#Blowing Agents Market Size

[marketsndata]

Blowing Agents Market Size, Share and Industry Analysis 2031

Global blowing agents market size was valued at USD 2.05 billion in 2023, which is expected to grow to USD 3.29 billion in 2031 with a CAGR of 6.1% during the forecast period between 2024 and 2031. The building and construction industry is the highest revenue-generating segment for the global blowing agents market. According to the Construction Industry Forecasts, 2022-2024 report published by the Construction Products Association, a global building and construction industry association, the global construction industry will register a year-on-year growth rate of 2.2% in 2023 as opposed to the year 2022.

The increasing adoption of blowing agents in the manufacturing of foams is driving the growth of the market at the global level. For instance, Arkema is developing next-generation foam-blowing agent solutions with low GWP. Their Forane FBA 1233zd is a high-performance, low GWP liquid blowing agent that is SNAP-approved for most polyurethane applications, including residential appliances, commercial refrigeration, construction panels, and doors. The product is also suitable for spray foam, appliance insulation, and various other applications.

The prime elements fuelling the growth of the building and construction activities include growing emphasis on replacing aging infrastructure, increasing development of high-rise buildings, rising investments in commercial construction projects, and rapid technological innovations. Henceforth, the bolstering building and construction activities are fueling the utilization of blowing agents, including hydrochlorofluorocarbons (HCFCs), hydrofluorocarbons (HFCs), and hydrocarbons (HCs) to ensure superior building, thereby accelerating the market growth. Likewise, the robust demand for electric vehicles and the recent investment in the automotive manufacturing zones are driving the production activities related to automotive vehicles. Therefore, the rise in automotive vehicle production is boosting the adoption of automotive parts and panels, which, in turn, is driving the blowing agents market growth.

The shifting consumer preference for environmentally sustainable blowing agents will create a lucrative opportunity for market growth during the projected forecast period. For instance, in April 2021, Kumyang launched Cellcom KY-ECO, the world's first eco-friendly blowing agent that is free from hazardous gases such as HCFCs. This blowing agent is designed to improve the finished good's flexibility, and thermal and acoustic insulation. Nonetheless, the strict regulatory framework associated with the manufacturing of the blowing agents is posing a major bottleneck for the growth of the market.

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The Booming Building and Construction Activities is Accelerating the Market

Blowing agents, such as HFCs and HCs, are used in the building and construction industry to generate a cellular structure from liquid plastic resin. The blowing agent functions as an insulating component of the foam in the context of foam used for building insulation. Thus, the blowing agents are ideal for various applications in the building and construction industry, including residential and commercial construction projects. The rapid pace of industrial development in the Asia-Pacific region, increasing public-private partnerships in infrastructure development projects, and recent technology innovations are some of the prominent aspects resulting in the surge in building and construction activities at the global level.

For instance, according to the recent data published by Statistics Canada, a government of Canada office, in July 2023, the Canadian residential construction industry was valued at USD 11.7 billion, and in August 2023, it was USD 11.9 billion, registering a monthly growth rate of 1.6%. In addition, as of December 2023, a wide range of commercial constructions covering shopping malls, mixed-use buildings, and airports are under development at the global level, including Saya Status Shopping Mall in India (project completion year 2026), Markisches Zentrum Redevelopment in Germany (project completion year 2024), and the new terminal at Montreal Saint-Hubert Airport in Canada (project completion year 2025). Hence, booming building and construction activities are boosting the demand for blowing agents to reduce waste, energy consumption, and environmental impact, ultimately resulting in major long-term savings, further proliferating the growth of the market.

Recent Product Innovations Related to Blowing Agents is Amplifying the Market Growth

The increasing demand for environmentally sustainable products that address regulations and reduce emissions is accelerating the development of a new range of blowing agents. The development of blowing agents with lower global warming potential (GWP) and ozone depletion potential (ODP), aligning with global efforts to mitigate climate change is driving the growth of the market.

Furthermore, blowing agents designed to enhance the insulation properties of foam products, contributing to increased energy efficiency in buildings and appliances, are acting as a growth-inducing factor. In line with this, the introduction of blowing agents made of novel compounds and formulations that provide superior thermal insulation, while addressing concerns related to health, safety, and environmental impact, is propelling the market growth. Thus, the recent product innovations associated with the development of a new range of blowing agents are boosting the supply of product, which, in turn, is accelerating the market growth.

