Foam Blowing Agents Market Expected to Reach $1.9 Billion by 2030—Allied Market Research

According to a new report published by Allied Market Research, titled, “Foam Blowing Agents Market," The foam blowing agents market was valued at $1.2 billion in 2020, and is estimated to reach $1.9 billion by 2030, growing at a CAGR of 4.8% from 2021 to 2030.

Foam blowing agents are mainly used for the manufacturing of polystyrene foams, polyurethane foams, and phenolic foams, which find their application in insulation in numerous end-use industries such as construction, automotive, and electrical & electronics. This can be attributed to rapid urbanization and the need for reduction in energy consumption. Polyurethane (PU), extruded polystyrene (XPS), expanded polystyrene (EPS), and phenolic foams contribute significantly in reducing energy consumption. With the introduction of the green building concept, the demand for thermal insulation has increased multi-folds attributed to the recognized role of green buildings in reducing energy consumption and greenhouse emissions (GHGs).

Flourishing polystyrene, polyurethane, and other product-based foam businesses drive the foam blowing agents market. Foam blowing agents find applications in polymeric foam manufacturing to enhance the desired foam properties. The demand for polymeric foam has increased due to its usage in the construction and appliances industry. The global population growth and a rise in average disposable incomes have further boosted the construction industry in Vietnam, China, India, Malaysia, and Indonesia. Polymeric foams are extensively used in building and construction sectors. Improved living standards and rise in purchase power parity have developed flooring and furnishing industry in recent years. The booming hospitality sector has demanded an exceptional quality of flooring material and aesthetically sound furnishing. Polymeric foams are used in flooring and furnishing for shock absorption and to give a high-quality aesthetic appearance. The foam blowing agents market is anticipated to witness a promising growth in the flooring and furnishing industry owing to increased adoption of polymeric foams.

Hydrocarbon-based products have witnessed the maximum demand in various applications such as refrigeration and wall sheathing & roofing owing to its zero-global warming potential (GWP) and negligible ozone layer depletion potential (ODP), followed by hydrofluorocarbons. However, measures against harmful agents imposed by the government and various organizations of different regions are expected to hamper the market growth.

The foam blowing agents market is segmented on the basis of type, application, and region.

By type, the market is categorized into hydrocarbons, hydrofluorocarbons, hydrochlorofluorocarbons, and others (that include hydrofluoroolefins, methyl formate, liquid CO2, and water). By applications, the market is classified into polyurethane, polystyrene, polyolefins, and others (that include phenolic foams and polyvinyl chloride). By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific accounted for more than 45% share of the total revenue in 2020, followed by North America and Europe. The applications of foam blowing agents in the construction and automotive industries such as for building insulation and as sealants for windows and doors drive the foam blowing agents market in North America.

The key players operating in the global Foam blowing agents market are Arkema S.A. (France), Honeywell International Inc. (U.S.), Exxon Mobil Corporation (U.S.), E.I. du Pont de Nemours & Company (U.S.), Haltermann GmbH (Germany), Harp International Ltd. (U.K.), Daikin Industries, Ltd. (Japan), Sinochem Group (China), Solvay S.A. (Germany), and ZEON Corporation (Japan).

The other prominent foam blowing agents industry players include Linde AG (Germany), AkzoNobel N.V., Lychem International Co., Limited, BEO International, SPL Group, KSJN Catalyzing Industries, Sunwell Global Ltd., Marubeni Corporation, and Astra Polymers are competing for the share of the market through product launch, joint venture, partnership, and expanding the production capabilities to meet the future demand for the foam blowing agents during the forecast period.

Key Findings of the Study

• By region, Asia-Pacific accounted for the largest market share in 2020.
• Depending on type, hydrocarbons segment held the largest market share in 2020.
• According to application, polyurethane segment held the largest market share in 2020.

Impact of COVID-19 on the Global Foam Blowing Agents Market

• Emergence of COVID-19 had less impact on the growth of the global foam blowing agents market during the pandemic outbreak period in 2019.
• This impact is mostly attributed to the significant disruptions in the raw material transportation and presence of low-labor, which led to shutdown of many manufacturing industries due to decline of demand for foam blowing agents during the pandemic outbreak period in 2019.
• The decrease in demand for many non-essential products and shut down of construction created a negative impact on the development of global foam blowing agents market.
• Thus, the abovementioned factors are expected to have negative impact on the global foam blowing agent’s market growth during the pandemic period.