The global foam blowing agents market was valued at ~US$ 1.4 Bn in 2018, and is anticipated to expand at a CAGR of ~6% from 2019 to 2027, according to a new research report published by Transparency Market Research (TMR). Rise in the demand for foam blowing agents in the electrical & electronics industry, especially for use in home appliances, is projected to fuel the demand for foam blowing agents during the forecast period. Asia Pacific accounts for a substantial share of the global foam blowing agents market, led by the increase in the usage of these agents in consumer durables, such as refrigerators and air-conditioners, in the region.
Request A Sample of Global Foam Blowing Agents Market- https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=4151
Rising Demand for Foam Blowing Agents in Electrical & Electronics Industry
The increased demand for foam blowing agents for use in applications in the electrical & electronics industry, such as electric appliances and consumer durables, is a key factor fueling the global foam blowing agents market. Electric appliances such as refrigerators, air-conditioners, water heaters, and microwave ovens employ polymer foams that are made by using foam blowing agents for insulation purposes. Increase in the labor force in the refrigeration sector, both, in developed and developing countries, is anticipated to augment the sector further, thereby driving the demand for polymer foams and foam blowing agents. Increasing investments by various governments toward residential construction, rural electrification, and power supply is expected to further fuel the demand for foam blowing agents in the next few years.
Increase in Demand for Foam Blowing Agents in Building & Construction Industry
The increased usage of polymer foams in residential, commercial, and institutional buildings for thermal and acoustic insulation is anticipated to augment the demand for foam blowing agents in the next few years. Regulations imposed on the emission of greenhouse gases (GHGs) have compelled manufacturers to produce insulation foams that offer high energy efficiency. This, in turn, is anticipated to drive the demand for foam blowing agents in the near future. A joint venture initiative between the member countries of the European Union and the European Commission, known as Concerted Action Energy Performance of Building Program, mandates all new buildings constructed in these member countries to follow zero-energy standards by 2020. The Energy Conservation Building Code prevailing in India mandates commercial and public buildings to reduce their energy consumption by 40% to 60%. The migration of people from rural areas to urban areas in developing economies is likely to stimulate building activities in these countries during the forecast period.
High Focus on Production of Next-generation Foam Blowing Agents
The demand for next-generation foam blowing agents is on the rise, owing to their zero ozone depletion (ODP) and low global warming potential (GWP). Next-generation foam blowing agents include hydrocarbons (such as cyclopentane), hydrofluoroolefins, blends of hydrocarbons, and hydrofluroolefins/hydrofluorocarbons, liquid carbon dioxide, ammonia, and water. The high ozone depletion potential of foam blowing agents such as HCFC-141b and HFC-23 makes them less attractive to manufacturers of foam blowing agents. Thus, they opt for next-generation foam blowing agents.
Asia Pacific a Prominent Foam Blowing Agents Market
In terms of demand, Asia Pacific is estimated to account for a major share of the global foam blowing agent market during the forecast period. The presence of a highly attractive polyurethane industry in the eastern part of Asia, led by the dominance of China, is likely to fuel the demand for foam blowing agents in Asia Pacific in the next few years. The high rate of urbanization and increase in awareness about sustainable development in the region are likely to create attractive opportunities for the foam blowing agents market in Asia Pacific during the forecast period. The presence of key manufacturers of polyurethane foams, such as Covestro A.G, and Huntsman International LLC, in the region, is also likely to boost the demand for foam blowing agents in Asia Pacific during the forecast period.
Moderate to High Degree of Competition among Established Players
The global foam blowing agents market is moderately consolidated. Therefore, moderate to high competition exists among the leading producers of foam blowing agents. Major players operating in the global foam blowing agents market have adopted strategies such as mergers, acquisitions, partnerships, and product launches in order to strengthen their market position. Global manufacturers are focusing on expanding their product portfolios through research and development activities. For example, in 2018, Honeywell International Inc., a key manufacturer of foam blowing agents, introduced Solstice, a liquid blowing agent (LBA) that helps in improving energy efficiency. Key players profiled in the report on the global foam blowing agents market are Honeywell International LLC, E. I. du Pont de Nemours (DuPont), Arkema S.A, Linde Group, and Solvay S.A.