Eco-friendly CO2 technology can be opted as an alternative to F-gases in the production of insulating building material such as extruded polystyrene (XPS) synthetic rigid foams.
Portland, OR -- (SBWIRE) -- 05/31/2018 -- Increase in demand for polyurethane foams,better insulating performance of foams, and technological advancements are the major factors fueling the growth of the global foam blowing agents market. The rise in construction has propelled the demand for polyurethane foams with usage in insulating rooftops and buildings. In addition, the demand for high-efficiency polymeric foams in the construction sector is expected to augment the demand for foam blowing agents. The demand for polystyrene is expected to grow significantly, owing to applications in packaging and electronics. The Asia-Pacific region is projected to remain the dominant region in the world, followed by North America and Europe.
Strict environmental regulations against the use of harmful F-based foaming agents have escalated the demand for cost-effective, energy efficient, and eco-friendly foaming agents. In 2015, hydrocarbons witnessed the maximum demand in the market, owing to their applications in refrigeration, wall sheathing, and roofing followed by hydrofluorocarbons.
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Top Impacting Factors
1.Growing demand for polyurethane foam due to growth in the construction industry
Increase in application of foam blowing agents is one of the driving factors of the foam blowing agents market. The construction industry is growing and this in turn has resulted in high demand for foam blowing agents. In addition, increasing requirement of high efficiency foam blowing agents for the manufacturing of polymeric foams has fueled the growth of the foam blowing agents market.
2.Technological advancements in foam blowing agents
The recent technological advancements in foam blowing agents have taken a step ahead in boosting the growth of the market. For instance, the Chemours Company's introduced its latest technologies, Opteon™ 1100 foam blowing agent and BASF SPRAYTITE® foam insulation that offer homeowners excellent thermal insulation performance while reducing energy consumption, environmental footprint, and greenhouse gas emissions.
The top foam blowing agents industry players include Arkema S.A. (France), Honeywell International Inc. (U.S.), Exxon Mobil Corporation (U.S.), E.I. du Pont de Nemours & Company (U.S.), Haltermann GmbH (Germany), Harp International Ltd. (U.K.), Daikin Industries, Ltd. (Japan), Sinochem Group (China), Solvay S.A. (Germany), and ZEON Corporation (Japan).
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The other prominent foam blowing agents industry players include Linde AG (Germany), AkzoNobel N.V., Lychem International Co., Limited, BEO International, SPL Group, KSJN Catalyzing Industries, Sunwell Global Ltd., Marubeni Corporation, and Astra Polymers.
Foam Blowing Agents Market Key Findings:
In 2015, hydrocarbons occupied approximately two-fifths of the total share in terms of revenue.
The hydrocarbons segment in the foam blowing agent market is expected to achieve a CAGR of 5.37% in terms of revenue from 2016-2022.
The hydrofluorocarbons segment in the foam blowing agent market is expected to achieve a CAGR of 6.24% in terms of volume from 2016-2022.
The Asia-Pacific region is projected to be the fastest growing region for the polyurethane segment in the foam blowing agent market.
North America accounted for approximately one-fourth share by revenue in 2015.
Investment by multinational companies and low developmental costs in China and India has fostered the market growth of foam blowing agents. In addition, China has the largest market for foam blowing agents in the Asia-Pacific region, followed by India due to the increase in demand for polyurethane foams in the construction and automotive industries.