by - The blowing agents are chemicals added to help create volume and low density in manufactured and synthetic materials. They find wide application in manufacturing processes including polyurethane foams, polystyrene foams, and polyethylene foams. Blowing agents are crucial in building and construction industry where they are used to manufacture insulation foams for buildings. Some key uses of blowing agents include roof and wall insulation, pipe insulation, insulation for water heater and refrigerators. Rapid urbanization and infrastructure growth especially in developing nations has driven the demand for buildings and construction activities globally. This in turn is estimated to propel the adoption of blowing agents in manufacturing insulation materials.
The global blowing agents market is estimated to be valued at US$ 4.90 billion in 2023 and is expected to exhibit a CAGR of 6.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The increased demand from building and construction industry referred in the heading is one of the key drivers of global blowing agents market. Rapid urbanization, growing population and rising disposable incomes especially in developing markets like India, China, Indonesia etc are fueling infrastructure growth and residential construction activities globally. This extensive development of buildings and structures requires efficient insulating materials manufactured using blowing agents to optimize energy consumption of buildings.Another driver for market growth is stringent regulations regarding energy efficiency of buildings. Various countries and regions have implemented policies and norms to curb carbon emissions from buildings and make them more energy efficient. This is positively impacting the adoption of high performance insulation materials containing blowing agents.
Segment Analysis - The blowing agents market can be segmented into hydrochlorofluorocarbons (HCFCs), hydrofluorocarbons (HFCs), hydrofluoroolefins (HFOs), and others. Among these, the HFCs segment dominates the market and accounts for more than 40% share due to its high demand from various end-use industries like construction, packaging, automotive, and appliances. HFCs provide efficient insulation and are cost-effective, which has increased their use in polyurethane foams for insulation.
PEST Analysis
- Political: Regulations like the Kigali Amendment are being implemented across countries to reduce the consumption and production of HFCs. This is
- increasing the adoption of environmental-friendly alternatives like HFOs.
- Economic: Rise in construction and automotive industries along with growing global population are driving the demand for blowing agents. Moreover,
- growth in cold supply chain and thermoformed packaging is propelling the market.
- Social: Increasing public awareness about energy efficiency and need for eco-friendly insulation materials is favoring the adoption of blowing agents for
- building construction.
- Technological: Development of next-gen blowing agents like hydrofluoroolefins (HFOs) provide high insulation and low global warming potential.
- Continuous R&D is underway to develop cost-effective and sustainable alternatives.
Key Takeaways
The global blowing agents market size was valued at US$ 4.90 billion in 2023 and is projected to reach US$ 7.13 billion by 2030, registering a CAGR of 6.6% during the forecast period.
Regional analysis: The Asia Pacific region dominated the market with over 35% share in 2023 due to rapid industrialization and infrastructure growth in countries like China and India. The APAC blowing agents market is expected to witness the fastest growth during the forecast period.
Key players: Key players operating in the blowing agents market are DuPont, Arkema S.A., Honeywell International Inc., Solvay S.A., Foam Supplies, Inc., AkzoNobel NV, Haltermann GmbH, Linde AG, Americhem, and HARP International Ltd. DuPont and Honeywell are the global leaders with a major focus on R&D to develop eco-friendly alternatives.
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
