Scienza e Tecnologia
Higher Production of Eco-friendly Foam Blowing Agents to Push Sales by 6% CAGR through 2031
NEW YORK , Nov. 16, 2021 /PRNewswire/ -- As per latest Fact.MR analysis, the global foam blowing agents market is expected to surpass US$ 1 Bn in 2021. With growing popularity of eco-friendly and energy efficient foam blowing agents, the overall market is projected to expand at 6% CAGR between 2021 and 2031, reaching a valuation of around US$ 1.8 Bn by 2031.
The increasing adoption of foam blowing agents in various industries such as electrical and electronics, automotive, and building and construction will push sales in the market globally.
Foam blowing agents produce cellular structure through foaming process and enhance thermal & acoustic insulation and flexibility of final products. They are increasingly utilized for upgrading and improving certain properties of polymers.
In recent years, sales of hydrocarbon (HC) blowing agents such as isopentane, cyclopentane, n-butane, and other ecofriendly blowing agents have surged. Sales in the market will continue increasing due zero-ozone depletion potential (ODP) and low global warming potential (GWP) of foam blowing agents.
Implementation of stringent t regulations to reduce emission of ozone depleting gases such as chlorofluorocarbons (CFCs) and hydrochlorofluorocarbons (HFCs) is supporting the adoption of these ecofriendly products.
With expansion of construction, automotive, and electrical & electronics sectors, scope for application of foam blowing agents will improve over the forecast period.
In terms of application, polyurethane foam blowing agents will continue to dominate the global market, accounting for around 60% of sales by 2031. This is attributable to the growing popularity of polyurethane foam materials due to their ecofriendly nature and excellent insulating features.
Regionally, Asia will emerge as the most lucrative market for foam blowing agents. Sales in the region will be driven by rising demand in construction and electrical and electronics sectors.
says a Fact.MR analyst
Leading manufacturers are focusing on developing of environmentally friendly and energy-efficient blowing agents. They are employing strategies such as mergers, partnerships and collaborations to expand their global footprint.
Some of the prominent players operating in the foam blowing agents market profiled by Fact.MR are:
Fact.MR provides an unbiased analysis of foam blowing agents market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the global demand for foam blowing agents with a detailed segmentation on the basis of:
- Despite growing evidence of hydrofluorocarbons' (HFCs) negative impact on the environment, their penetration remains high. Because of the environmental impact of HFCs, regulations on their use have become more stringent over time. These reasons, according to Fact.MR, are anticipated to boost the market for low GWP refrigerants in the near future. Leading countries are enacting regulations to mitigate the negative environmental effects of ozone-depleting refrigerants and to encourage end-users to utilize low-GWP refrigerants.
- The COVID-19 epidemic caused a drop in the market for hydrocarbon solvents in 2020. Governments in numerous nations issued lockdowns, halting output and causing force majeure in a variety of businesses. This sped up the process of obtaining hydrocarbon solvents. However, due to the ease with which production facilities may be locked down and reopened, the market for hydrocarbon solvents is expected to rise at a moderate rate over the projection period. The growing use of hydrocarbon solvents in a variety of industries, from inks to pharmaceuticals, is expected to drive global demand.
The global Expanded Polypropylene (EPP) foam market will be propelled by its penetration in several end-use sectors including as packaging, consumer products, and furniture. The rapid development in vehicle and consumer goods production necessitates a rise in demand for expanded polypropylene foam products. Expanded polypropylene (EPP) foam is a great material for a range of applications due to its eco-friendly and high-performance nature. With increased investments in industrial industries across major economies, EPP foam demand is likely to grow even more.
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