The Blowing Agents Market size is observed to grow at a CAGR of 6.3% during the forecast period 2022-2027 and would reach an estimated revenue of US$2.3 billion by 2027. Blowing agents consisting of isocyanate are chemical substances that have high elasticity features and are used in making thermal insulating foam such as polyurethane and vinyl. The blowing agents are used in building construction activities - on walls and roofs to provide heat insulation. The development of economies and rapid urbanization has increased the construction budget for major buildings, thereby increasing the overall construction output in such economies. According to the UK Office of National Statistics, in Q2 of 2022, construction output in the UK rose to 2.3% in comparison to Q2 of 2021. With such an increase in construction output, the demand for blowing agents for thermal insulating foam would also increase, thereby stimulating the market growth of Blowing Agents. 

Blowing Agents Market: The Building & Construction Segment Leads the Market

Based on the end-use industry, the Blowing Agents market can be segmented into automotive, aerospace, building & construction, electrical & electronics and wood sectors. The leading segment in the blowing agents market is evaluated to be building & construction and during the forecast period 2022-2027. The building & construction segment is expected to grow at a CAGR of 6.9%. Development of sites, favorable investment inflows and the adoption of modern technologies in building construction have increased the productivity of the sector. According to data provided by Eurostat, in May 2022, production in construction increased by 3.8% in the EU compared to the same month in 2021. Such growing construction output would accelerate the demand and usage of polyurethane and vinyl thermal insulating foams in the sector, thereby simultaneously increasing the usage of Blowing Agents.

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Blowing Agents Market: Asia-Pacific Holds the Largest Market Share

Based on geography, the Blowing Agents market can be segmented into North America, South America, Europe, APAC and the Rest of the World. According to IndustryARC's analysis, in 2021, the Asia-Pacific region emerged as the most prosperous region in the market and held a 42% share of the total revenue earned by the market globally. Building & construction sector in major Asia-Pacific economies such as India, China, Japan and Australia is booming, owing to various construction projects. According to the Ministry of Statistics and Program Implementation, in the April-June quarter of 2022, India’s construction sector witnessed a 16.8% growth as compared to the same period in 2021. Also, according to the National Bureau of Statistics, in Q1 of 2021, China’s construction sector registered a 1.8% growth in comparison to Q1 of 2020. Such rapid growth in the construction sector is boosting the demand for Blowing Agents in the Asia-Pacific region.

Blowing Agents Market: Competitive Landscape

Key companies holding a major share in the Blowing Agents market are Honeywell International Inc, Chemours Company, Arkema, Nouryon, Akzo Nobel, Sonichem Group Co. Ltd., Solvay, DowDuPont, Haltermann GmbH and Foam Supplies Inc.

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