Blowing Agent Market Expected to Exceed $2.77 billion By 2030: Players Solvay SA, Arkema SA

As per the report published by The Brainy Insights, the global blowing agent market is expected to grow from USD 1.50 billion in 2021 to USD 2.77 billion by 2030, at a CAGR of 7.04% during the forecast period 2022-2030. Asia Pacific region emerged as the largest market for the global blowing agent market with a 48.26% share of the market revenue in 2021. The rising demand for these products in several end-use industries like packaging, building & construction, automotive, bedding & furniture propels the market's growth during the forecast period in this region. Additionally, the improving government policies & foreign assets attributed to the surge in construction activities, particularly in Asian nations like South Korea, India, and Thailand, helps drive market growth. In addition, the North American region is expected to show the fastest CAGR growth over the projection period due to the use of HFCs and HCFCs.

𝐆𝐫𝐚𝐛 𝐭𝐡𝐞 𝐬𝐚𝐦𝐩𝐥𝐞 𝐫𝐞𝐩𝐨𝐫𝐭- https://www.thebrainyinsights.com/enquiry/sample-request/12793

Blowing Agent Market Size by Foam (Polystyrene Foam, Polyolefin Foam, Polyurethane Foam, and Phenolic Foam), Type (Hydrochlorofluorocarbons (HCFC), Hydrofluorocarbons (HFC), Hydrofluoroolefin (HFO), Hydrocarbons (HC), and Others), Application (Bedding and Furniture, Building and Construction, Appliances, Automotive, Packaging, and Others), Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2022 to 2030

Leading companies in the industry include Solvay SA, Honeywell International Inc., Exxon Mobil Corporation, Daikin Industries, Ltd., Arkema SA, Linde plc, Haltermann Carless, Harp International Ltd., Foam Supplies, Inc., The Chemours Company and among others which are offering greater opportunities and are continuously focused on new product developments and venture capital investments to obtain market share.

The foam segment is divided into polystyrene foam, polyolefin foam, polyurethane foam, and phenolic foam. The polyurethane foam segment led the market with a market share of 34.13% in 2021. This growth is attributed to the rising use of polyurethane foams in building insulation for energy conservation. The type segment is divided into hydrochlorofluorocarbons (HCFC), hydrofluorocarbons (HFC), hydrofluoroolefin (HFO), hydrocarbons (HC), and others. The hydrocarbons (HC) segment led the market with a market share of 29.16% in 2021. This growth is attributed to the proliferation of several end-use applications of the product worldwide. The application segment comprises bedding and furniture, building and construction, appliances, automotive, packaging, and others. The building and construction segment led the market with a market share of 23.17% in 2021. This growth is attributed to the rising demand for polyurethane foam.

The increase in the adoption of polymer foam, a rise in demand by the automotive enterprise, and the growing demand for blowing agents from developing economies of the world propelling the blowing agent market's growth. Further, the development of different application enterprises, increasing infrastructure spending, and the shift from high GWP & ODP blowing agents to more eco-friendly ones also boost the growth of the blowing agent market.

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