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Foam Blowing Agents Market Sales, Innovations And Trends Report 2024 To 2033
Foam Blowing Agents Market
According to The Business Research Company's, The foam blowing agents market size has grown strongly in recent years. It will grow from $1.57 billion in 2023 to $1.67 billion in 2024 at a compound annual growth rate (CAGR) of 6.2%. The growth in the historic period can be attributed to growing demand for polyurethane foam, energy efficiency regulations, expansion of construction industry, consumer demand for lightweight materials, government initiatives for green buildings..
The foam blowing agents market size is expected to see strong growth in the next few years. It will grow to $2.11 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%. The growth in the forecast period can be attributed to rising demand for energy-efficient products, expansion of cold chain logistics, focus on fire safety in construction, surge in e-commerce packaging, rapid urbanization in developing countries.. Major trends in the forecast period include innovation in blowing agent formulations, closed-cell foam insulation, end-of-life considerations and recycling initiatives, partnerships and collaborations for research and development, technological innovations in foam production..
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Market Drivers and Trends:
The rise in demand for foam blowing agents in consumer appliance is expected to propel the growth of the foam blowing agent market going forward. Foam-blowing agents refer to an agent that can create cellular structures in a variety of substances that go through the process of hardening or phase transition, including polymers, plastics, and metals. Due to their superior shock-absorbing capabilities, foam blowing agents are heavily used in refrigerators and other consumer appliances, including air conditioners, water heaters, and other household appliances. For instance, according to the Energy Information Administration (EIA), a principal agency of the U.S. Federal Statistical System responsible for collecting, analyzing, and disseminating energy information. By 2050, there will be 5.6 billion air conditioners in buildings worldwide, up from 1.6 billion currently. This translates to 10 new air conditioners being sold every second for the following 30 years. Therefore, the growing demand from the consumer appliances industry is driving the growth of the foam blowing agents market.
Major companies operating in the foam blowing agent market are focusing on strategic partnerships to increase the production capacity of insulation foam blowing agents such as hydro-fluoro olefin 1233zd to sustain their position in the market. Hydrofluoroolefin (HFO) 1233zd refers to a type of refrigerant that belongs to the hydrofluoroolefin chemical family. Specifically, HFO-1233zd is known as trans-1-chloro-3,3,3-trifluoropropene. For instance, in October 2022, Arkema, a French-based multinational company that operates in the chemical industry, partnered with Aofan, a Chinese-based technology company, to develop the supply of Forane® 1233ZD, a low-global warming potential (GWP) blowing agent used in the production of polyurethane foam insulation, and announced plans to increase the production capacity of the insulation foam blowing agent, hydro-fluoro olefin 1233zd, in China and the US.
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Major Key Players of the Market:
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; Marubeni Corporation; Haltermann Gmbh; Linde plc; Solstice Performance Fluid; AGC Chemicals Americas Inc.; Nouryon; Shriram Fibres Limited; 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.
Foam Blowing Agents Market 2024 Key Insights:
• The foam blowing agents market will grow to $2.11 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%.
• Consumer Appliance Drives The Foam Blowing Agent Market
• Major Foam Blowing Agent Companies Join Forces For Increased Production Capacity Of Hfo-1233Zd
• Asia-Pacific was the largest region in the foam blowing agents market in 2023
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