The emphasis on thermal comfort and temperature control in buildings, especially in regions with extreme climates, drives the use of foam insulation materials that rely on foam blowing agents
Wilmington, Delaware, United States, Sept. 25, 2023 (GLOBE NEWSWIRE) — The foam blowing agents market was estimated to have acquired US$ 1.8 billion in 2021. It is anticipated to register a 5.7% CAGR from 2022 to 2031 and by 2031, the market is likely to gain US$ 2.9 billion.
The key element driving the market for foam blowing agents is the rising demand for energy-efficient buildings. The construction industry is increasingly focused on energy-efficient building materials. Foam insulation, produced with foam blowing agents, offers excellent thermal insulation properties, which align with the demand for sustainable and energy-efficient construction.
The demand for foam blowing agents is also being driven by growth in the automotive industry. The automotive industry is incorporating foam materials for lightweighting and noise reduction. Foam blowing agents are used in the production of automotive interior components and insulation materials.
Foam packaging materials are widely used to protect fragile and sensitive products during transportation. Increased e-commerce and online shopping have led to a greater demand for foam packaging.
The shift towards environmentally friendly and low-global warming potential (GWP) blowing agents, driven by concerns over climate change and regulatory restrictions on high-GWP agents, presents growth opportunities for alternative blowing agents.
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Market Snapshot:
| Report Coverage | Details | |
| Market Revenue | US$ 1.8 Bn | |
| Estimated Revenue | US$ 2.9 Bn | |
| Growth Rate – CAGR | 5.7% | |
| Forecast Period | 2022-2031 | |
| No. of Pages | 304 Pages | |
| Market Segmentation | By Product Type, End-use, Application | |
| Regions Covered | North America, Latin America, Europe, Asia Pacific, Middle East & Africa | |
| Companies Covered | Honeywell International Inc., Arkema S.A., E.I DuPont de Nemours (DuPont), Linde Group, The Chemours Company, Solvay S.A., Foam Supplies, Inc., HCS Group GmbH, Marubeni Corporation, Guangzhou Jiangyan Chemical Co., Ltd. | |
Key Findings of the Market Report
- Growing construction activities, increased urbanization, and expanding automotive production in emerging markets, particularly in Asia-Pacific and Latin America, present significant growth opportunities for foam blowing agents.
- Government initiatives and incentives to improve energy efficiency in buildings are likely to drive the adoption of foam insulation, creating a demand for foam blowing agents.
- The ability to provide customized blowing agent solutions to meet the specific requirements of different industries and applications presents opportunities for manufacturers.
Market Trends for Foam Blowing Agents
- Hydrofluoroolefins (HFOs)-based foam blowing agents are gaining popularity as alternatives to hydrochlorofluorocarbons (HCFCs) and hydrofluorocarbons (HFCs) due to their lower environmental impact and better performance characteristics.
- The development of advanced insulation technologies, such as vacuum insulation panels (VIPs) and aerogel-based insulation, is impacting the foam blowing agents market as these materials require specialized blowing agents.
- The trend towards sustainability has led to the exploration of bio-based and biodegradable foam blowing agents as alternatives to conventional chemical agents.
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Global Market for Foam Blowing Agents: Regional Outlook
Various reasons are propelling the growth of the foam blowing agents market in different regions. These are:
North America
- North America has seen a significant focus on energy-efficient building practices, including the use of foam insulation materials that rely on foam blowing agents. The materials help meet stringent energy efficiency standards and reduce heating and cooling costs.
- The need for energy-efficient retrofits and renovations in existing buildings creates a demand for foam insulation materials, and, by extension, foam blowing agents. Building owners are upgrading insulation to improve energy efficiency.
- In the automotive industry, there is a strong emphasis on lightweighting to improve fuel efficiency and reduce emissions. Foam materials produced with foam blowing agents are used for interior components and noise insulation, contributing to market growth.
