Blowing Agents market, valued at USD 1.56 Billion in 2023, is projected to surpass USD 2.52 Billion by 2032, indicating a robust CAGR of 5.5%

Blowing agents are substances that, when activated, produce gas and foam structures in materials such as plastics, rubber, and insulation. These agents are required for the production of lightweight, energy-efficient, long-lasting foams used in industries such as construction, automotive, packaging, and refrigeration. They help to minimize product weight while preserving strength and insulation. Furthermore, hydrocarbons, carbon dioxide, and water are commonly used physical blowing agents, while azodicarbonamide and sodium bicarbonate serve as chemical options. The ongoing focus on sustainability is driving research into bio-based and recyclable blowing agent solutions.

Arkema said in June 2021 that it would boost production capacity for the insulation foam-blowing agent hydro-fluoro olefin 1233zd (HFO-1233zd) in China and the United States. The company intends to spend USD 60 Billion to add 15 kilotons per year of HFO capacity to its plant in Calvert City, Kentucky, United States. Furthermore, the company will reach an agreement with Aofan to create 5 kilotons per year in China by 2022. This expansion in manufacturing capacity will fulfill the growing demand for environmentally friendly, low-GWP blowing agents, driving the blowing agents market forward.

Blowing Agents Market Statistics

• The global blowing agents market earned USD 1.56 billion in 2023 and is expected to increase at a robust CAGR of more than 5.5% between 2024 and 2032
• Asia Pacific led the market in 2023, with USD 655.2 million in revenue
• The North America region is expected to experience significant growth, with a CAGR of 6.2%
• A discernible trend in the blowing agents market is rising regulations on HFCs and sustainability initiatives

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Blowing Agents Market Dynamics

Growth in Automotive Lightweighting for Fuel Efficiency Improvements Fuels the Blowing Agents Market Value

The blowing agent sector benefits considerably from improvements in vehicle lightweighting. As automakers strive to improve fuel efficiency and reduce carbon emissions, they are adding lighter materials into vehicle design, such as foam-based composites and insulation. These materials require efficient blowing agents for manufacture, specifically thermal insulation, soundproofing, and impact resistance. The use of low-GWP alternatives in automotive applications is consistent with tightening environmental restrictions and consumer desire for greener automobiles. As electric vehicles (EVs) grow popularity, the need for lightweight materials to improve battery efficiency drives up demand for sustainable blowing agents.

The Growing Use of Bio-Based Foams in Sustainable Packaging Represents a Significant Market Opportunity for Blowing Agents Industry

The increasing usage of bio-based foams in sustainable packaging presents a significant opportunity for the blowing agent market. As businesses and consumers demand more ecologically friendly packaging, manufacturers are turning to bio-based foams made from renewable resources like plant oils and starch. To make these foams, specialized blowing agents, particularly those with little environmental impact, are needed. Stricter environmental regulations and more consumer awareness of plastic waste are fueling the shift to sustainable packaging. Bio-based foams are becoming popular in industries such as food packaging, electronics, and logistics, creating a strong need for sustainable blowing agents.

Blowing Agents Market Segmentation

The global market for blowing agents has been segmented into foam type, product type, and application, and region.

• Foam type is classified into polyurethane foam (flexible foam, rigid foam, others), polystyrene foam (extruded polystyrene (XPS), and expanded polystyrene (EPS)), phenolic foam, polyethylene foam, polypropylene foam, and others
• Product type are divided into hydrofluorocarbons (HFCs), hydrochlorofluorocarbons (HCFCs), hydrocarbons (HCs), hydrofluoroolefin (HFO), and others
• Application are categorized into building and construction, automotive, furniture, apparel, packaging, appliances, and others
• The blowing agents market is geographically split into Europe, North America, Latin America, APAC, and the Middle East and Africa

Blowing Agents Market Regional Outlook

In terms of blowing agents market analysis, Asia-Pacific is the world's largest market, driven by rising industrialization, urbanization, and construction activity, particularly in China and India. The region's strong manufacturing base increases demand for energy-efficient insulating materials for both residential and commercial uses. For example, Honeywell announced in August 2023 that Al-Essa Industrial Company, a Saudi Arabia-based appliance manufacturer, had used Honeywell Solstice Liquid Blowing Agent (LBA) to insulate its products. Furthermore, government programs and regulations that promote sustainability encourage the use of environmentally friendly blowing agents. The region's powerful automotive and refrigeration industries drive blowing agents industry’s growth.

North America, notably the United States, dominates the blowing agents industry, owing to increased environmental laws and a focus on energy efficiency. As a result of strict environmental norms and regulations like the AIM Act, there is an increase in demand for low-global-warming-potential (GWP) alternatives. For example, in June 2023, DuPont enhanced StyrofoamTM Brand Insulation with an optimized HFO-based, low-GWO blowing agent. This formulation yields a wide range of product qualities, including mechanical strength, moisture resistance, and fire resistance. The construction industry's switch to environmentally friendly insulating products also promotes growth. Advances in refrigeration, HVAC, and packaging applications that require eco-friendly blowing agents are also boosting market growth.

Blowing Agents Market Players

Blowing agents companies profiled in the report include Daikin Industries, Ltd., Exxon Mobil Corporation, Solvay SA, Arkema SA, Haltermann Carless, Honeywell International Inc., Foam Supplies, Inc, Linde plc, Harp International Ltd, and The Chemours Company.

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Blowing Agents Market Key Insights

Mr. Richard Johnson

Acumen Research and Consulting

India: +91 8983225533

E-mail: [email protected]