According to the new market research report "Blowing Agent Market by Type (HC, HFC, HCFC), Foam (Polyurethane Foam, Polystyrene Foam, Phenolic Foam, Polyolefin Foam), and Region (APAC, North America, Europe, Middle East & Africa, South America) - Global Forecast to 2026", published by MarketsandMarkets™, the Blowing Agent Market size is projected to grow from an estimated value of USD 1.4 billion in 2021 to USD 1.9 billion by 2026, at a CAGR of 6.5% during the forecast period.
The growing application of polymeric foams at a global level in industries such as construction, packaging, automotive, electronics, and footwear to drive the market demand for blowing agents. Further, the increasing demand for blowing agents from developing economies of the world owing to the growth of different application industries as well as the shift from high ODP and GWP blowing agents towards more eco-friendly ones will additionally boost the blowing agents market in the future.
Polyolefin foam is projected to be the fastest-growing market for blowing agents during the forecast period. Polyolefin foams are considered as a high-performance packaging material, mainly when used for the packaging of delicate, high-value equipment, owing to their added resilience. Thus, the growth of the global packaging industry is expected to drive the demand for such foams, which, in turn, will drive the blowing agents market. Further, the high usage of HFC blowing agents for manufacturing polyolefin foams is supporting the growth of this market.