Asia Pacific
- Asia Pacific is experiencing significant urbanization and infrastructure development, leading to a surge in construction activities. Foam insulation materials, produced with foam blowing agents, are essential for energy-efficient and sustainable building practices.
- The construction industry in countries like China, India, and Southeast Asian nations is booming, driven by population growth, urban migration, and government initiatives, which creates a substantial demand for foam insulation materials and, consequently, foam blowing agents.
- There is a growing need for protective and cushioning packaging materials, with the rise of e-commerce and online shopping. Foam packaging materials produced with foam blowing agents are widely used in the region.
Global Foam Blowing Agents Market: Key Players
A number of firms hold the majority of the market share in the foam blowing agents industry. The market’s major companies are concentrating on diversifying their product lines. The big players’ primary strategy includes mergers and acquisitions. In order to acquire a competitive edge in the industry, market competitors are concentrating on offering high-quality services.
The following companies are well-known participants in the global foam blowing agents market:
- Honeywell International Inc.
- Arkema S.A.
- E.I DuPont de Nemours (DuPont)
- Linde Group
- The Chemours Company
- Solvay S.A.
- Foam Supplies, Inc.
- HCS Group GmbH
- Marubeni Corporation
- Guangzhou Jiangyan Chemical Co. Ltd.
Key developments in the global foam blowing agents market are:
- In 2023, Arkema announced the expansion of its hydrofluoroalkene (HFO) production capacity in China and the United States to meet the growing demand for HFOs, which are more environmentally friendly foam blowing agents than traditional hydrofluorocarbons (HFCs).
- In 2023, Honeywell announced the launch of its new Solstice® LBA blowing agent, which is a low-global-warming-potential (GWP) HFO that is designed to be used in a variety of foam applications, including insulation, packaging, and refrigeration.
- In 2023, Huntsman announced the acquisition of Demilec, a leading producer of HFOs and other specialty chemicals. The acquisition strengthens Huntsman’s position in the foam blowing agents market and gives it access to Demilec’s portfolio of foam blowing agent products and technologies.
Partial Table of Content (ToC):
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Key Facts and Figures
1.4. Trends Impacting Market
1.5. TMR’s Growth Opportunity Wheel
2. Market Overview
2.1. Market Segmentation
2.2. Key Developments
2.3. Market Definitions
2.4. Key Market Trends
2.5. Market Dynamics
2.5.1. Drivers
2.5.2. Restraints
2.5.3. Opportunities
2.6. Global Foam Blowing Agents Market Analysis and Forecast, 2022-2031
2.6.1. Global Foam Blowing Agents Market Volume (Tons)
2.6.2. Global Foam Blowing Agents Market Revenue (US$ Bn)
2.7. Porter’s Five Forces Analysis
2.8. Regulatory Landscape
2.9. Value Chain Analysis
2.9.1. List of Product Type Providers
2.9.2. List of Manufacturers
2.9.3. List of Dealers/Distributors
2.9.4. List of Potential Customers
2.10. Production Overview
2.11. Product Specification Analysis
2.12. Cost Structure Analysis
3. COVID-19 Impact Analysis
3.1. Impact on the Supply Chain of the Foam Blowing Agents
3.2. Impact on the Demand of Foam Blowing Agents– Pre & Post Crisis
4. Impact of Current Geopolitical Scenario on Market
5. Production Output Analysis (Tons), 2021
5.1. North America
5.2. Europe
5.3. Asia Pacific
5.4. Latin America
5.5. Middle East and Africa
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Global Foam Blowing Agents Market Segmentation
- Product Type
- HC
- HFC & HCFC
- Blends
- HFO
- Methylal and Methyl Formate
- Others (Liquid CO2 and Water)
- Application
- Polyurethane Foams
- Polystyrene Foams
- Phenolic Foams
- Others (PVC Foams, Polyisocyanurate Foams, etc.)
- End-use
- Building and Construction
- Electrical and Electronics
- Furniture and Bedding
- Automotive
- Footwear
- Others (Textiles, Medical, etc.)
- Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.
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