Blowing Agents Market - Forecast(2023 - 2028)

Report Code: CMR 0791 Report Format: PDF + Excel

Blowing Agents Market Overview

The Blowing Agents Market size is estimated to reach US$2.3 billion by 2027 after growing at a CAGR of 6.3% during the forecast period 2022-2027. Blowing Agents are chemical substances that are used to make a cellular structure that has high elasticity and can be transformed into a variety of materials through a phase transition. The high applicability of blowing agents in thermal insulating foam such as polyurethane & vinyl foam that are highly used in the automotive, building & construction and aerospace sectors is positively influencing the Blowing Agents Market. Technological upgradation and growing demand for fuel-efficient vehicles have surged automotive production across various countries. According to the International Organization of Motor Vehicles Manufacturers, in 2021, Australia’s automotive production increased by 14% in comparison to the previous year. In addition to automotive, rapid developments witnessed by the building & construction and aerospace sector are also driving the growth of the blowing agents industry. However, the stringent regulations regarding hydrochlorofluorocarbon and chlorofluorocarbon are anticipated to hamper the market growth as well as the Blowing Agents Market size. The disruptions caused by COVID-19 in activities of major blowing agents end-users such as automotive and building & construction decreased the market revenue of the substance. These things are negatively influencing the Blowing Agents industry outlook.

Blowing Agents Market Coverage

The “Blowing Agents Market Report – Forecast (2022–2027)” by IndustryARC, covers an in-depth analysis of the following segments in the Blowing Agents Industry.

By Chemical Reaction: Exothermic and Endothermic.
By Product Type: Physical Blowing Agents (Chlorofluorocarbons, Hydrochlorofluorocarbons and Hydrocarbons), Chemical Bonding Agents (Inorganic and Organic) and Mixed Blowing Agents.
By Foam Type: Polyurethane, Polystyrene, Phenolic, Polyolefin and Vinyl.
By Application: Bumpers, Door Panels, Fenders, Roofs, Walls, Turbine Housing, Blades, Furniture and Others.
By End-use Industry: Automotive [Passenger Vehicles (PV), Light Commercial Vehicles (LCV) and Heavy Commercial Vehicles (HCV)], Aerospace (General, Military and Others), Building & Construction (Residential, Commercial, Industrial and Infrastructural), Electrical & Electronics (Computers, Smartphones, Ink Jet Printers and Others), Wood Industry and Others.
By Geography: North America (the U.S., Canada and Mexico), Europe (the UK, Germany, France, Italy, the Netherlands, Spain, Belgium and the Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Australia, New Zealand, Indonesia, Taiwan, Malaysia and the Rest of APAC), South America (Brazil, Argentina, Colombia, Chile and the Rest of South America) and the Rest of the World (the Middle East and Africa).

Key Takeaways

  • Asia-Pacific dominates the Blowing Agents industry due to the rapidly growing automotive and building & construction in the region which is boosting the demand for polyurethane and vinyl thermal insulating foam in the region
  • The rapid increase in the rate of aircraft production and deliveries has accelerated the usage of blowing agents such as polyurethane foam in turbine housings & blades which is positively impacting the Blowing Agents industry outlook.
  • The growing regulations on hydrochlorofluorocarbons and chlorofluorocarbons production can limit the production scale of physical bonding agents, thereby restraining the market growth as well as having a negative influence on the Blowing Agents industry outlook.

Figure: Blowing Agents Market Revenue by Geography 2021 (%)
Blowing Agents Market
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Blowing Agents Market Segment Analysis – by Foam Type

Polyurethane foam held the largest share in the Blowing Agents Market in 2021 and is estimated to grow at a CAGR of 6.5% during the forecast period 2022-2027. Polyurethane foam, being a thermal insulating foam, provides insulation and protection to materials against external factors that cause corrosion and abrasion. Due to its rich protective features, polyurethane foam has high applicability in major end-users such as automotive, building & construction and electrical & electronics. An increase in automotive production due to high demand, growing construction activities due to various project undertakings and a surge in the consumption of electrical & electronics items such as smartphones are fueling the demand and usage of polyurethane foams in these sectors. Such an increase in polyurethane foam consumption is contributing to its segment growth during the forecast period.

Blowing Agents Market Segment Analysis – by End-use Industry

Building & construction sector held the largest share in the Blowing Agent market in 2021 and is estimated to grow at a CAGR of 6.9% during the forecast period 2022-2027. Blowing Agents have high heat insulation and shock absorbent features. Rapid urbanization, growing demand for house dwellings and investment inflows have increased the construction output. According to China’s National Bureau of Statistics, in Q2 of 2021, the construction sector of China registered a growth of 1.8%. Furthermore, according to the UK’s Office of National Statistics, in 2021, construction output increased by 12.7% in comparison with 2020. Such an increase in construction output has boosted the demand and usage of blowing agents in the building & construction sector, thereby stimulating the growth of the Blowing Agents Market during the forecast period.

