The blowing agent market is expected to grow at a CAGR of 5.5% to reach USD 2.3 billion by 2029 from USD 1.8 billion in 2024. The market growth is driven by various factors, including the significant demand from construction and automotive industry.
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Asia Pacific is the largest market for blowing agents. Asia-Pacific is the most populous region globally, and it includes countries with large and growing populations such as China and India. With the region's growing population, rising incomes, and changing lifestyles, there has been an increasing demand for refrigeration and air conditioning systems in residential, commercial, and industrial sectors. Blowing agents are essential components in the production of insulating foams used in refrigeration and HVAC systems, driving their demand in the Asia Pacific region.
The key global players in the blowing agents market, such as Honeywell International Inc. (US), Solvay (Belgium), Arkema (France), Exxon Mobil Corporation (US), Linde PLC (UK), Daikin Industries Ltd. (Japan), The Chemours Company (US), BASF SE (Germany), HCS Group (Germany), FSI (US), and Harp International Ltd. (UK) have a strong foothold in their respective regions and are exploring geographic diversification options to expand their businesses. They are focusing on increasing their market shares through new product launches and expansions.
Honeywell Internation Inc.
Honeywell International Inc. is a major technology and manufacturing company globally. The company offers its products through four operating segments, namely, aerospace, building technologies, performance materials and technologies, and safety and productivity solutions. The company provides blowing agents through its performance materials and technologies segment. Honeywell, along with its suppliers, has invested over $900 million in research and development and expanded manufacturing capabilities for the production of foam blowing agents, refrigerants, solvents, and propellants using hydrofluoro-olefin (HFO) technology. Their portfolio, branded as Solstice, enables customers to reduce their carbon footprint without compromising product performance. Specifically in the foam industry, Honeywell provides Solstice Liquid Blowing Agent (LBA) (HFO-1233zd(E)) and Solstice Gas Blowing Agent (GBA) (HFO-1234zd(E)), widely embraced as substitutes for HCFCs and other blowing agents across various foam applications. The company operates state-of-the-art production facilities in the U.S. and China. Notably, Honeywell's patent portfolio encompasses key molecules, including HFO-1233zd(E), HFO-1234ze(E), and HFO-1336mzzm.
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Solvay
Solvay is an advanced materials and specialty chemicals company dedicated to evolving chemistry that produces and distributes specialty polymers, essential chemicals, and chemical materials among others. that addresses key challenges. The company engages in the manufacturing and sale of chemical and plastic products. It functions through four business segments - solutions, materials, corporate & business segments and chemicals. The company offers blowing agents through its special chemical division under the materials business segment. Solvay has research & innovation centers and industrial sites in Europe, North America, Latin America, and Asia. They have 42 Industrial sites across the globe with 6 major R&D centers. The company serves diversified global markets, including automotive, aerospace, consumer goods, healthcare, energy & environment, electrical & electronics, building & construction, and industrial sectors. The company is committed to sustainability and has a strong visionary strategy centered around four core priorities: market leadership, cost and process leadership, innovation, and sustainability.
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