Blowing Agents Market Size, Share & Growth | Forecast [2031]

Report Description

Blowing Agents Market Outlook 2031:

The global blowing agents market size was valued at USD 1.57 Billion in 2022 and is projected to reach USD 2.41 Billion by 2031, expanding at a CAGR of 4.9% during the forecast period 2023 - 2031. The market growth is attributed to the growing demand for polymer-based insulation foams in various applications such as automotive, construction, and household appliances.

A blowing agent is referred as a substance, which produces a cellular structure through a foaming process. Various materials such as polymers, metals, and plastics undergo a process of phase transition or hardening to produce a cellular structure. A blowing agent is used in either liquid or gas form, which is dissolved in a foam processor to expand its form into foam once injected or sprayed. Blowing agents are generally used as insulating components.

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Blowing agents allow processors to reduce weight and use fewer raw materials through the introduction of a controlled cell structure. Blowing agents absorb heat, water, and shock from their surroundings. High-quality foam insulations aid in reducing energy transfer and energy consumption. These blowing agents are used in a wide range of applications such as automobiles, refrigerators, packaging, furniture, mattresses, buildings, and others.

Blowing Agents Market COVID-19 Impact

According to the market research report, the global blowing agents market suffered a negative impact of the pandemic. The lockdown, social distancing policies, travel restrictions, and other pandemic-related regulations resulted in a decrease in demand for several products or services, which were not considered essential during the pandemic. For instance, the demand for automobiles, appliances, bedding & furniture, and others declined through the COVID-19 period.

Decreasing demands, lack of raw materials, unavailability of labor, the shutdown of several manufacturing facilities, and disruption of the supply chain led to decreased market size, potential investment, and growth rate of the global blowing agents market. The demand for blowing agents across various industries decreased, which affected the global market negatively during the pandemic.

However, the relaxation of pandemic-related regulations in recent years is expected to see a rise in construction activities in the building & construction industry as well as other industries.

Blowing Agents Market Dynamics

The blowing agents market research report presents a complete overview by providing detailed information about the current market trends, existing drivers, growth opportunities and potentials, and emerging challenges. The global blowing agents market report has up-to-date insights about market dynamics and market scenarios that can shape the overall market performance and output during the forecast period, 2022 to 2030.

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Major Trends:

High adoption of polymer-based blowing agents in various industries is one of the key market trends

Increasing demand for polymer-based blowing agents for different applications in various industries such as automotive, transportation, appliances, packaging, and others is expected to drive the global market in the coming years. Polymer-based blowing agents are shock and water-absorbent as well as improve the aesthetic appearance of products, which makes them a popular choice in several industries rather than other chemical blowing agents across the globe.

Key Drivers:

Growing construction activities across the globe drive the global blowing agents market growth

Rapid industrialization and growing population across the globe have contributed to the increasing construction activities worldwide. Increasing adoption of various blowing agents to create door and window sealants, roof insulations, sheathing, and others spur the global blowing agents market.

Rising demand for luxury cars and mid-segment cars fuel the global blowing agents market

Changing lifestyle, rapid urbanization, and rising disposable among consumers leads to increasing demand for luxury as well as mid-segment vehicles across the globe. This drives the demand for blowing agents, as these agents are increasingly used in the automotive industry for manufacturing several automotive parts such as wiper cowls, side skirts, roll pans, and others.

Existing Restraints:

Stringent environmental regulations hamper the global blowing agents market growth

Governments across the globe implement several regulations and policies to mandate the use of eco-friendly blowing agents across all industries. Implementation of these regulations helps in minimizing any damages to the environment.

However, the constantly changing regulations make it hard for companies to select a blowing agent that adheres to these changing regulations, which hinders the growth of the global blowing agents market.

High Costs and fluctuating prices of raw materials hinder the global market growth

High cost related to technologies used to produce blowing agents is one of the major reasons restraining the global blowing agents market growth. Fluctuating prices and lack of availability of raw materials hamper the growth of the global market as well.

Emerging Opportunities:

Increasing demand for environment-friendly blowing agents offers growth opportunities

Growing awareness regarding the environment and increasing efforts of governments across the globe to mandate eco-friendly blowing agents offer lucrative opportunities to the market players. Several industries are adopting environment-friendly blowing agents to adhere to government policies, which increases the demand for such blowing agents across the globe. The shifting inclination towards eco-friendly blowing agents provides opportunities to the market players.

Scope of the Blowing Agents Market Report

The global blowing agents market research report includes an assessment of the market trends, market segments, and regional markets. Overview and dynamics have also been included in the report.

Blowing Agents Market Segment Insights

Hydrocarbon segment registers an extensive growth

On the basis of product type, the global blowing agents market is divided into hydrofluorocarbon, hydrofluoroolefin, hydrochlorofluorocarbon, hydrocarbon, and others. The hydrocarbon segment is estimated to hold a major market share during the forecast period, due to the rising adoption and usage of oxygenated hydrocarbons for various applications such as integral skin and polystyrene foams.

Integration of hydrocarbons in various applications in the appliances industry aid in increasing the energy efficiency of household appliances. Other beneficial features of hydrocarbons such as low Ozone depletion potential and low global warming potential boost the segment growth.

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Polyurethane foam segment holds a key market share

Based on foam type, the global blowing agents market is segregated into polystyrene foam, polyethylene foam, polyurethane foam, phenolic foam, polypropylene foam, and others. The polyurethane foam segment is projected to register rapid growth during the forecast period, due to the extensive adoption of polyurethane foam in transport systems, household appliances, and thermal insulation in buildings.

This type of foam is used for various other applications such as carpet backing, seating, bedding, shoe soles, dash panels, and others. The growing demand and adoption of polyurethane foam for various applications across several industries aid in the expansion of the segment.

Building & construction segment expands rapidly

In terms of application, the global blowing agents market is divided into automotive, building & construction, appliances, bedding & furniture, packaging, and others. The building & construction segment is projected to hold a large market share during the forecast period, owing to the growing population across the globe.

Rapid urbanization and growing population increase the demand for construction activities across the globe. Various types of blowing agents are used in the construction of building components such as doors, roof insulations, sheathings, window sealants, and others.

Building agents facilitate the manufacturing of uniform components that provide tight insulation, limited energy consumption, and high energy efficiency. The beneficial features of blowing agents increase their adoption in construction activities that boost segment growth.

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Asia Pacific to dominate the market

On the basis of region, the global blowing agents market is segmented into Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The blowing agents market in Asia Pacific is expected to register a high CAGR during the forecast period, owing to increasing construction activities across the region.

Rapid urbanization and increasing population in countries such as India and China boost the construction activities in those countries. Growing construction activities foster the need and demand for blowing agents in the region, which spurs the growth of the market in Asia Pacific.

Surging investment in real estate and infrastructure in China has led to exponential growth in the construction industry of China. This makes China the largest consumer of blowing agents among other countries, which boosts the blowing agents market in Asia Pacific.

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