Tailoring blowing agent formulations for specific applications, ensuring optimal performance in diverse industries like construction, automotive, and appliances, is further accelerating the market growth. The next generation blowing agents, such as those being developed by Arkema, have low GWP and offer a balance of performance benefits and reduced environmental impact. In addition, innovations in blowing agents can improve the energy efficiency of products, such as appliances, by providing better insulation properties. For example, the Opteon 1100 blowing agent has very low GWP and delivers enhanced thermal performance, helping appliance manufacturers meet industry energy efficiency standards. Likewise, the development of new blowing agents, such as HFO products, highlights the ongoing advancements in technology, thereby supplementing the global blowing agents market growth.

For instance, in May 2023, Kumyang, a South Korea-based manufacturer of blowing agents introduced KY-ECO, a type of blowing agent that is safe for health. Therefore, the increasing focus on environmental sustainability, energy efficiency, and innovation in blowing agents is driving the development of next-generation products that offer improved performance and reduced environmental impact, thereby propelling the growth of the market.

Asia-Pacific Dominates the Blowing Agent Market

The growth of the blowing agents market in the Asia-Pacific region is driven by several factors, including the growing construction, automotive, and electronics industries. The increasing demand for lightweight materials, higher insulation, and higher elasticity in industries, such as automotive, construction, and aerospace, is also driving the growth of the blowing agents market in the region. The increasing disposable income of people, surging demand for larger living and commercial spaces, and the increasing production of aircraft across countries, such as India, China, and South Korea, are several crucial aspects augmenting the growth of the blowing agents market across the region.

For instance, in the year 2023, various building and construction projects commenced in the Asia-Pacific region, including Penang Chip Packaging Facility in Malaysia (project completion year 2024), Chashma Power Plant Unit V 1200 MW in Pakistan (project completion year 2030), Qinzhou Petrochemical refining and chemical integration upgrade project in China (project completion year 2025), and Dushanzi Petrochemical Complex in China (project completion year 2026). In addition, according to the recent statistics published by the Asia Automotive Analysis (AAA), in the first half of 2023, the production of automotive in Asia (South Asia, ASEAN, and East Asia) was 7,486,897 units, a year-on-year growth rate of 13.1% as opposed to 6,609,402 units in June 2022. Henceforth, the growth of the end-use industries, such as building and construction and automotive, in the Asia-Pacific are spurring the growth of the blowing agents market in the region.

Future Market Scenario (2024 – 2031F)

Investments in mining and construction sectors will further increase use cases of blowing agents, thereby creating a lucrative opportunity for market growth.

Innovation and R&D in automotive manufacturing will influence the demand growth of blowing agents. Thus, fostering the growth of the blowing agents market in the upcoming years.

Government-linked incentive schemes will help the market grow, especially applicable for appliances.

Report Scope

“Blowing Agents Market Assessment, Opportunities and Forecast, 2017-2031F”, is a comprehensive report by Markets and Data, providing in-depth analysis and qualitative and quantitative assessment of the current state of the global blowing agents market, industry dynamics and challenges. The report includes market size, segmental shares, growth trends, opportunities and forecast between 2024 and 2031. Additionally, the report profiles the leading players in the industry mentioning their respective market share, business model, competitive intelligence, etc.

Click here for full report- https://www.marketsandata.com/industry-reports/blowing-agents-market

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[downincmi]

Blowing Agents Market: Key Players and Competitive Landscape

Blowing Agents Market is in Trends by Environmental Regulation The blowing agents market includes a wide range of chemical compounds that are used as foaming or blowing agents in the production of plastic and polymer foams. Blowing agents are inserted into the raw materials and on application of heat, they expand the material into a light, resilient cellular structure. Some common applications of blowing agents include insulation in construction and building products, packaging fillings, cushioning, and others. Due to their light weight and excellent thermal insulation properties, polymer foams are increasingly used across various industries.

