U.S. Foam Blowing Agents Market is likely to reach USD 100 million during the forecast period. Deep-rooted regional healthcare industry, high awareness among consumers regarding improved living standards and medical devices are the factors supporting market demand.
The rapid advancements in the construction and automotive sectors across APAC will lead to Asia Pacific foam blowing agents market growing at a notable CAGR over 2016-2024. APAC accounted for almost 50% of the overall market share in 2015 and will chart a lucrative growth path, pertaining to the introduction of technological innovations and the heavy industrial growth in the region.
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Surging demand for polymeric foam and the massive usage of foam blowing agents in its manufacturing process will augment foam blowing agents market size. These agents are essentially used to provide a firm cellular structure to foam substrates, subject to the numerous benefits they provide, such as less product weight, high acoustic insulation, reduced material usage, and excellent thermal insulation. They are also used in methylal, methyl formate, and other eco-friendly products, which will impel foam blowing agents foam blowing agents market size.
Polyolefins applications depicted a significant rise in the packaging industry, especially in the manufacture of shock absorbent product packing. This application segment from foam blowing agents market was worth more than USD 90 million in 2015 and is predicted to have a healthy growth till 2024. In terms of product, foam blowing agents can be classified into hydrocarbons, Hydrochlorofluorocarbons [HCFC], and Hydrofluorocarbons [HFC]. Hydrocarbons contribute to more than 50% of the foam blowing agents market share and the market is anticipated to grow at an annual rate of more than 7% CAGR up to 2024. This product finds uses in the automobile, furnishing, flooring, and appliance industries, to name a few.
Foam blowing agents find extensive applications across the polyurethane, polyolefin, and polystyrene industries. They are used to manufacture polyurethane foams that find applications across the flooring, construction, automotive, packaging, furnishing, hospitality, and medical devices sectors. Pertaining to the enhanced lifestyles and spending capabilities of consumers, foam blowing agents market size from polyurethane applications is expected to grow significantly over up to 2024.
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Of late, foam blowing agents market has been witnessing a revolution of sorts, with the introduction of non-flammable and non-toxic foam blowing agents. Worldwide foam blowing agents industry is rather consolidated, with the market share being distributed amidst the top few players. Key participants operating in this market include Honeywell, Sinochem Group, ZEON Corporation, Arkema S.A., Exxon Mobil Corporation, Solvay S.A., AkzoNobel N.V., DuPont, Haltermann GmbH, and Daikin Industries Ltd.
Foam Blowing Agents Market has witnessed a radical change owing to the introduction of low Global Warming Potential (GWP) and zero Ozone Potential Depletion (OPD), which have paved the way to the widespread use of non-flammable and non-toxic foam blowing agents. Their importance can be attributed to the fact that they provide a strong cellular structure in various materials and are the key ingredients in foam substrates. According to Global Market Insights, Inc., Foam blowing agents market is forecast to register a CAGR of 7% till 2024.
Major Point From Table Of Content:
Chapter 4 Foam Blowing Agents Product Insights
4.1 Foam blowing agents market share by product, 2015 & 2024
4.2.1 Global market estimates and forecast, 2013 – 2024
4.2.2 Global market estimates and forecast, by region, 2013 – 2024
4.3.1 Global market estimates and forecast, 2013 – 2024
4.3.2 Global market estimates and forecast, by region, 2013 – 2024
4.4.1 Global market estimates and forecast, 2013 – 2024
4.4.2 Global market estimates and forecast, by region, 2013 – 2024
4.5.1 Global market estimates and forecast, 2013 – 2024
4.5.2 Global market estimates and forecast, by region, 2013 – 2024
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