PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1490262
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1490262
Blowing Agent Market size was valued at USD 1,620.98 million in 2023, expanding at a CAGR of 6.20% from 2024 to 2032.
The blowing agent market, encompassing chemicals used to produce cellular structures in materials such as plastics and foams, is driven by the increasing demand for lightweight materials in automotive and construction industries, heightened emphasis on energy efficiency, and advancements in polymer processing technologies. However, market growth is restrained by stringent environmental regulations concerning the use of certain blowing agents and the volatility of raw material prices. Opportunities for market expansion lie in the development of eco-friendly and low-GWP (Global Warming Potential) blowing agents, as well as the growing adoption of high-performance insulation materials in emerging economies.
Blowing Agent Market- Market Dynamics
Surging Global Construction Activities Fuel Growth in the Blowing Agent Market
Surging global construction activities are significantly fueling the growth of the blowing agent market, as the demand for insulation materials and lightweight building components escalates. For instance, the U.S. Census Bureau reported a 5.3% increase in construction spending in 2023, highlighting robust activity in both residential and commercial sectors. Similarly, the European Construction Industry Federation (FIEC) noted a steady growth rate of 3.5% in Europe's construction output. These trends are mirrored in emerging economies, with China's National Bureau of Statistics reporting a 7% rise in infrastructure investments. This surge in construction activities drives the need for efficient thermal insulation and energy-saving materials, thereby boosting the demand for innovative blowing agents essential for producing high-performance foams and lightweight materials.
Blowing Agent Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 6.20% over the forecast period (2024-2032)
Based on product type segmentation, Physical Blowing Agents was predicted to show maximum market share in the year 2023
Based on Foam Type segmentation, Rigid Foams was the leading type in 2023
Based on Application segmentation, Polyurethane Foams was the leading type in 2023
On the basis of region, North America was the leading revenue generator in 2023
The Global Blowing Agent Market is segmented on the basis of Product Type, Foam Type, Application, End-User, and Region.
The market is divided into three categories based on product type: Physical Blowing Agents, Chemical Blowing Agents, and Natural Blowing Agents. Physical blowing agents hold the highest segment share, driven by their widespread application in various automotive, construction, and packaging industries. Chemical blowing agents follow closely, offering versatility and cost-effectiveness, while natural blowing agents exhibit steady growth fueled by increasing environmental awareness.
The market is divided into three categories based on Foam Type: Rigid Foam, Flexible Foam, and Integral Skin Foam. Rigid foams dominate the blowing agent market segment, buoyed by their extensive usage in insulation and construction materials for their superior thermal insulation properties. Flexible foams follow closely, driven by applications in furniture, automotive seating, and bedding. Integral skin foams exhibit steady growth, primarily used in automotive interior components.
Blowing Agent Market- Geographical Insights
North America, particularly the United States, dominates the market due to its advanced construction and automotive sectors, alongside stringent energy efficiency regulations. Europe follows closely, driven by the region's commitment to sustainability and stringent environmental regulations promoting the use of low-GWP blowing agents. In Asia-Pacific, rapid urbanization and industrialization in countries like China and India are propelling market growth, supported by large-scale infrastructure projects and increasing consumer goods production. The Middle East and Africa also show promising growth prospects due to ongoing construction booms and rising investments in the insulation sector to meet energy efficiency standards. Latin America, with its expanding construction industry and growing automotive market, further contributes to the overall market growth, though at a relatively moderate pace compared to other regions.
Major companies like Arkema SA, BASF SE, and Honeywell International Inc. hold significant market positions owing to their extensive product portfolios and global presence. These players focus on research and development to introduce eco-friendly blowing agents that comply with stringent environmental regulations while meeting industry performance standards. Additionally, regional players such as Daikin Industries Ltd. in Asia-Pacific and Diversified CPC International in North America cater to specific market segments with tailored solutions. The market also witnesses the emergence of startups and niche players offering specialized blowing agents targeting niche applications such as the electronics and aerospace industries. Several players are collaborating with leading chemical companies within their region. For instance, Honeywell International Inc. collaborating with a leading chemical company in Europe developed and commercialized a new generation of low-GWP blowing agents for foam insulation applications.
In April 2024, Solvay announced the opening of a new production unit for Alve-One, a chemical blowing agent, in Rosignano, Italy. The unit is designed to be sustainable and revolutionize the plastic foaming industry.
In November 2023, The Chemours Company announced that it would increase production of HFC-152a by around 20%. HFC-152a is a non-VOC, low GWP, and versatile foam-blowing agent and aerosol propellant that is used in many applications, including household, industrial, construction, and personal care.
GLOBAL BLOWING AGENT MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Arkema S.A.
Solvay S.A.
The Chemours Company
Honeywell International Inc.
Exxon Mobil Corporation
Foam Supplies, Inc.
Daikin Industries, Ltd.
Akzo Nobel N.V.
Clariant International Ltd.
Harp International Ltd.
Haltermann Carless Deutschland GmbH
LANXESS AG
Mitsui Chemicals, Inc.
Repsol S.A.
Sinochem Group Co., Ltd.
Zhejiang Haili Environmental Technology Co., Ltd.
Others