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 from 2023 to 2030. Key Takeaways Key players operating in the blowing agents market include DuPont, Arkema S.A., Honeywell International Inc., Solvay S.A., Foam Supplies, Inc., AkzoNobel NV, Haltermann GmbH, Linde AG, Americhem, and HARP International Ltd. The global polymer foam market is growing rapidly due to increasing construction activities and rising demand from the automotive and packaging industries. Stringent environmental regulations regarding phasing out of hydrofluorocarbons (HFCs) are also fueling a shift toward more eco-friendly blowing agents. Several companies are expanding their production facilities globally to cater to the growing demand, especially in Asia Pacific and Latin America. Market key trends One of the key trends in the global blowing agents market is the shift toward eco-friendly alternatives due to stringent environmental regulations. Hydrofluoroolefin (HFO) blowing agents have emerged as one of the most popular sustainable substitutes for HFCs and HCFCs. They have zero ozone depletion potential and low global warming potential. Rapid technological advancements are also aiding product development. For instance, silicone-based blowing agents offer higher temperature stability, flexibility in processing, and better eco-credibility. Adoption of Industry 4.0 technologies further helps in optimizing manufacturing processes.

Porter’s Analysis

Threat of new entrants: New entrants will have difficulty in gaining economies of scale and cost advantage.

Bargaining power of buyers: Buyers have high bargaining power as there are many established manufacturers.

Bargaining power of suppliers: There is moderate supplier power as raw materials are specialized and prices are influenced by demand-supply conditions.

Threat of new substitutes: New substitutes in the form of bio-based blowing agents and natural gas are putting pressure on market share of traditional CFC and HCFC blowing agents.

Competitive rivalry: Intense competition among established manufacturers. The geographical regions where the value of blowing agents market is highly concentrated are North America and Europe. North America region accounts for more than 30% of the global market value due to presence of major polyurethane foam manufacturing industries. Europe is also one of the major markets for blowing agents considering the flourishing construction and automotive industries in the region. Asia Pacific region is expected to witness the fastest growth in blowing agents market during the forecast period. Rapid industrialization and economic development along with growth of end use industries especially construction and packaging are driving the market growth in Asia Pacific. Countries like China, India, Indonesia, and Vietnam offer immense opportunities for manufacturers given their huge population base and increasing disposable incomes.

[medicaldevicesindustrynews]

North America Foam Blowing Agents Market Will Reach USD 451.5 Million By 2030

The size of the North American Foam Blowing Agents Market is USD 305.8 million. In 2023, and over the period from 2024 to 2030 it will increase at a rate of 5.8% per year. In 2030, the goal is to be USD 451.5 million. The foam-blowing agents are utilized to designate additives that make cellular structure in the substrate by means of a foaming procedure. Because of the significant size of…

[chemicalsnews]

Foam Blowing Agents Market to Register a Strong Growth Rate and Huge Profits

The global Foam Blowing Agents Market is estimated to attain a valuation of US$ 2.9 Bn Bn by the end of 2031, states a study by Transparency Market Research (TMR). Besides, the report notes that the market is prognosticated to expand at a CAGR of 5.7% during the forecast period, 2022-2031.

The key objective of the TMR report is to offer a complete assessment of the global market including major leading stakeholders of the Foam Blowing Agents industry. The current and historical status of the market together with forecasted market size and trends are demonstrated in the assessment in simple manner. In addition, the report delivers data on the volume, share, revenue, production, and sales in the market.

Request for a Sample of this Research Report (Use Corporate Mail ID for Top Priority) - https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=4151

[industryinsightsandanalysis]

Cyclopentane Market Size, Share, Trends & Forecast

According to a new report by Univdatos Market Insights, the Global Cyclopentane Market is expected to reach USD 695.35 million in 2032, growing at a CAGR of 6.91%. The market is experiencing significant growth driven by increasing insulation, refrigeration, and electrical demand, coupled with stringent environmental regulations promoting eco-friendly blowing agents.

Market Dynamics

The cyclopentane market continues to grow due to several factors. Firstly, the global push for energy efficiency, particularly in household appliances, has led to increased demand for cyclopentane as a blowing agent in polyurethane foam insulation. For instance, in May 2024, Whirlpool Corporation reported a 12% increase in sales of its energy-efficient refrigerator line using cyclopentane-based insulation.

