The blowing agent market size is projected to grow from USD 1.5 billion in 2019 to USD 2.2 billion by 2026, at a CAGR 5.8%. The increasing foam demand from industries such as construction, automotive, and electronics to drive the global blowing agent demand. A blowing agent is used as an essential raw material or as a catalyst in foam formation. In addition, the increasing preference for environment-friendly blowing agents with the phase-out of HCFCs and planned phase-out of HFCs as suggested by Montreal Protocol, Kigali agreement and Kyoto Protocol will further drive the blowing agent market in coming years.
Based on type, the blowing agent market is segmented into HC, HFC, HCFC, and others (HFO, inert gases, and methyl formate). HC is estimated to be the fastest-growing market for blowing agents during the forecast period in terms of value and volume. The significant factors supporting the fast growth of HC blowing agents is its cost-effectiveness and rapid transition of blowing agent users based in developed regions such as Europe and Japan after the regulatory stance on HCFC blowing agents. The major types of HC blowing agents available in the industry are cyclopentane, n-pentane, iso-pentane, isobutane, and n-butane. Further, the primary consumers of HC blowing agents include rigid insulating foams and extruded polystyrene foams.
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Based on by foam segment, the blowing agent market is segmented into polyurethane foam (PU), polystyrene foam (PS), phenolic foam, polyolefin foam, and others (metal foams, inorganic foams, and biodegradable foams). Polyolefin foam is expected to register the fastest growth rate in the blowing agent market during the forecast period. The increasing global construction and packaging industries are expected to drive the demand for polyolefin foams, which in turn will boost the blowing agent consumption. Polyolefin foams are a material of choice for these industries owing to its high resilience property.
The blowing agent market in APAC is projected to register the highest CAGR between 2019 and 2026. The region is expected to witness substantial demand for blowing agents during the forecast period owing to the rapid growth of the construction, automotive, packaging, and electronics industries. However, the construction industry is the major consumer of blowing agents, among others. A rapid increase in tourism, healthcare awareness, and, retail and commercial construction are some of the significant factors contributing to the growth of the construction industry in the APAC region.
According to the Institution of Civil Engineers, India is expected to become a new global hub for construction in the emerging markets, growing almost twice as fast as China. Apart from India and China, Japan is expected to register strong growth and is expected to become the third-largest construction market by 2021. This anticipated increase in construction activities in the APAC region is projected to escalate varied foam applications, which in turn will drive the blowing agent demand in coming years.
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