Foam blowing agents are substances that used in the foaming process to expand in matrix and offer cellular structure to substrates, thereby intensifying the flexibility as well as acoustic and thermal insulation of the final product. Drastic increase in demand for polymeric foams across industries, such as automotive, construction, and appliances, along with increased use of foam blowing agents in manufacturing of polyurethane foam is expected to play a major role in driving the growth of the global foam blowing agents market in the future. Polyurethane foam is one of the most commonly used types of polymer foam, which finds wide application in various industries, including electronics, flooring, automotive, construction, packaging, and medical devices. The trend is expected to continue over the foreseeable future, which in turn is projected to positively impact growth of the global foam blowing agents market. The medical industry has witnessed rapid growth in the recent past, characterized by various technological advancements. Also, an upturn in the global trade has brought a surge in the demand for safe and reliable packaging of products, which requires foam-based polymers due to their shock absorbing nature. Therefore, the strengthening packaging and medical devices industries are together expected to boost the global market growth during the forecast period.
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Reduction of greenhouse emissions a key focus areas of players in the global foam blowing agents market
The global foam blowing agents market is largely being driven by the constant advancements in technology. For instance, Chemours Company came up with Opteon™ 1100 foam blowing agent and BASF SPRAYTITE® foam insulation technologies, which ensure exceptional thermal insulation performance as well as reduced energy usage. These technologies also offer benefits such as reduction in greenhouse gas emissions and reducing environmental footprint.
Foam Blowing Agents Market Outlook – Rising living standards drive the global market growth
Rising living standards of people across the globe consequently contribute towards growth of end-use industries of foam blowing agents. Apart from this, in recent years, increase in purchasing power parity (PPP) has helped in the development of the flooring and furnishing industry, which demands polymeric foams for shock absorption. Thus, increased adoption of polymeric foams is projected to boost the global market growth.
Geographically, Asia Pacific has been the largest contributor to the global foam blowing agents market. The market growth can be owed to substantial infrastructural development, which helped the construction industry to expand in the region, especially in India, Thailand, South Korea and Vietnam; technological advancements and rapid industrialization. However, high costs associated with shifting technology, along with rampant changes in the United States Environmental Protection Agency (EPA), is looking at significant new alternatives policy (SNAP) in the foam blowing agents such as introduction of fourth-generation blowing agent, AFA series and urethane foams, among others, which will replace the use of HCFC and HFC. It has taken effect since January 1, 2017, which in turn would restrain growth of the market of foam blowing agents.
Some of the major companies in the foam blowing agents market are Arkema S.A., Exxon Mobil Corporation, Daikin Industries, Ltd., ZEON Corporation, Honeywell International Inc., Haltermann GmbH, Harp International Ltd., Sinochem Group, E.I. du Pont de Nemours & Company, and Solvay S.A. Other well-known companies in the global market include Linde AG, Astra Polymers, AkzoNobel N.V., KSJN Catalyzing Industries, Lychem International Co., Limited, SPL Group, Sunwell Global Ltd., BEO International, and Marubeni Corporation.
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