Moreover, the phase-out of hydrochlorofluorocarbons (HCFCs) and hydrofluorocarbons (HFCs) under the Montreal Protocol and subsequent amendments has accelerated the adoption of cyclopentane as an environmentally friendly alternative. In February 2024, the European Union implemented stricter regulations on fluorinated greenhouse gases, further boosting cyclopentane demand in the region.

The construction industry's recovery post-COVID-19 pandemic has also contributed to increased cyclopentane usage in insulation materials. For instance, in 2024, according to the report published by the United States Census Bureau, the construction spending during May 2024 was estimated at a seasonally adjusted annual rate of USD 2,139.8 billion, 0.1 percent (±1.0 percent) below the revised April estimate of USD 2,142.1 billion. The May figure is 6.4 percent (±1.6 percent) above the May 2023 estimate of USD 2,011.8 billion. During the first five months of this year, construction spending amounted to USD 836.3 billion, 8.8 percent (±1.2 percent) above the USD 768.6 billion for the same period in 2023.

Additionally, technological advancements in cyclopentane production have improved efficiency and reduced costs. In August 2023, BASF SE announced a new catalytic process for cyclopentane production, which reduced energy consumption by 30% and decreased carbon emissions by 25% compared to conventional methods.

Sector Specific Growth  

Refrigeration and Air Conditioning: The refrigeration and air conditioning sector remains the largest consumer of cyclopentane, driven by stringent energy efficiency standards and the shift towards eco-friendly refrigerants. For instance, in June 2024, according to Daikin, the company is focused on increasing its localization level, leveraging the PLI scheme for the air conditioning sector. The company plans to enhance local manufacturing of PCB circuits to achieve this goal. The company expects to manufacture 2 million units in India this fiscal year and has plans to scout for more export opportunities by making India a manufacturing hub. The company has sold seven lakh residential air conditioners (RAC) units in the first three months of the year, helped by a blistering summer this season, and expects over 50 percent growth. Therefore, this will increase the demand for cyclopentane-based insulation materials in the coming years.

Construction and Insulation: The construction and insulation segment has been a significant driver of cyclopentane demand, particularly in developing economies. The growing emphasis on green building practices has further boosted cyclopentane adoption. In January 2024, the Indian Green Building Council reported a 20% increase in green building certifications, with many projects utilizing cyclopentane-based insulation materials.

Electrical and Electronics: The electrical and electronics industry is emerging as a promising growth area for cyclopentane, particularly in producing circuit breakers and switchgear. In February 2024, Huntsman Building Solutions (HBS), the global leader in high-performance, energy-efficient, and resilient building envelope solutions, announced the launch of its all-new Icynene Series spray polyurethane foam insulation product line. The collection of spray foam systems offers the highest performance available in the industry today and includes key product certifications.

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Sustainability Drives Innovation in Cyclopentane Production and Application

The market is witnessing rapid technological developments and significant efforts from industry leaders in researching sustainable production methods. In October 2023, a consortium of European chemical companies unveiled a breakthrough in bio-based cyclopentane production, utilizing renewable feedstocks derived from agricultural waste. This innovation is expected to reduce the carbon footprint of cyclopentane production by up to 70% compared to conventional methods. The trend towards circular economic practices is also influencing the cyclopentane market. In September 2023, a major European appliance manufacturer launched a pilot program for recovering and purifying cyclopentane from end-of-life refrigerators, aiming to reduce virgin material consumption and minimize waste.

Conclusion:

With increasing environmental concerns, stringent regulations, and the growing demand for energy-efficient products, the cyclopentane market is poised for substantial growth in the coming years. The industry's focus on sustainable production methods, innovative applications, and circular economy practices is expected to drive further expansion and geographic diversification of the market.

As the global economy continues to prioritize sustainability and energy efficiency, cyclopentane is likely to remain a critical component in various industries, particularly in insulation, refrigeration, and electrical applications. The future of the industry will largely depend on its ability to adapt to evolving regulatory landscapes, consumer preferences, and technological advancements in green chemistry and manufacturing processes.

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Asia Pacific is projected to lead the global Blowing Agents market owing to advancement in the technology and presence of key industrial players coupled...

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