Blowing Agent Market is set to emerge with a healthy CAGR of 5.47% over the forecast period 2020-2026. The 2020 OG Analysis’s blowing agent market outlook forecasts key market trends and drivers positively impacting the market growth. The intense investments in research for developing environmentally friendly blowing agent provides key opportunities for market participants. Accordingly, the adoption of low-global-warming building material formulated by Honeywell in more than 300 Japanese buildings to achieve environmental goals is an example of key market players focuses to meet consumers’ demand.
Rise in demand for insulation material for buildings, automotive, and appliances boosts the blowing agent market value. Accordingly, wide consumption of foams for construction and rigid polyurethane foam (PIR/ PUR) bo Blowing Agent ard, as well as extruded polystyrene insulation (XPS) board for automotive industry drives foam segment demand across blowing agent market.
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Furthermore, adaptation of Blowing Agents in appliances for refrigerator or freezer insulation, commercial refrigeration, water heater and in various industries is driving the use of blowing agents in the Blowing Agents market growth.
Amid key types, hydrocarbons with the potential of low global warming and low operating costs associated drive the blowing agent market growth across key end-user industries. In addition, Butanes and pentanes are penetrating the blowing agent market growth during the forecast.
Although there are many prospects in blowing agent market, the challenges including government regulations related to ozone potential depletion (ODP) and global warming remains hindrance to the blowing agent market growth.
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The Blowing agent market emerges with strong growth opportunities across China and other Asian countries
Based on trends of rapid economic development along with spree of greenfield projects and strong presence of key end-users which include construction, automotive, footwear, and manufacturing industries drive blowing agents market growth across the Asia Pacific.
Furthermore, strong shifts towards eco-friendly blowing agents along with the consumption of HFCs and HCFCs boost the blowing agent market size in Asia Pacific region.
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In terms of value, the Chinese blowing agent market emerges with strong market growth driven by huge production base of HCFC blowing agents and emerging construction industry resulting in the Chinese government to shift toward a services-led economy.
Whereas, India to witness higher growth rates owing to the rising demand for high performance of end-user products, emergence of raw material industries of blowing agent and the government incentive development for domestic economic as well B2B trade.
To explore blowing agent market growth opportunities, key players are investing in product differentiation and R&D activities
Key companies are investing to focus on new product offerings and are intensely engaged in R&D to meet the requirements of low GWP blowing agent. For instance, in 2018, Arkema developed a low GWP HFO blowing agent to serve consumers across refrigeration and insulation end-users. Furthermore, in 2017, Honeywell announced that TCL Corporation is using Honeywell’s Solstice® liquid blowing agent in its refrigerator insulation to increase energy efficiency and further reduce climate impact.
Further, for high product differentiation key players are entering into alliances and contributing towards macro blowing agent market share, for example, in 2018, Linde AG and Praxair Technology Inc. merged their operations to form Linde plc. and deliver its customer base with improved product offerings.
Prominent companies operating in the blowing agent market include Exxon Mobil Corporation, Honeywell International Inc., Linde AG, Solvay SA, Arkema S.A., Daikin Industries, Ltd., E.I. Dupont De Nemours & Company, Haltermann GmbH, Foam Supplies, Inc., and Harp International Ltd., among others.
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