Market Size in 2023 | Market Forecast in 2032 | CAGR (in %) | Base Year |
---|---|---|---|
USD 1423.55 Million | USD 2304.86 Million | 5.5% | 2023 |
Zion Market Research has published a report on the global Blowing Agents Market, estimating its value at USD 1423.55 Million in 2023, with projections indicating that it will reach USD 2304.86 Million by 2032. The market is expected to expand at a compound annual growth rate (CAGR) of 5.5% over the forecast period 2024-2032. The report explores the factors fueling market growth, the hitches that could hamper this expansion, and the opportunities that may arise in the Blowing Agents Market industry. Additionally, it offers a detailed analysis of how these elements will affect market demand dynamics and market performance throughout the forecast period.
Blowing Agents can be simply described as substances that have expanding capabilities. Upon addition of these substances, they undergo a foaming process to expand and form a cellular structure. They are utilized alongside polymers, plastic, and metal compounds, to expand their products. In addition to the expansion of products, Blowing Agents play a key role in bolstering the physical features of the final products. They enhance the physical properties of compounds such as their softness, and firmness, and diminish their thermal efficiency.
Increasing demand for Hydrocarbons (HCs) and Polyurethane (PU) Foam across a multitude of industries such as Automotive, Aerospace, Furniture and Construction, among others, will augment the growth of the Blowing Agents market, during the forecast period.
Due to the lockdown, manufacturing facilities across various countries were shut down which affected the manufacturing and thereby, sales of blowing agents. The efforts of the companies to widen their reach and sales had come to a halt as they saw a sudden disruption in their supply chain as well as demand.
Subsequently, the Construction, Automotive, Food and Beverage, Aerospace and Packaging industries were impacted negatively due to the shutdown of manufacturing facilities, travel bans and import and export restrictions. This, in turn, had repercussions for the Blowing Agents market as these industries are among the largest consumers of Blowing Agents.
Technological advancements, growth of the Construction industry, environmental awareness and enhanced lifestyle standards are some of the major factors that drive the growth of the Blowing Agents market.
Blowing agents have diminished thermal conductivity. Due to this, they are used for the purpose of insulation in electronic gadgets, equipment and appliances. Additionally, they have adhesive properties, which make them suitable for the role of sealant. Owing to these features, Blowing Agents are widely utilized in the Construction industry. With economic growth, development and increasing population, the Construction and Infrastructure development sectors have been growing. This enhances the market for Blowing Agents, globally.
Furthermore, Blowing Agents have applications in furniture, flooring, and bedding segments. With enhanced lifestyle standards, the demand for these segments has risen. This, in turn, drives the market for Blowing Agents. Subsequently, rising environmental concerns are promoting the use of environmentally friendly and sustainable products. This further drives the market for non-conventional Blowing Agents.
This can be accredited to their features that include being cost efficient and enhancing the operational effectiveness of appliances. Additionally, rising environmental concerns are responsible for the immense share of the HCs segment in the Blowing Agents market.
Traditional Blowing Agents have catastrophic effects on the environment as they play a role in the degradation of the ozone layer. With increasing environmental concerns, restrictions on the usage of these traditional Blowing Agents can be seen. This promotes the use of HCs, as they are relatively less detrimental for the environment. This drives the growth of the HCs segment, in the Blowing Agents market. Additionally, they are cost efficient and increase the effectiveness of appliances. This promotes their demand and usage in the Appliances sector. Subsequently, the Hydrofluoroolefins (HFOs) segment contributes to the Blowing Agents market, majorly.
This is attributable to the features of PU Foam that include diminished thermal conductivity and exceptional compressive strength. Owing to these features, PU Foam is extensively used in electronic gadgets such as commercial and residential appliances, medical devices, in flooring and seating, among others.
Subsequently, the Polyolefins segment is expected to become one of the largest consumers of the Blowing Agents markets, during the forecast period. This is attributable to the rise of the Packaging industry. Packaging materials made with Polyolefin Foam are considered superior quality packaging products. This increases their requirement, in packaging, for a multitude of industries such as pharmaceutical, medical devices, food and beverages among others.
Report Attributes | Report Details |
---|---|
Report Name | Blowing Agents Market |
Market Size in 2023 | USD 1423.55 Million |
Market Forecast in 2032 | USD 2304.86 Million |
Growth Rate | CAGR of 5.5% |
Number of Pages | 140 |
Key Companies Covered | Dow Inc., Honeywell International Inc., Exxon Mobil Corporation, Solvay S. A., DuPont, Ineos Ltd., Arkema S.A., Linde Plc, Haltermann Carless and Harp International Ltd. among others |
Segments Covered | By Type, By Foam and By Region |
Regions Covered | North America, Europe, Asia Pacific (APAC), Latin America, Middle East, and Africa (MEA) |
Base Year | 2023 |
Historical Year | 2018 to 2022 |
Forecast Year | 2024 - 2032 |
Customization Scope | Avail customized purchase options to meet your exact research needs. Request For Customization |
This massive growth can be credited to factors such as economic growth, high disposable incomes, enhanced lifestyle standards and rise in Construction and Manufacturing industries, in the region. The region is undergoing economic development, which has resulted in increased disposable incomes, for its residents, and enhanced lifestyle standards. Owing to this, there has been a significant rise in the Appliances, Bedding and Furniture industries. These industries utilize Foaming Agents in their products. This, in turn, enhances the growth of Foaming Agents market, in the region.
Additionally, due to economic growth, the region is making huge investments in their Construction, Manufacturing and Automotive industries. These industries are dependent on Foaming Agents, for the production and manufacturing of their end products. This further drives the market for Foaming Agents, in the region.
Chlorofluorocarbons (CFCs), conventional Blowing Agents, are detrimental for the environment. Due to this, government regulations have been put in place to make use of Blowing Agents that are not bad for the environment. These government policies and initiatives restrict the use of CFCs, while promoting the use of other Blowing Agents. Additionally, the Food and Beverages industry is on the rise in the region. Due to this, the Packaging industry for food and beverages is also on the rise. Similarly, the Packaging industry for the pharmaceutical sector is increasing ceaselessly, in the region. Blowing Agents are utilized in the packaging of pharmaceutical, food and beverage products. This, in turn, advances the market for Blowing Agents, in the region.
Some of the key players in the Blowing Agents market are
Global Blowing Agents Market By Type
By Foam
By Region
FrequentlyAsked Questions
Zion Market Research has published a report on the global Blowing Agents Market, estimating its value at USD 1423.55 Million in 2023, with projections indicating that it will reach USD 2304.86 Million by 2032.
The market is expected to expand at a compound annual growth rate (CAGR) of 5.5% over the forecast period 2024-2032.
Asia Pacific region held a substantial share of the Blowing Agents Market in 2023. This share can be credited to economic growth, high disposable incomes, enhanced lifestyle standards and rise in Construction and Manufacturing industries, in the region.
Some of the key factors driving the global Blowing Agents Market growth are technological advancements, growth of the Construction industry, environmental awareness and enhanced lifestyle standards.
Some of the major companies operating in the Blowing Agents Market are Dow Inc., Honeywell International Inc., Exxon Mobil Corporation, Solvay S. A., DuPont, Ineos Ltd., Arkema S.A., Linde Plc, Haltermann Carless and Harp International Ltd. among others.
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