What Is the Projected Market Size And Growth Forecast For The Global Foam Blowing Agents Market?
The foam blowing agents market size has demonstrated strong growth in recent years. It is projected to grow from $1.66 billion in 2024 to $1.76 billion in 2025, reflecting a compound annual growth rate (CAGR) of 5.9%. This growth can be attributed to the escalating demand for polyurethane foam, energy efficiency regulations, the expansion of the construction industry, consumer demand for lightweight materials, and government initiatives for green buildings.
The foam blowing agents market size is anticipated to witness further growth in the coming years, reaching $2.28 billion in 2029 at a compound annual growth rate (CAGR) of 6.8%. This growth is due to the surging demand for energy-efficient products, expansion of cold chain logistics, focus on fire safety in construction, boom in e-commerce packaging, and rapid urbanization in developing countries. Also contributing to this growth are major innovations in blowing agent formulations, closed-cell foam insulation, end-of-life considerations and recycling initiatives, research and development partnerships, and technological innovations in foam production.
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What Is Driving The Growth Of The Foam Blowing Agents Market?
The foam blowing agents market is witnessing considerable growth driven by the escalating demand for these agents in various consumer appliances. Foam blowing agents impact the formulation of cellular structures in substances undergoing hardening or phase transition, including polymers, plastics, and metals. Owing to their superior shock-absorbing capabilities, foam blowing agents are increasingly being used in consumer appliances such as refrigerators, air conditioners, water heaters, and other household appliances.
According to the Energy Information Administration (EIA), by 2050, there will be 5.6 billion air conditioners in buildings worldwide, up from the current count of 1.6 billion. This indicates that 10 new air conditioners will be sold every second for the next 30 years. This growing consumption in the consumer appliances industry is considerably driving the growth of the foam blowing agents market.
What Are The Major Segments In The Foam Blowing Agents Market?
1. By Product Type: Hydrocarbons (HCs), Hydrofluoroolefin (HFO), Hydrofluorocarbons (HFCs), Other Product Types
2. By Foam Type: Polyurethane Foam, Polystyrene Foam, Phenolic Foam, Polypropylene Foam, Polyethylene Foam, Other Foam Types
3. By Application: Building And Construction, Automotive, Bedding And Furniture, Appliances, Packaging, Other Applications
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Who Are The Key Players In The Foam Blowing Agents Market?
Major companies operating in the foam blowing agents market include Arkema S.A., Honeywell International Inc., Exxon Mobil Corporation, E.I. Du Pont De Nemours & Company, Daikin Industries Ltd., Sinochem Group, Solvay S.A., Zeon Corporation Ltd., Linde Group, The Chemours Company, Foam Supplies Inc., Harp International Ltd., HCS Group GmbH, Haltermann GmbH, Solstice Performance Fluid, AGC Chemicals Americas Inc., Nouryon, Saudi Basic Industries Corp., Tosoh Corporation, AkzoNobel N.V., Evonik Industries AG, Clariant AG, Eiwa Chemical Industry Co. Ltd., Sinochem Lantian Co. Ltd., Lanxess, Huntsman International LLC, INEOS Group Holdings S.A.
What Trends Are Influencing The Foam Blowing Agents Market?
Leading companies in the foam blowing agent market are increasingly focusing on strategic partnerships to augment the production capacity of insulation foam blowing agents, such as hydro-fluoro olefin 1233zd, to maintain their market position. For instance, in October 2022, France-based Arkema partnered with Chinese technology company Aofan to enhance the supply of Forane 1233ZD, a low-global warming potential (GWP) blowing agent for producing polyurethane foam insulation. They announced plans to increase production capacity of the insulation foam blowing agent, hydro-fluoro olefin 1233zd, in China and the US.
Which Region Is Experiencing The Fastest Growth In The Foam Blowing Agents Market?
Asia-Pacific was the largest region in the foam blowing agents market in 2024. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
How Can The Foam Blowing Agents Market Report 2025 Assist You In Your Personal And Business Growth?
Foam blowing agents are substances instrumental in the fabrication of foam materials as they help form gas bubbles resulting in a lightweight, cellular structure. They are widely used in manufacturing processes for products such as expanded polystyrene (EPS) and polyurethane foams, which find applications in insulation, packaging, and cushioning. The foam blowing agents market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
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