The global market for foam blowing agents is anticipated to demonstrate a steady growth in the forthcoming years, as reported by Transparency Market Research (TMR). The vendor landscape of the global foam blowing agents is said to be a highly fragmented one at present, due to the existence of a large pool of vendors. Market players, especially new entrants are focused on the development of novel products by implementing new technology and ideas in their product in order to differentiate their product portfolio. For instance, the Chemours Company’s introduced its latest technologies, Opteon™ 1100 foam blowing agent and BASF SPRAYTITE® foam insulation which provides thermal insulation performance while reducing energy consumption, environmental footprint, and greenhouse gas emissions. Such technologies adopted swiftly by new players could pose a challenge to the existing vendors in the market. Prominent players are also seen strategizing by offering competitive prices to their consumers, in order to gain their favor.
Some of the leading vendors operating in the global foam blowing agents market are Arkema S.A., Haltermann GmBH, Solvay S.A., E. I. du Pont de Nemours and Company, and AkzoNobel N.V.
According to TMR, the global foam blowing agents market was envisaged to stand at US$ 631.3 mn in 2013. Forecasted to rise at a 4.4% CAGR from 2014 to 2020, the market is anticipated to reach US$ 843.8 mn by the end of the forecast period. Among the product segment, the market for foam blowing agents is expected to be dominated by the surge in demand for Hydrocarbon (HC) foam blowing agents, aided by the heightened requirements from emerging countries. Geographically, Asia Pacific held 24% of the overall market share in the world foam blowing agents market in 2013, and is expected to emerge as the leading regional market.
Surge in Demand from Industrial Applications to Fuel Growth
The exponential rise in demand for polymeric foams across several industries, such as automotive, construction, and appliances, coupled with a surge in the use of foam blowing agents in manufacturing of polyurethane foam is expected to play an influential role in determining the growth of the global foam blowing agents market in the coming years. Additionally, polyurethane foam is also one of the most commonly used types of polymer foam, which finds wide application in several verticals, including electronics, flooring, automotive, construction, packaging, and medical devices. The trend of multitude of applications of these foaming agents is expected to positively impact the growth of the global foam blowing agents market.
A sizable increment in the global trade has led to demand for safe and reliable packing of products during transit. Packaging is mostly done using foam-based polymers on account of their shock absorbing nature. Thus, the spurt in medical devices and packaging industry is also providing impetus to the rise of the foam blowing agents market over the globe.
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Enhanced Living Standards in Emerging Regions to Offer Rich Growth Potential
The boom in population growth and a rise in average disposable incomes of the people is expected to further boost the construction sector in emerging nations such as China, India, Malaysia, Vietnam and Indonesia. Rising living standards and incrementing purchase power parity have led to a flourishing furnishings and flooring industries in the last few years. The burgeoning hospitality industry is a vertical that perpetually demands an exceptional quality of flooring material and aesthetically sound furnishing. Polymeric foams are exhaustively utilized in flooring and furnishing for shock absorption and to give a high-quality aesthetic appearance. The rising urban population in the emerging economies such as Asia Pacific is predicted to fuel the growth of the global foam blowing agents market in the forthcoming years.