The global Blowing Agents Market offers superior insulation, easy workability, lightweight, and cost-effectiveness to construction foams such as polyurethane and polystyrene foams. These insulation foams find extensive applications in various construction materials such as roof and wall insulations to regulate indoor temperatures by resisting heat flow. Growing construction activities across developing nations are generating high demand for cost-effective insulation solutions to energy-efficient buildings. This, in turn, is driving the growth of the blowing agents market. The global Blowing Agents Market is estimated to be valued at US$ 4.90 Bn in 2023 and is expected to exhibit a CAGR of 6.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The construction industry is witnessing rapid growth especially in the developing nations owing to increasing urbanization and infrastructure development projects. According to the Global Construction 2030 report, the global construction output is projected to grow by 85% to US$ 15.5 trillion worldwide by 2030. Rapid growth in building construction to accommodate the rising population is generating demand for cost-effective insulation foams for roofs and walls. This is prominently driving the adoption of blowing agents which are economical and help manufacture foams with improved insulating characteristics. Also, growing awareness regarding energy conservation and green buildings is further supplementing the demand for blowing agents to manufacture insulated construction materials for eco-friendly structures.
SWOT Analysis
- Strength: The blowing agents market benefits from strong demand from construction and automotive industries given their use in insulation and packaging applications.
- Weakness: Strict regulatory environment around use of certain blowing agents like hydrofluorocarbons pose challenges.
- Opportunity: Growing end-use industries in emerging nations offers new areas for market expansion. Adoption of bio-based and more environment-friendly blowing agents present opportunities.
- Threats: Volatility in raw material prices and trade barriers can impact supply and pricing.
Key Takeaways
The global Blowing Agents market is expected to witness high growth. The market size for 2024 is estimated to reach US$ 4.90 Bn registering a CAGR of 6.6% during the forecast period of 2023 to 2030.
Regional analysis: Asia Pacific region currently dominates the global market and is expected to continue its lead during the forecast period. This can be attributed to rapid growth of construction and automotive industries in China and India. Countries like China, India, Japan and South Korea offer immense growth opportunities.
Key players: Key players operating in the Blowing Agents market are DuPont, Arkema S.A., Honeywell International Inc., Solvay S.A., Foam Supplies, Inc., AkzoNobel NV, Haltermann GmbH, Linde AG, Americhem, and HARP International Ltd. DuPont and Honeywell are the largest players with strong global presence
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
