Newark, June 20, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global blowing agent market is expected to grow from USD 1.50 billion in 2021 to USD 2.77 billion by 2030, at a CAGR of 7.04% during the forecast period 2022-2030.
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The growing demand for polymeric foams, particularly polyurethane foams, due to rapid development in their end-user enterprises like appliances & construction, is anticipated to expand demand for the blowing agent market during the projection period. Further, the high demand from bedding & furniture industries for cushioning & insulation and the rising construction activities worldwide are the driving factors of the market growth. Moreover, the high prices associated with the technology and growing stringent government rules are the restraining factors of the market growth. Furthermore, the shifting preference toward environment-friendly blowing agents and, rising bio-based polyols & emerging new industries are the opportunities for the market growth. The high cost of raw materials is anticipated to challenge the market growth.
Competitive Strategy
To enhance their market position in the global blowing agent market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
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Market Growth & Trends
The growth of the blowing agent market is driven by the high mechanical strength and the potential demand for blowing agents in the automobile sector. Furthermore, the usage of blowing agents in the construction sector due to their high mechanical strength, insulation properties, and capability to make thinner structures also help drive the market growth during the forecast period. Moreover, rising demand from the building & construction industry is the market growth trend due to their low worldwide warming potential, non-ozone depletion, non-VOC, and decreased energy usage. Blowing agents are environmentally acceptable and are thus, utilized in building & construction. Additionally, the blowing agents are used as elements in building insulation like sheathing, doors, and block pipe & roof insulation in structures needing a foundation. However, they are also used as sealants for doors & windows. Further, the increasing demand for polyurethane products is also assisting in driving the market growth.
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Key Findings
• In 2021, the polyurethane foam segment dominated the market with the largest market share of 34.13% and market revenue of 0.51 billion.
The foam segment is divided into polystyrene foam, polyolefin foam, polyurethane foam, and phenolic foam. In 2021, the polyurethane foam segment dominated the market with the largest market share of 34.13% and market revenue of 0.51 billion. This growth is attributed to its broad application scope in different enterprises like the automotive industry for gaskets, seals, manufacturing seats, insulation, and bushing.
• In 2021, the hydrocarbons (HC) segment dominated the market with the largest market share of 29.16% and market revenue of 0.43 billion.
The type segment is divided into hydrochlorofluorocarbons (HCFC), hydrofluorocarbons (HFC), hydrofluoroolefin (HFO), hydrocarbons (HC), and others. In 2021, the hydrocarbons (HC) segment dominated the market with the largest market share of 29.16% and market revenue of 0.43 billion. This growth is attributed to the growing use of oxygenated hydrocarbons like methyl formate in integral skin & polystyrene foam applications.
• In 2021, the building and construction segment dominated the market with the largest market share of 23.17% and market revenue of 0.34 billion.
The application segment comprises bedding and furniture, building and construction, appliances, automotive, packaging, and others. In 2021, the building and construction segment dominated the market with the largest market share of 23.17% and market revenue of 0.34 billion. This growth is attributed to the high mechanical strength and its insulation properties.
Regional Segment Analysis of the Blowing Agent Market:
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
Asia Pacific region occurred as the largest market for the global blowing agent market with a market share of 48.26% and a market value of around 0.72 billion in 2021. The Asia Pacific currently dominates the blowing agent market due to the increasing demand for performance products from the customer segments and the growth of end-user enterprises. Additionally, the rapid industrialization and urbanization and rising demand for blowing agents from different industries are also helping to drive the region's market growth. Furthermore, the North American region is expected to show the fastest CAGR of 10.02% over the projection period. This growth is attributed to the growing demand for renovation & reconstruction activities. Moreover, the stringent government rules regarding ODP & GWP and the usage of sustainable products derived from renewable fabrics also helped the market's growth during the projection period.
Key players operating in the global blowing agent market are
• Solvay SA
• Honeywell International Inc.
• Exxon Mobil Corporation
• Daikin Industries, Ltd.
• Arkema SA
• Linde plc
• Haltermann Carless
• Harp International Ltd.
• Foam Supplies, Inc.
• The Chemours Company
This study forecasts revenue at global, regional, and country levels from 2019 to 2030. The Brainy Insights has segmented the global blowing agent market based on below mentioned segments:
Global Blowing Agent Market by Foam:
• Polystyrene Foam
• Polyolefin Foam
• Polyurethane Foam
• Phenolic Foam
Global Blowing Agent Market by Type:
• Hydrochlorofluorocarbons (HCFC)
• Hydrofluorocarbons (HFC)
• Hydrofluoroolefin (HFO)
• Hydrocarbons (HC)
• Others
Global Blowing Agent Market by Application:
• Bedding and Furniture
• Building and Construction
• Appliances
• Automotive
• Packaging
• Others
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About the report:
The global blowing agent market is analysed based on value (USD Billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
About The Brainy Insights:
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