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(MoneyNewsWire.Net, May 09, 2018 ) The global blowing agent market is projected to reach USD 5.47 Billion by 2026, at a CAGR of 6.7% from 2016 to 2026. The growth is attributed to the growing construction & building, appliances, automotive, and other industries globally. Players operating in this market are adopting various organic and inorganic strategies to expand their presence in the emerging economies such as Asia-Pacific, the Middle East & Africa, and Latin America.
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Hydrofluorocarbons (HFC) is the most-widely used product type of blowing agents. HFCs has currently become a widely accepted blowing agent type as they are eco-friendly since they have low ozone depletion potential (ODP). Also, these are used as a replacement for hydrochlorofluorocarbons (HCFCs) as they are scheduled to phase out by 2030. HCFCs are harmful to the environment and hence are scheduled to phase out. This is driving the manufacturers to use HFCs as a replacement for HCFCs in most of the applications.
Asia-Pacific is the global leader in the blowing agents market, in terms of value, and is expected to continue till 2021. Countries in this region such as China, India, Japan, and South Korea are witnessing significant increase in the use of blowing agents in various end-use industries. The building & construction, automotive, appliances, and others industries are driving the demand of the blowing agents. Other regions like Latin America is also expected to show significant growth in this market due to improving economic conditions. Also, various players are expanding their reach to South America. The markets in Europe and North America are mature and are expected to witness a comparatively lesser growth.
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Frequent changes in the choice of blowing agents with respect to environmental regulations is a major restraint toward the growth of the blowing agent market. Various foams formed using these blowing agents include polyurethane foam, polystyrene foam, phenolic foam, and polyolefin foam. The blowing agents used are HCFC, HFC, HC, and others, of which HCFC is scheduled to phase out in accordance with the Montreal Protocol of 2007, as they are harmful to the environment due to their high ODP and GWP.
The Exxon Mobil Corporation (U.S.), Honeywell International Inc. (U.S.), Linde AG (Germany), Solvay SA (Belgium), and Arkema SA (France) are the dominant participants in the global blowing agents market. These companies have been adopting various organic and inorganic growth strategies such as collaborations/partnerships/agreements, expansions, mergers & acquisitions, and new product launches to enhance their share in the blowing agents market.
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