FDA approval for the use of blowing agents to heal abdominal trauma in military personnel has given a positive outlook to the industry. This breakthrough will go long way in saving the lives of soldiers who have suffered serious abdominal trauma.
Moreover, the use of foaming agents in the development of antiseptic liquid soaps has increased its demand in the past half-decade. This can be attributed to the enhanced properties such as improved texture, uniform distribution and good penetration of the product. Such innovations are likely to bolster the production and sales of the foam blowing agents over the forecast period.
Sales of foam blowing agents will exceed US$ 1 Bn in 2021. Increasing demand from electronic and electrical industry and construction industry are expected to positively influence sales. The market is anticipated to expand at a CAGR of around 6% by accumulating US$ 1.8 Bn over the 2021 to 2031 assessment period, with polyurethane foam capturing a major market share.
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Key Takeaways from Market Study
- Based on application, polyurethane foams capture a major market share.
- Among the end uses, the electrical & electronics industry has been the fastest-growing segment, owing to rise in the purchase of consumer appliances over the past decade.
- Asia Pacific is set to dominate market revenue through 2031.
- The market in China is expected to rise at a high single-digit CAGR through 2031.
- Due to the COVID-19 crisis, demand for blowing agents was hit in 2020. But with the manufacturing industry back on track, demand is expected to bounce back.
Prominent manufacturers of foam blowing agents include Arkema S.A, DuPont, Foam Supplies Inc., HCS Group GmbH, Guangzhou Jiangyan Chemical Co. Ltd., Honeywell International Inc., Linde Group, Marubeni Corporation, Solvay S.A and The Chemours Company among others. Prominent developments in the market as follows:
- In July 2021, Haltermann Carless, a company of HCS Group GmbH will become the world’s largest Cyclopentane producer with the completion of their new hydrogenation plant at Speyer.
- In May 2021, Honeywell International Inc. announced SOPERMA will adopt Honeywell’s ultra-low global warming potential for production of extruded polystyrene insulation boards.
- In 2019 Arkema completed its acquisition by acquiring the remaining of its stake in Taixing Sunke Chemicals to expand its operations in the Asia Pacific region. Through this initiative, the company will support the growth of its customers in Asia, benefitting from the greater flexibility to run business in a region which generates over 50% of global acrylic acid demand
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Key Segments Covered
- HC Foam Blowing Agents
- HFC & HCFC Foam Blowing Agents
- Foam Blowing Agent Blends
- HFO Foam Blowing Agents
- Methylal and Methyl Formate
- Others (Liquid CO2 and Water)
- Polyurethane Foam Blowing Agents
- Polystyrene Foam Blowing Agents
- Phenolic Foam Blowing Agents
- Others (PVC Foams, Polyisocyanurate Foams)
End Use Industry
- Foam Blowing Agents for Building and Construction
- Foam Blowing Agents for Electrical and Electronics
- Foam Blowing Agents for Furniture and Bedding
- Foam Blowing Agents for Automotive
- Foam Blowing Agents for Footwear
- Others (Textiles, Medical, etc.)
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Key Questions Answered in Report
- Which are the most lucrative foam blowing agents markets?
- Which factors will impact the growth of foam blowing agents?
- How will changing trends impact the strategies of market players?
- How can market players capture the low-hanging opportunities across regions?
- Which companies are leading in the foam blowing agents industry?
- What are the winning strategies of stakeholders in the market?
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