Blowing agents are chemicals that produce a foaming effect in plastics and rubber, resulting in low-density materials with enhanced insulating properties. They find widespread usage in manufacturing insulation panels, packaging, construction, and other applications due to properties like low thermal conductivity.
The global Blowing Agents Market is estimated to be valued at US$ 4.90 Bn in 2023 and is expected to exhibit a CAGR of 6.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Rapid industrialization across developing regions of Asia Pacific and Latin America has significantly increased the demand for insulation materials from various end-use industries like construction, packaging, and appliance manufacturing over the past few years. The blowing agents market is witnessing considerable growth owing to their increased consumption in manufacturing insulation panels, packaging foams, and other materials required by rapidly expanding industries in the developing world. Higher investments in infrastructure and building construction due to growing urbanization are further driving the market growth.
Strength: Blowing agents provide insulation and reduce energy consumption for buildings and industries. They are cost-effective and help in lowering carbon footprint.
Weakness: Stringent regulation around the usage of hydrochlorofluorocarbons and other ozone-depleting blowing agents. Volatility in raw material prices impact the overall production cost.
Opportunity: Growing construction industry in developing nations drives the demand for blowing agents. Expanding refrigeration and packaging sectors offer new areas of application.
Threats: Development of alternative materials for insulation can replace blowing agents. Environmental concerns around hydrocarbon blowing agents act as a challenges.
The global Blowing Agents market is expected to witness high growth over the forecast period of 2023 to 2030. The market size for 2023 is estimated to be US$ 4.90 Bn registering a CAGR of 6.6% during the forecast period.
Asia Pacific region currently dominates the global blowing agents market and is expected to maintain its lead over the forecast period. This is due to rapidly developing construction and packaging industries in China, India and other Southeast Asian countries. Stringent environmental regulations in Europe and North America are driving development of eco-friendly blowing agents in these regions.
Key players operating in the Blowing Agents market are DuPont, Arkema S.A., Honeywell International Inc., Solvay S.A., Foam Supplies, Inc., AkzoNobel NV, Haltermann GmbH, Linde AG, Americhem, and HARP International Ltd. These companies are focusing on new product launches as well as expansion of manufacturing facilities especially in Asia Pacific and Middle East & Africa to cater to the growing demand.