of their non-VOC, non-ozone degradation, and low global warming potential and lower energy consumption. The results are improved, more tightly segregated, higher energy efficiency and less energy usage. Blowing agents, including block tubing and roof insulation, doors, sheathing and structures that require foundation, are used as a component in building insulation. They also act as door and window sealants. These are used primarily in polyurethane foams that are used widely in pipes to avoid heat loss and retain temperature even in cold weather, so that they do not freeze or crack for heating over a long distance. They are used with very minimal uses in phenolic foams as well. Phenolic foams are commonly used as isolating barriers in cupboards, walls and floor insulating systems in tables. The rising worldwide building activities will improve the blowing agents market considerably.

Geography - Segment Analysis

 APAC dominated the Foam Blowing Agents Market share with more than 45.26%, followed by North America and Europe. In terms of both value and volume, Asia Pacific is a popular producer of foam blowing agents. The rising market of the polyurethane foam manufacturing sector in China is projected to be a major user of foam blowing agents in the near future. Large population, rapid urbanization in key countries like China, India and Japan and increased demand for sustainable consumer goods have resulted in increased demand for isolation applications and, subsequently, the market for foam blowing agents in these regions. Upcoming manufacturing facilities of polyurethane foams to be set up by major players, such as Covestro AG (Germany), BASF SE (Germany), Saint-Gobain (France), and Huntsman Corporation (U.S.), are likely to fuel the demand for foam blowing agents in Asia Pacific during the forecast period.

Drivers – Foam Blowing Agents Market

• Growing demand for polyurethane foam due to growth in the construction industry

Increasing the use of foam blowing agents is a driving force of the demand for foam blowing agents. In addition, there is an increasing market for foam blowing agents in the construction industry. The growth of the foam blowing agents market has also been driving the growing demand for high quality foam blowing agents for the manufacture of polymeric foams.

Challenges – Foam Blowing Agents Market

• Health Concerns and Environmental Challenges to Restrict Market Growth

Spray polyurethane foam causes a variety of health issues, in particular for people with lung diseases, asthma and skin conditions. Many manufacturers strongly recommend stringent medical tests to people who work around these officers. People who have a history of these medical conditions may be prohibited from operating in such circumstances that could, in effect, impede the market development of foam blowing agents. It is difficult to neglect the environmental consequences of the use of HFCs as foam blowing. With the high GWP, regulations have been developed to progressively reduce use of HFCs and other less environmentally safe molding agents.

            From 1 January 2019, following ratification by 60 nations, Kigali's amendment to the Protocol of Montreal from ozone depleting substances came into effect. The Kigali Amendment mandates that the production and use of HFCs on the foam blowing agent market in developed and developing countries be lagged in subsequent years. In particular, this freeze will start in developing countries as early as 2019. Their implementation could discourage and restrict the growth of the market for foam blowing agents through strict regulations.

Market Landscape

Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Foam Blowing Agents Market. In 2019, the market of Foam Blowing Agents has been consolidated by the top five players accounting for xx% of the share. Major players in the Foam Blowing Agents Market are Arkema S.A., Honeywell International Inc., Exxon Mobil Corporation, E.I. du Pont de Nemours & Company, Haltermann GmbH, Harp International Ltd., Daikin Industries, Ltd., Sinochem Group, Solvay S.A., and ZEON Corporation, among others.