Growing Popularity of Eco-Friendly and Energy-Efficient Foam Blowing Agents to Drive the Market During the Forecast Period

Rockville, Feb. 07, 2023 (GLOBE NEWSWIRE) -- According to Fact.MR, a market research and competitive intelligence provider, the global foam-blowing agents market is reaching a valuation of US$ 1.1 billion in 2023 and is anticipated to grow at a CAGR of 6.0% during the forecast period of 2023-2033.

Rising investment in the development of environmentally friendly and energy-efficient foam blowing agents is expected to drive its production over the forecast period. Additionally, continuous demand from the construction industry, where it is used as an insulating agent coupled with a growing trend in the healthcare sector has given a boost to the consumption of foam-blowing agents.

Foam blowing agents improve the finished good’s flexibility and thermal and acoustic insulation by creating a cellular structure during the foaming process. They are increasingly used to upgrade and enhance specific polymer characteristics. The foam blowing agent is chosen to give a closed-cell structure that limits heat transfers due to its qualities which are held within the foam practically for the duration of the foam's use.

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The FDA’s approval on the usage of blowing agents to treat abdominal injuries in military members has improved the industry's outlook. This discovery will significantly improve the lives of warriors who have endured severe abdominal damage.

Key Takeaways from Market Study

• The global foam blowing agents market is projected to grow at 6.0% CAGR and to reach US$ 2.0 billion by 2033

• The market witnessed a 4.6% CAGR between 2018 and 2022

• In terms of application, polyurethane foam blowing agents will continue to dominate the global market, accounting for around 60.4% of sales by 2033 due to their eco-friendly nature and excellent insulating features

• Asia holds the maximum share of the global market and will account for around 45.2% of the total market by 2033

• By end-use industry, the electrical and electronics segment to account for 40.2% of the revenue share by 2033

• Prominent foam blowing agents manufacturers are Arkema S.A, DuPont, HCS Group GmbH, Honeywell International Inc., Linde Group, Marubeni Corporation, Solvay S.A, and The Chemours Company among others

Market Development

The market players are focusing on maintaining long-term relationships with suppliers and well-established distributors to deliver their products. Capacity expansion and expanding global footprints by collaboration or acquisition will provide lucrative opportunities to manufacturers. Manufacturers are emphasizing on offering products that are eco-friendly and comply with government regulations and guidelines.

For instance, In April 2021, KUMYANG launched Cellcom KY-ECO which is an eco-friendly blowing agent and is free from hazardous gases such as ammonia, formamide, and sulfur dioxide.

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Competitive Landscape

Market players are employing a combination of organic and inorganic techniques to increase their penetration into profitable areas. There has been a great focus on eco-friendly foam-blowing agents due to stringent government mandates and an inclination towards greener products. The rising demand from various industries has led manufacturers to expand their production capacity in order to meet the demand.

• In November 2021, the Chemours Company, a global chemistry company announced a new production line dedicated to the expansion of its non-ozone depleting, low global warming potential (GWP) hydrofluoroolefin (HFO) platform – Opteon™ 1150, chemically referred to as HFO-1336mzzE.

• In October 2021, Honeywell International Inc. announced the global adoption of Soltice low global warming potential refrigerants, blowing agents avoided the release of 250 million metric tons of carbon dioxide into the atmosphere. The company will continue to use soltice as it aims to reduce carbon emissions.

• In June 2021, Arkema announced plans to increase the production capacity of insulation foam blowing agent, hydro-fluoro olefin 1233zd in China and the U.S. Arkema’s partner Aofan has started the production process at their plant in China. The company’s US$ 60 Mn investment will add 15 kilotons per year of capacity for the HFO at its plant in Calvert City, Kentucky, the U.S. The project is expected to be completed by 2024.

Key Companies Profiled

• Arkema S.A

• E.I DuPont de Nemours (DuPont)

• Foam Supplies, Inc.

• Guangzhou Jiangyan Chemical Co., Ltd

• HCS Group GmbH

• Honeywell International Inc.

• Linde Group

• Marubeni Corporation

• Solvay S.A

• The Chemours Company

Segmentation of Foam Blowing Agents Industry Research

• By Product Type :

  • HC

  • HFC & HCFC

  • Blends

  • HFO

  • Methylal and Methyl Formate

  • Others (Liquid CO2 and Water)
    
    

• By Application :

  • Polyurethane

  • Polystyrene

  • Phenolic

  • Others (PVC, Polyisocyanurate)
    
    

• By End-Use Industry :

  • Building and Construction

  • Electrical and Electronics

  • Furniture and Bedding

  • Automotive

  • Footwear

  • Others (Textiles, Medical, etc.)
    
    

• By Region :

  • North America

  • Latin America

  • Europe

  • East Asia

  • South Asia & Oceania

  • MEA

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More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the foam blowing agents market, presenting historical market data (2018–2022) and forecast statistics for the period of 2023–2033.

The study reveals essential insights on the basis of product type (HC, HFC & HCFC, blends, HFO, methylal, and methyl formate, others (liquid CO2 and water)), application (polyurethane, polystyrene, phenolic, and others (PVC and polyisocyanurate)), end-use industry (building and construction, electrical and electronics, furniture and bedding, automotive, footwear, others (textiles, medical, etc.)), and across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, Middle East & Africa).

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