Blowing Agents Market: Latest Insights, Growth Factors, Challenges and Industry Trends 2019-2023
Blowing agents are available in two types namely exothermic and endothermic. The blowing agents decompose and generate environmentally neutral gases when heated. The endothermic type blowing agents are used because they carry out gas production until heat input is provided. This makes endothermic blowing agents easy to manage during processing. Moreover, the endothermic blowing agents absorb heat energy from their surroundings. This ideally reduces the mould cooling times and the ability to reduce mould cycle times in injection moulding. Thus, the endothermic blowing agents is dominating the market.
The application segment includes rigid polyurethane, flexible polyurethane, integral skin polyurethane, polystyrene, polyolefin, phenolic, and others. The rigid and flexible polyurethane together dominate the global market due to their high demand from various end-use industries such as appliances, automotive, building & construction, electronics, flooring, marine, furnishing, and others. The rigid polyurethane is used for insulation in refrigerators & freezers, roofing & walls, and for sandwich panels. It is also used in boat manufacturing for both structural and flotation purposes. The flexible polyurethane is used for foam furniture, bedding, chair cushions, and shoe soles. Extruded sheets of polystyrene are highly consumed for packaging foam, which may offer substantial opportunities for the product in the coming years.
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- The Dow Chemical Company,
- INEOS Group
- DAIKIN INDUSTRIES, LTD.
- BASF SE
- SINOCHEM GROUP
- ZEON CORPORATION
- Harp International Ltd.
- Honeywell International Inc.
- Exxon Mobil Corporation
- AkzoNobel N.V.
- The Chemours Company
Blowing Agents Market Segmentation:
The global blowing agents market is segmented on the basis of the type, product, application, and region.
Based on the type, the global blowing agents market is segmented into exothermic and endothermic.
On the basis of the product, the global market is segmented into hydrochlorofluorocarbons, hydrofluorocarbons, hydrocarbons, and hydrofluoroolefins.
The market is segmented on the basis of application as rigid polyurethane, flexible polyurethane, integral skin polyurethane, polystyrene, polyolefin, phenolic, and others.
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Asia Pacific dominated the global blowing agents market in 2016 owing to growing demand from the construction and automotive industries in the region. Use of blowing agents in the automotive help to reduce overall weight as well as reduces emission that is harmful to the environment. Growth in disposable income of the consumers resulting in high spending on automotive. This is expected to boost the automotive sales in the region further, which, in turn, likely to witness high demand for lightweight materials, thereby offering lucrative opportunities for blow agents. However, regulations pertaining to the use of HFCs and CFCs may restrict the market growth in the region. For instance, in June 2016, the Australian Federal Government announced that it would deliver an 85% phasedown of HFCs.
Europe was the second largest region in the global blowing agents market in 2016 on account of the high product demand from the automotive sector. However, in 2013, the European F-gas legislation was issued for the reduction of hydrofluorocarbon (HFC) consumption by 79% over the period 2016-2030, which may challenge the market growth in the region.
The North American market is expected to witness a sluggish growth due to the stringent regulations on the product use. For instance, initiatives to reduce production & consumption of greenhouse gases may challenge the market growth. For instance, in 2014, the United States, Canada, and Mexico proposed an amendment to the Montreal Protocol to reduce production and consumption of hydrofluorocarbon (HFCs) by 85% during the period of 2016-2035 for Non-A5 (developed) countries. The market in North America is expected to be driven by the product demand from reviving construction and automotive industry over the assessment period. The infrastructural and the construction activities in the GCC countries are likely to fuel the product demand in the Middle East & Africa over the assessment period.
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