The global foam blowing agents market was valued at 332,690.0 metric tons in 2014, and it is expected to grow with a CAGR of 5.3% during 2015 – 2020. The factors driving the growth of the global market include increasing demand for polymeric foams in construction and automotive industries and high demand for foam blowing agents in the manufacturing of polyurethane foam. Polyurethane foam is the most commonly utilized polymer foam, due to its large base of end-user industries such as automotive, building and construction, electronics, flooring, furnishings, medical devices, and packaging.
Polyurethane foam could be rigid or flexible, depending on the specific requirements in different applications. In order to alter or customize the structural properties of polyurethane foam, different types of blowing agents are used. Moreover, the polyurethane foam segment held the largest share among the various applications in the global foam blowing agent market, and it is also expected to retain its dominance during the forecast period. The high demand of foam blowing agents, especially low GWP and zero ODP blowing agents, in the manufacturing of polyurethane foam is predicted in the coming years. Hence, the high demand of blowing agents in the manufacturing of polyurethane foams is anticipated to drive the growth of the global foam blowing agents market during the forecast period.
In 2014, the Asia-Pacific market held the largest share in the global foam blowing agents market, in terms of value and volume. In terms of volume, Asia-Pacific foam blowing agents market is expected to witness the fastest growth (6.3% CAGR) globally, during 2015 – 2020. The major reasons behind the sustained growth in the region are increasing consumption of blowing agents in China and growing base of end-use industries of polymer foams. However, the increasing international pressure of reducing the consumption of HFCs and HCFCs would hinder the growth of the Asia-Pacific foam blowing agents market to some extent.
The hydrocarbon product segment of the global foam blowing agents market is expected to witness 7.1% CAGR, in terms of volume, during 2015 – 2020. Based on application of foam blowing agents, the polyurethane (PU) foam segment is expected to witness 5.5% CAGR globally, in terms of volume, during 2015 – 2020.
Some of the key companies operating in the global foam blowing agents market include Arkema S.A., Daikin Industries Ltd., Exxon Mobil Corporation, Haltermann GmbH, Honeywell International Inc., Sinochem Group, Linde AG, Zeon Corporation, Solvay S.A. and Harp International Ltd.
News Courtesy: P&S Market Research