Blowing agents are typically applied when the blown materials are still in liquid stage. They help reducing density and increasing relative stiffness, acoustic insulation and thermal detachment of the products. These agents find numerous applications across different industrial verticals. They are one of the most widely used additives in the polymeric foam and such other foam industries. Strong demand and versatile applications of these products are creating better business opportunities in the blowing agents market. Strong rise in demand from emerging regions like Asia Pacific are expected to attract new business and revenue channels for this market on global as well as regional scale.
The global market is segmented on the basis of the types of products, which include Hydrochlorofluorocarbons, Hydrofluorocarbons, hydrocarbons, and others. On the basis of the types of foams, the global market is segmented into PU, PS, polyolefin, phenolic, and such others. In terms of geographic regions, the global blowing agents market is segmented into North America, Asia Pacific, Western Europe, and the rest of the world (RoW). Analysis of all these segments provides clear picture about the current trends, demand patterns, competition, business opportunities and future growth prospects in the market.
Drivers, Restraints & Forecasts
According to the experts, strong rise in demand from emerging markets is expected to drive the global blowing agents market. Emergence of Chinese market as the dominating region and the Asian market is creating strong rise in demand and business opportunities in this industry during the next few years to come. High growth prospects for the polymeric foams market are also considered to be vital for driving this market at a steady pace. High cost of shifting technology and frequent changes in the choice of the blowing agents are considered to be some of the restraining factors for the industry. Environmental regulations are also expected to hinder the growth of this market, which is otherwise driven by the invention of eco-friendly agents.
As per the latest market research reports, the global blowing agents market is expected to grow at a steady CAGR of over 5% from 2014 to 2019. At the projected growth rate, the market is expected to reach past 452.0 kilotons by the end of the year 2019. This growth is strongly fueled by economic growth, rising standard of living, and higher production of polystyrene and polyurethane foams. Rising global temperatures and energy costs are also expected to create steady rise in the business opportunities for the existing as well as potential players in the industry.