According to a new report published by Allied Market Research, titled, "Foam Blowing Agents Market by Type and by Application: Global Opportunity Analysis and Industry Forecast, 2014-2022," the global foam blowing agents market accounted for $684 million in 2015, growing at a CAGR of 5.21% from 2016 to 2022 to reach $963 million by 2022. In 2015, polyurethane accounted for approximately half of the total share in terms of volume.
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Increase
in demand for polyurethane foams, better insulating performance of foams, and
technological advancements are the major factors fueling the growth of the global
foam blowing agents market. The rise in construction has propelled the demand
for polyurethane foams with usage in insulating rooftops and buildings. In
addition, the demand for high efficiency polymeric foams in the construction
sector is expected to augment the demand for foam blowing agents. The demand
for polystyrene is expected to grow significantly, owing to applications in
packaging and electronics. The Asia-Pacific region is projected to
remain the dominant region in the world, followed by North America and Europe.
According
to Eswara Prasad, Team Lead, Chemicals & Materials at Allied Market
Research, "Eco-friendly CO2 technology can be opted as an
alternative to F-gases in the production of insulating building material such
as extruded polystyrene (XPS) synthetic rigid foams."
Strict
environmental regulations against the use of harmful F-based foaming agents
have escalated the demand for cost effective, energy efficient, and
eco-friendly foaming agents. In 2015, hydrocarbons witnessed the maximum demand
in the market, owing to their applications in refrigeration, wall sheathing,
and roofing followed by hydrofluorocarbons.
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Foam Blowing Agents Market Key Findings:
·
In 2015, hydrocarbons occupied
approximately two-fifths of the total share in terms of revenue.
·
The hydrocarbons segment in the
foam blowing agent market is expected to achieve a CAGR of 5.37% in terms of
revenue from 2016-2022.
·
The hydrofluorocarbons segment
in the foam blowing agent market is expected to achieve a CAGR of 6.24% in
terms of volume from 2016-2022.
·
The Asia-Pacific region
is projected to be the fastest growing region for the polyurethane segment in
the foam blowing agent market.
·
North America accounted for
approximately one-fourth share by revenue in 2015.
Investment
by multinational companies and low developmental costs
in China and India has fostered the market growth of foam
blowing agents. In addition, China has the largest market for foam
blowing agents in the Asia-Pacific region, followed
by India due to the increase in demand for polyurethane foams in the
construction and automotive industries.
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Prominent
market players in this market include Arkema S.A. (France), Honeywell
International Inc. (U.S.), Exxon Mobil Corporation (U.S.), E.I. du Pont de
Nemours & Company (U.S.), Haltermann GmbH(Germany), Harp International Ltd.
(UK), Daikin Industries, Ltd. (Japan), Sinochem Group (China), Solvay S.A.
(Germany, and ZEON Corporation.
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