Blowing Agents Market Segment Analysis – by Geography

Asia-Pacific dominated the Blowing Agents Market with up to 42% market share in 2021. The high applicability of blowing agents in automotive bumpers, fenders and roofs & walls of buildings is influencing its demand in the automotive and building & construction sectors. Favorable government policies and investment inflows have increased the productivity of these major sectors. According to the International Organization of Motor Vehicles Manufacturers, in 2021, China’s automotive production increased by 3% whereas India’s production saw a significant 30% increase. Furthermore, according to Japan’s Ministry of Land, Infrastructure, Transport and Tourism, in June 2022, construction orders increased in Japan by 15.5% in comparison to 2021 in the same month. Such a rapid development in the automotive and building & construction sectors has propelled the demand and usage of blowing agents, thereby positively impacting the growth of the Blowing Agents Market in the Asia-Pacific region during the forecast period.

Blowing Agents Market Drivers

Bolstering Growth in Automotive Sector:

Blowing Agents provide high insulation, flexibility, impact & shock resistance and are lightweight. Due to such high-performance properties, bonding agents are used in automotive parts such as bumpers, fenders and door panels to achieve a lighter weight as well as improved heat insulation. Adoption of technological upgradation, the establishment of manufacturing plants and growing automotive demand have increased the overall production output of the automotive sector. According to the data provided by the International Organization of Motor Vehicles Manufacturers, in 2021, global automotive production stood at 80.1 million units, which represented an increase of 3% in comparison to 2020. Furthermore, according to the same data, automotive production at the regional level showed significant growth, such as in South America it increased by 18% whereas Africa witnessed 16% growth. Such massive growth in the automotive sector has accelerated the demand and usage of blowing agents in the sector, thereby creating a surge in the growth of the Blowing Agents industry.

Rapid Increase in Aircraft Production:

The aerospace sector is also one of the major end-users of blowing agents as aircraft parts such as turbine housings and blades require layers of protective polyurethane foam coatings to prevent abrasion and offer longer performance life. The growing demand for new aircraft to cater to the issue of high passenger traffic has increased the rate of aircraft deliveries. According to the General Aviation Manufacturers Association, in Q1 of 2022, total aircraft production and deliveries stood at 491 units, showing a 13.2% increase. Furthermore, according to the quarterly report of Boeing, in Q1 of 2022, the company delivered 93 aircraft units, showing a 23% increase in comparison to Q1 of 2021. Such an increase in aircraft production and deliveries would boost the demand and usage of blowing agents for aircraft housing and blades, thereby stimulating the growth of the Blowing Agents industry during the forecast period.

Blowing Agents Market Challenge

Stringent Government Regulation:

Physical Blowing Agents such as hydrochlorofluorocarbon and chlorofluorocarbons, though have high applicability in making foams, have become primary factors for ozone depletion. Due to this, certain regulations have been implemented and several laws relating to their production have been introduced. For instance, in 2020, the Ozone Depletion Substance (ODS) by US Environment Protection Agency phased out the production and import of most class II hydrochlorofluorocarbons. Furthermore, in September 2021, China implemented Kigali Amendment which aimed to cut down hydrochlorofluorocarbons production and consumption by 2024. Such regulations and laws would hamper the production of physical blowing agents such as hydrochlorofluorocarbons and chlorofluorocarbons which would restrain the market growth of blowing agents. These things would negatively impact the Blowing Agents Market size during the forecast period.

Blowing Agents Industry Outlook

Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Blowing Agents Market. The top 10 companies in the Blowing Agents Market are:
Honeywell International Inc.
  1. Chemours Company
  2. Arkema
  3. Nouryon
  4. AkzoNobel
  5. Sinochem Group Co. Ltd.
  6. Solvay
  7. DowDuPont
  8. Haltermann GmbH
  9. Foam Supplies Inc.

Recent Developments

  • In June 2021, Arkema announced the decision to increase the production capacity of its insulation foam-blowing agents hydrofluoro olefin in China and the US by planning to invest US$60 million to add 15-kilo tons per year of capacity for HFO.
  • In March 2021, Milliken acquired Germany-based Blowing Agents manufacturer Zebra-Chem GmbH and such an acquisition would increase the production capacity of Milliken for Blowing Agents.
  • In November 2020, Nouryon launched its new version of the Expancel expandable microsphere which acts as a Blowing Agent to make the product lighter and finds major applicability in specialty thin coatings.

