Blowing Agents Market
According to ChemAnalyst report, “Blowing Agent Market Analysis: Plant Capacity, Production, Operating Efficiency, Technology, Demand & Supply, End-User Industries, Distribution Channel, Regional Demand, 2015-2030”. Blowing Agent market witnessed a strong demand in the past five years and is projected to achieve a CAGR of 6.55% by 2030 owing to its extensive consumption in polymer industry. The most common polymer foams such as polystyrene foam, polyolefin foam, polyurethane (PU) foam and phenolic foam use blowing agents to attain their specific properties such as weight reduction, elasticity, thermal and electric insulation, sound insulation, shock absorbency etc. These foams are further employed in wide range of applications thus, driving the demand for Blowing Agents.
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Blowing Agents are the substances which impart cellular structures to the polymer materials through a process called foaming in several materials such as polymers, plastics and metals. There are two types of Blowing agents, Physical Blowing Agents and Chemical Blowing Agents. Physical Blowing Agents include Hydrochlorofluorocarbons (HCFCs), Hydrofluorocarbons (HFCs), Hydrocarbons (HCs), Hydrofluoroolefin (HFO) and others. While chemical Blowing Agents form cellular structures within the polymer matrix, creating foams by undergoing chemical reactions during the processing of Polymer matrix in which they are added. Chemical blowing agents are further bifurcated into exothermic and endothermic depending upon the heat released or added in the extruder while processing the polymer material. As Blowing Agents offers several previously discussed properties to the polymers, hence finds application in various industries such as automotive, construction, furniture, packaging, electronics, and others.
In 2020, the outbreak of Covid -19, had a drastic impact on the global economy due to nationwide lockdowns across the globe. There was a huge slump in the automotive, construction, and electronics sector during the crisis that consequently impacted the demand for blowing agents globally. However, since the latter half of 2020 after the resumption of industrial operations and construction projects, a recovery in the demand for Blowing Agents has been observed. Moreover, rising demand from Packaging industry is also going to propel its industry in the upcoming period.
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Regionally, Asia pacific accounted for the major share of the global Blowing Agent market and is anticipated to flourish at a significant rate due to rapid growth in automotive, polymer and construction sectors in the region. As in construction Blowing Agents are used in areas such as block pipe, temperature maintenance, roof insulation etc. and also finds applications in automotive components requiring heat and sound insulation. Additionally, growth in other end use industries include the furniture and electronics sector are also going to boost its market in the upcoming years.
According to ChemAnalyst report, “Blowing Agent Market Analysis: Plant Capacity, Production, Operating Efficiency, Technology, Demand & Supply, End-User Industries, Distribution Channel, Regional Demand, 2015-2030”, Some of the major players operating in global Blowing Agent market include Exxon Mobil Corporation, Linde, Arkema, JingJiang Hangsun Plastic Additives, Abtonsmart Chemicals, Kum Yang, Ajanta Chemical Industries, Weifang Yaxing Chemical, Honeywell International, Otsuka Chemical, Jiangxi Selon Industrial, Solvay & Kemira.
“Blowing Agents are used prominently in Polymer industry as an additive in the production of different types of foams. These foams are further having wide range applications in Automotive and Construction sector therefore growth in these industries would consequently fuel the demand for Blowing Agents. Moreover, automotive manufacturers are more focused to produce lightweight vehicles thereby, adapting polymers replacing metals which is likely to propel its market in the forecast years. At this, it is extremely important to keep an eye which region will grab the biggest market share in the upcoming years.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm promoting ChemAnalyst.
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