Asia Pacific Foam Blowing Agents Market to surpass USD 550 million by 2024 | Key Players are AkzoNobel, Honeywell, Arkema, Solvay, DuPont, ExxonMobil, Zeon Chemicals, Daikin Industries, Ltd., Haltermann Carless, Sinochem International Corporation

Asia Pacific had nearly 50% share for foam blowing agents market in 2015. Developing medical infrastructure, technological advancements and robust automotive production in the emerging economies like China and India will complement the regional growth. The regional revenue is probable to surpass USD 550 million by 2024.

U.S. market for foam blowing agents is likely to reach USD 100 million during the forecast period. Deep-rooted regional healthcare industry, high awareness among consumers regarding improved living standards and medical devices are the factors supporting market demand.

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The global polymer foam industry accounted for 1.9 million tons for 2015 and is expected to exceed 2.9 million tons in the forecast period. Thriving polyurethane, polystyrene and polyolefin foam businesses are major drivers of the foam blowing agents market. In 2015, global automotive manufacturing of commercial and personal vehicles, was around 90 million units, and it will significantly rise in the forecast period. The global construction expenditure is likely to exceed USD 13 trillion by 2024. Higher residential as well as commercial investment trends in accordance to positive infrastructure outlook will drive the product market in coming years. Such growth prospects of the product end use industries like automotive, packaging, furniture, and construction will propel the foam blowing agents market in the forecast period.

Rising product demand from the packaging and industry medical devices is likely to propel the foam blowing agents market growth in the forecast period. The medical devices industry was over USD 300 billion, in 2016 and bears brighter future aspects owing to the increasing consumer health consciousness and their rising spending towards health. This presents growth opportunities for product market, especially for packaging during transport.

PU and polystyrene foam blowing agents generated revenue over USD 450 million in 2015. PU foam will exhibit higher growth rate among the other application segments, for its growing demand from interior decoration and automobile industry.es.

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Polyolefins segment generated over USD 90 million revenue in 2015 and has been witnessing a significant adoption in packaging industry. The ever-growing global trade has encouraged the need for safe and reliable packing of products for their transit. The product will have a significant growth during the forecast period for its shock absorbent packing capability.

Hydrocarbons held more than 50% share of the global product market in 2015 and is probable to reach 7% CAGR in the forecast period. Increasing usage in polyurethane foam finds extensive applications in end-user industries including automotive, appliances, construction, flooring and furnishing.

Key foam blowing agents market players are Haltermann GmBH, AkzoNobel N.V., Honeywell International Inc., Exxon Mobil Corporation, Solvay S.A., ZEON Corporation, Sinochem Group, Daikin Industries Ltd, E. I. du Pont de Nemours and Company and Arkema S.A.

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