Relevant Reports

Report Code: CMR 65943

Report Code: CMR 0718

Report Code: CMR 42915

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1. Blowing Agents Market - Market Overview
    1.1 Definitions and Scope
2. Blowing Agents Market - Executive Summary
    2.1 Key Trends by Chemical Reaction
    2.2 Key Trends by Product Type
    2.3 Ley Trends by Foam Type
    2.4 Key Trends by Application
    2.5 Key Trends by End-use Industry
    2.6 Key Trends by Geography
3. Blowing Agents Market – Comparative analysis
    3.1 Market Share Analysis - Major Companies
    3.2 Product Benchmarking - Major Companies
    3.3 Top 5 Financials Analysis
    3.4 Patent Analysis - Major Companies
    3.5 Pricing Analysis (ASPs will be provided)
4. Blowing Agents Market - Startup companies Scenario Premium Premium 
    4.1 Major startup company analysis:
        4.1.1 Investment
        4.1.2 Revenue
        4.1.3 Product portfolio
        4.1.4 Venture Capital and Funding Scenario
5. Blowing Agents Market – Market Entry Scenario Premium Premium 
    5.1 Regulatory Framework Overview
    5.2 New Business and Ease of Doing Business Index
    5.3 Successful Venture Profiles
    5.4 Customer Analysis – Major companies
6. Blowing Agents Market - Market Forces
    6.1 Market Drivers
    6.2 Market Constraints
    6.3 Porter's Five Force Model
        6.3.1 Bargaining Power of Suppliers
        6.3.2 Bargaining Powers of Buyers
        6.3.3 Threat of New Entrants
        6.3.4 Competitive Rivalry
        6.3.5 Threat of Substitutes
7. Blowing Agents Market – Strategic Analysis
    7.1 Value/Supply Chain Analysis
    7.2 Opportunity Analysis
    7.3 Product/Market Life Cycle
    7.4 Distributor Analysis – Major Companies
8. Blowing Agents Market – by Chemical Reaction (Market Size – US$ Million/Billion)
    8.1 Exothermic
    8.2 Endothermic
9. Blowing Agents Market – by Product Type (Market Size - US$ Million/Billion)
    9.1 Physical Blowing Agents
        9.1.1 Chlorofluorocarbons
        9.1.2 Hydrochlorofluorocarbon
        9.1.3 Hydrocarbons
    9.2 Chemical Blowing Agents
        9.2.1 Inorganic
        9.2.2 Organic
    9.3 Mixed Blowing Agents
10. Blowing Agents Market – by Foam Type (Market Size - US$ Million/Billion)
    10.1 Polyurethane
    10.2 Polystyrene
    10.3 Phenolic
    10.4 Polyolefin
    10.5 Vinyl
11. Blowing Agents Market – by Application (Market Size - US$ Million/Billion)
    11.1 Bumpers
    11.2 Door Panels
    11.3 Fenders
    11.4 Roofs
    11.5 Walls
    11.6 Turbine Housing
    11.7 Blades
    11.8 Furniture
    11.9 Others
12. Blowing Agents Market - by End-use Industry (Market Size - US$ Million/Billion)
    12.1 Automotive
        12.1.1 Passenger Vehicles (PV)
        12.1.2 Light Commercial Vehicles (LCV)
        12.1.3 Heavy Commercial Vehicles (HCV)
    12.2 Aerospace
        12.2.1 General
        12.2.2 Military
        12.2.3 Others
    12.3 Building & Construction
        12.3.1 Residential
        12.3.2 Commercial
        12.3.3 Industrial
        12.3.4 Infrastructural
    12.4 Electrical & Electronics
        12.4.1 Computers
        12.4.2 Smartphones
        12.4.3 Ink Jet Printers
        12.4.4 Others
    12.5 Wood Industry
    12.6 Others
13. Blowing Agents Market - by Geography (Market Size - US$ Million/Billion)
    13.1 North America
        13.1.1 The U.S.
        13.1.2 Canada
        13.1.3 Mexico
    13.2 Europe
        13.2.1 The UK
        13.2.2 Germany
        13.2.3 France
        13.2.4 Italy
        13.2.5 The Netherlands
        13.2.6 Spain
        13.2.7 Belgium
        13.2.8 The Rest of Europe
    13.3 Asia-Pacific
        13.3.1 China
        13.3.2 Japan
        13.3.3 India
        13.3.4 South Korea
        13.3.5 Australia and New Zealand
        13.3.6 Indonesia
        13.3.7 Taiwan
        13.3.8 Malaysia
        13.3.9 The Rest of APAC
    13.4 South America
        13.4.1 Brazil
        13.4.2 Argentina
        13.4.3 Colombia
        13.4.4 Chile
        13.4.5 The Rest of South America
    13.5 The Rest of the World
        13.5.1 The Middle East
   Saudi Arabia
   The UAE
   The Rest of the Middle East
        13.5.2 Africa
   South Africa
   The Rest of Africa
14. Blowing Agents Market – Entropy
    14.1 New Product Launches
    14.2 M&As, Collaborations, JVs and Partnerships
15. Blowing Agents Market – Industry/Competition Segment Analysis Premium 
    15.1 Company Benchmarking Matrix – Major Companies
    15.2 Market Share at Global Level - Major companies
    15.3 Market Share by Key Region - Major companies
    15.4 Market Share by Key Country - Major companies
    15.5 Market Share by Key Application - Major companies
    15.6 Market Share by Key Product Type/Product category - Major companies
16. Blowing Agents Market – Key Company List by Country Premium Premium 
17. Blowing Agents Market Company Analysis - Business Overview, Product Portfolio, Financials and Developments
    17.1 Company 1
    17.2 Company 2
    17.3 Company 3
    17.4 Company 4
    17.5 Company 5
    17.6 Company 6
    17.7 Company 7
    17.8 Company 8
    17.9 Company 9
    17.10 Company 10 and more
* "Financials would be provided to private companies on a best-effort basis."
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