Foam Blowing Agents Market Analysis

Foam Blowing Agents Market Analysis

The hydrocarbons segment accounts for more than one half of the foam blowing agents market volume and is likely to maintain its share over the forecast period. The hydrocarbons segment was valued at over USD 200 million in 2015 and will expand at over 7% CAGR. Hydrocarbons are widely used in polyurethane foam in varied end-user industries such as automotive, appliances, construction, flooring, furnishing, etc./p>

Others segment including azodicarbonamide, inert gases, methyl formate, methylal, and water is likely to expand at more than 9% CAGR and contributes to over 15% in the foam blowing agents market share. Although a smaller segment in terms of market share, the collective growth of the segment is significant./p>

Foam blowing agents have major applications in polyurethane foams. Polyurethane foams are used in industries such as automotive, construction, flooring, furnishing, medical devices, and packaging. Rapid industrialization coupled with infrastructural development has boosted the construction industry globally. Moreover, improved living standards and disposable incomes have boosted the hospitality industry, such as hotels, malls, and spas, driving the construction industry.
 

Germany established the automobile business and increased the high-end luxury car demand in India, Japan, and Korea. There is a rise in the adoption of medical devices owing to the developing healthcare industry in Europe. Rising demand for enhanced healthcare and medical devices in the U.S will drive the foam blowing agents market in the region.
 

Asia Pacific accounts for nearly half of the foam blowing agents market consumption globally. Booming infrastructural development has led to an increase in the construction industry in this region, majorly led by India, South Korea, Thailand, and Vietnam. Rapid industrialization and technological advancements in this region have contributed significantly to the foam blowing agents end user industries such as automotive, packaging, and medical devices.
 

North America will depict a positive outlook in foam blowing agents market owing to its global presence in the pharmaceutical sector and food packaging industry. Europe is at a relatively nascent stage in this industry and accounts for approximately 15% of the revenue generation. Europe’s growth is attributed to its ever-increasing automobile industry, frozen food packaging, etc. Polyurethane foam is used in automobile interiors such as seats, steering wheels, door panels, etc. Growing automobile industry will thus boost the market majorly in Asia Pacific and Europe.