Foam blowing agents have become essential ingredients used in foam substrates, providing cellular structure to materials. Foaming of polymer provides advantages such as thermal and acoustic insulation, reduction in the final product weight, and less material usage. Further, foam blowing agents have an opportunity to be used in various environmentally friendly products such as methyl formate, HFOs, and methylal.
U.S. Foam Blowing Agents Market share, by application, 2013-2024 (USD Million)
Foam Blowing Agents Market size is set to reach USD 1.1 billion by 2024; as per a new research report by Global Market Insights, Inc.
The polymer foam industry was more than 1.9 million tons for 2015 and will cross 2.9 million tons by 2024. Foam blowing agents are majorly used in polymeric materials such as PU foam, with diversified foam applications in packaging, automotive, construction, and furniture industries. Strong growth indicator in these above mentioned end-user industries will positively influence the foam blowing agents industry size over the estimated timeframe. For instance, the global automotive production, including both personal and commercial vehicles, was approximately 90 million units in 2015.
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Strong residential & commercial spending trends along with positive infrastructure outlook has driven flooring and furnishing material usage. For example, the global construction spending by 2024 is likely to exceed USD 13 trillion. PU and polystyrene foam blowing agents market was valued over USD 450 million in 2015. PU foam will exhibit significant growth rate among all the application segments, due to increasing demand from automobile and interior decoration.
Packaging industry and medical devices are other evolving application avenues. Medical device industry, valued at over USD 300 billion, for 2016 has seen an upsurge in international trade mainly due to increasing consumer awareness along with rising expenditure towards health. This opens up opportunities for the foam blowing agents market, particularly for packaging during transit.
Browse key industry insights spread across 110 pages with 144 market data tables & 13 figures & charts from the report, “Foam Blowing Agents Market Size By Product (Hydrocarbons, Hydrofluorocarbons [HFC], Hydrochlorofluorocarbons [HCFC]), By Application (Polyurethane, Polystyrene, Polyolefin), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, China, India, Japan, Australia, Indonesia, Malaysia, Brazil, Mexico, South Africa, GCC), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2013 – 2024” in detail along with the table of contents:https://www.gminsights.com/industry-analysis/foam-blowing-agents-market
Polyolefins is the next upcoming segment that will drive global foam blowing agents market size by 2024. Polyolefins has witnessed an increasing adoption in packaging industry for shock absorbent product packing. The segment generated more than USD 90 million in 2015 and will have a significant growth during the forecast period.
Hydrocarbons accounted for more over 50% of the global market share in 2015 and is projected to expand at over 7% CAGR by 2024. Increasing product usage in polyurethane foam, which finds widespread applications across end-user industries including appliances, flooring, furnishing, automotive and construction will positively influence the business growth in the near future.
Asia Pacific accounted for substantial demand in 2015 with nearly 50% foam blowing agents market share. Improving medical infrastructure across India and China makes APAC a high growth potential region in the coming years. Regional revenue is likely to cross USD 550 million by 2024 on account of robust automotive production and sales growth due to improved consumer lifestyle dynamics.
U.S. foam blowing agents market could be valued at more than USD 100 million by 2024. Well-established healthcare industry, consumer awareness regarding medical devices and improved living standards are the factors favoring market demand.
In 2015, the global foam blowing agents market share was consolidated. The key industry players accounted for more than half of the market share. Some of the major industry contributors are AkzoNobel N.V., Haltermann GmBH, Honeywell International Inc., Solvay S.A., Exxon Mobil Corporation, Sinochem Group, ZEON Corporation, Daikin Industries Ltd, Arkema S.A., E. I. du Pont de Nemours and Company. Major companies the industry have multiple presence across various stages of the value chain, which makes the industry highly competitive.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.