Blowing Agents Market Growth Accelerated by Renewed Focus on Insulation

 

Blowing agents are chemicals used to manufacture insulation materials by expanding thermoplastic polymers and plastics into foam. They improve the insulation properties of materials by trapping tiny air pockets between their molecules. With growing awareness about energy efficiency and conservation of natural resources, the use of insulation in buildings is increasing. The global Blowing Agents Market is estimated to be valued at US$ 4.90 billion in 2024 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 key trends:

Hydrofluoroolefins (HFOs) are increasingly being adopted as blowing agents as they have lower global warming potential than hydrofluorocarbons (HFCs). Many countries have also enacted regulations to phase out the use of HFCs due to their high GWP. For instance, the Kigali amendment to the Montreal Protocol seeks to reduce HFC consumption and production globally. This shift towards more environmentally-friendly blowing agents is expected to drive market growth over the forecast period. Manufacturers are actively engaged in research and development of novel technologies to identify replacements for HFCs with lower or zero ozone depletion and GWP.

Segment Analysis

The blowing agents market is dominated by hydrochlorofluorocarbons (HCFCs) sub-segment. HCFCs are widely used as blowing agents in the production of polyurethane foam which has applications in construction and insulation industry. HCFCs are highly popular among polyurethane foam manufacturers due to their low cost and ability to provide excellent insulation. However, the demand for HCFCs is expected to decline in coming years due to environmental regulations banning their use.

Key Takeaways

The global Blowing Agents market is expected to witness high growth during the forecast period of 2023 to 2030. The market size for 2024 is projected to reach US$ 4.90 Bn.

Regional analysis: North America region currently dominates the global blowing agents market owing to robust polyurethane foam industry and stringent regulatory norms promoting adoption of environment-friendly blowing agents. The Asia Pacific region is expected to be the fastest growing market for blowing agents during the forecast period due to rapid infrastructure development and growing construction activities in countries like China and India.

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. Major players are focused on developing bio-based and eco-friendly blowing agent solutions to replace hydrofluorocarbons (HFCs) and HCFCs in order to comply with evolving regulatory guidelines.

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