Foam Blowing Agents Market – Market Overview
Foam Blowing Agents are a substances that helps in production of a cellular structure through a process of foaming in variety of materials including metals, polymers and plastics. The cellular structure produced increases thermal and acoustic insulation by increasing the hardness of the original polymer. The major applications of foam blowing agents includes electrical & electronics, automobile, building & construction, and food packaging among others.
The Global Foam Blowing Agent Market is segmented on the basis of their product type, Chemistry, application and region. On the basis of the product type hydrofluorocarbons (HFCs) was the leading segment in 2016 and is expected to show the same trend during the forecast period. The growing use of HFC’s in refrigeration, building insulation, air conditioning and fire extinguishing among other is substantially contributing to the growth of this segment. On the basis of application, polyurethane foam is the leading segment. The advantages such as structural strength and insulation properties makes paves their way into many applications such as cushioning, insulation and automobile applications.
According to the analysis of MRFR, the major market forces and trends driving growth of the Global Foam Blowing Agents Market includes growth of construction sector and the burgeoning growth in the automobile industry. Moreover, the growing government investments in the developing economies across the globe has propelled the construction activities especially in India and china which in turn is further expected to fuel the growth of the Global Foam Blowing Agents Market during the assessed period. In addition, the growing development in the automotive and aerospace sector are other factors contributing to the market growth.
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Foam Blowing Agents Market- Competitive Landscape
The Global Foam Blowing Agents Market is a highly lucrative market driven by flourishing growth in construction and automobile industry, along with the propelling electronics industry. 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.) among others are some of the major players operating in this market. Most of these market participants are adopting the expansion, product launch, and merger and acquisition tactics to strengthen their production capacities and market position. Taking account of these trends the Global Foam Blowing Agents Market is projected to witness considerable competition over the forecast period of 2017-2023.
Asia pacific is expected to be the fastest growing region whereas North America is anticipated to dominate the market during the forecast years. The developing end use industries in the Asia Pacific region is anticipated to positively contribute to the growth of the market. European foam blowing agents market is expected to grow at a steady pace. The developed packaged food industry is a major factor driving the growth.
Industry/ Innovation/ Related News:
16Th March 2018- Huntsman Corporation announced the acquisition of spray foam manufacturer and distributors Demilec, for US$ 350 million. Demilec manufacture of polyurethane foam for residential and commercial applications has a market experience of over 30 years. Through this acquisition the Huntsman Corporation is expected to further add to their expertise in the foam blowing agent market and strengthen their geographical dominance.
4th January 2018- Icynene industries has made two additions to their product portfolio namely Icynene Classic Ultra and Icynene Classic Ultra Select. The new light density spray foam products has better cohesion abilities and can also be sprayed from 15 to 20 degree Celsius. This new innovation is anticipated to further add to their market portfolio and help to cater to a large customer base.
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