Foam Blowing Agents Market revenue to surpass the billion-dollar frontier by 2024, North America to be a major growth avenue
Surging demand for polymeric foam and the massive usage of foam blowing agents in its manufacturing process will augment Foam Blowing Agents Market size. These agents are essentially used to provide a firm cellular structure to foam substrates, subject to the numerous benefits they provide, such as less product weight, high acoustic insulation, reduced material usage, and excellent thermal insulation. They are also used in methylal, methyl formate, and other eco-friendly products, which will impel foam blowing agents industry size.
U.S. Foam Blowing Agents Market share, by application, 2013-2024 (USD Million)
Of late, the demand for polymeric foam has observed an increase across the construction and appliance sectors. Foam blowing agents are widely used in the manufacturing process of polymeric foam, which is expected to enhance the growth of foam blowing agents industry. In addition, the extensive growth of polyurethanes (PU) market and other product based foam industries is expected to generate lucrative opportunities for market players. The increasing application of polymeric foams across the rapidly developing flooring market will also propel foam blowing agents industry, slated to cross a revenue of USD 1.1 billion by 2024, growing at a CAGR of 7% over 2016-2024.
Foam blowing agents find extensive applications across the polyurethane, polyolefin, and polystyrene industries. They are used to manufacture polyurethane foams that find applications across the flooring, construction, automotive, packaging, furnishing, hospitality, and medical devices sectors. Pertaining to the enhanced lifestyles and spending capabilities of consumers, foam blowing agents market size from polyurethane applications is expected to grow significantly over 2016-2024. Polystyrene and PU applications together accounted for a share USD 450 million in foam blowing agents industry in 2015.
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Subject to the rapidly advancing automotive, medical, and hospitality sectors, Europe foam blowing agents market, despite being at an initial stage of development, will grow at a substantial growth rate over the years to come. The regional market contributed to more than 15% of the overall industry in 2015.
Speaking along similar lines, hydrocarbons, a key product of foam blowing agents market, is heavily deployed in polyurethane foaming across the appliances, construction, hospitality, automotive, and flooring sectors, subject to which they contributed to more than 50% of the total revenue in 2015. Foam blowing agents market share from hydrocarbons was worth USD 200 million in 2015, is anticipated to grow at a rate of 7% over 2016-2024.
Foam blowing agents are massively deployed in the polyolefins industry, in fact, experts claim that polyolefin applications are set to revolutionize foam blowing agents market by 2024. These applications are deployed across the packaging sector subject to the product’s property of shock absorbency. Foam blowing agents market share from polyolefins applications was worth USD 90 million in 2015 and is expected to grow remarkably over the coming timeframe.
The rapid advancements in the construction and automotive sectors across APAC will lead to Asia Pacific foam blowing agents market growing at a notable CAGR over 2016-2024. APAC accounted for almost 50% of the overall market share in 2015 and will chart a lucrative growth path, pertaining to the introduction of technological innovations and the heavy industrial growth in the region.
Germany has recently witnessed an adoption of high grade medical devices subject to the growing healthcare sector. In addition, the highly developed automotive sector across the region will also lead to the growth of polyurethane and polyolefins industries, which will impel foam blowing agents market.
Of late, foam blowing agents market has been witnessing a revolution of sorts, with the introduction of non-flammable and non-toxic foam blowing agents. Worldwide foam blowing agents industry is rather consolidated, with the market share being distributed amidst the top few players. Key participants operating in this market include Honeywell, Sinochem Group, ZEON Corporation, Arkema S.A., Exxon Mobil Corporation, Solvay S.A., AkzoNobel N.V., DuPont, Haltermann GmbH, and Daikin Industries Ltd.
Author Name :Saipriya Iyer