Global Blowing Agents Market to Witness Strong Growth Over 2023, Notes MRFR
Blowing agent is a chemical additive, which finds widespread application is industries such as oil & gas, plastics, rubber and ceramics among others. Blowing agent is usually added to a material for achieving characteristics such as elasticity, heat insulation, lightweight, permeability, sound & shock absorbency, electrical insulation and others. The global blowing agent market is expected to exhibit a healthy growth over the next couple years projects Market Research Future (MRFR) in its latest report.
Growth of end-use sectors such as aerospace, automotive and building & construction has reflected favourably on the global blowing agent’s market. The material finds tremendous application opportunities in the sectors mentioned above. The material is used to develop required characteristics various types of products including plastic interiors, seats and strips.
They also provide insulation and cushioning effects and are majorly used for manufacturing seats, plastic interiors, and weather strips. Rising demand for lightweight and sturdy products is influencing the global blowing agent’s market share. Blowing agents are increasingly used for development of aerospace components. Such components are usually integrated engine turbines owing advantages such as low cost of material, superior performance and greater tensile strength. Modern aircrafts are being built using lightweight and heavy-duty materials for achieving higher fuel-efficiency and complying with emission laws. Therefore, the aerospace industry is key end-market for blowing agents.
The construction sector also presents attractive market opportunities. In construction, blowing agent is used for its high mechanical strength, insulation properties and ability to make structures thinner without compromising on strength.
Despite being a highly marketable product, the environmental implications of blowing agents may dampen their market potential to certain extent. This is prompting market players to actively engage in R&D for product innovation and developing solutions that ensure long-term sustainability. Mergers, acquisitions, new product launch are expected to be key industry trend during the assessment period (2018-2023).
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Global Blowing Agents Market: Segmental Analysis
MRFR’s report inclusde a comprehensive segmental analayis of the market based on type, application, product and region.
By type, the market has been segmented into endothermic and exothermic. By application, the market has been segmented into flexible polyurethane, polystyrene, phenolic, rigid polyurethane, polyolefin, integral skin polyurethane and others. Based on product, the market has been segmented into hydrofluorocarbons, hydrofluoroolefins, hydrochlorofluorocarbons and hydrocarbons.
Global Blowing Agents Market: Regional Analysis
Regions covered in the report include North America, Latin America, the Middle East & Africa (MEA), Europe and Asia Pacific (APAC). Asia Pacific is expected to dominate the global blowing agents’ market during the forecast period. Growth of end-use industries such as construction and automotive is supporting the market growth. Europe accounts for the second most significant market share in terms of revenue. This is mainly owing to presence of a vast automotive sector in the region. North America is also expected to remain an investment destination for market players. Rebound of sectors such as construction, aerospace manufacturing and automotive manufacturing is providing an impetus to the market in the region. The Latin America blowing agents market will exhibit a steady growth over the next several years. Improving economic and political landscape in brazil, rapid industrial growth in Mexico are some factors that are likely to revive investor confidence in the region. In MEA burgeoning investment is infrastructure development is creating attractive market opportunities.
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Competition Analysis
Some of the leading companies The Dow Chemical Company (U.S.), DAIKIN INDUSTRIES, LTD. (Japan), BASF SE (Germany), ZEON CORPORATION (Japan), Honeywell International Inc. (U.S.), AkzoNobel N.V. (Netherlands), Solvay (Belgium), INEOS Group (Switzerland), Arkema (France), SINOCHEM GROUP (China), Harp International Ltd. (U.K), Exxon Mobil Corporation (U.S.), and The Chemours Company (U.S.)
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