Transparency Market Research (TMR) has released a new market study on foam blowing agents. The report discusses the existing market development and how it will influence future markets for foam blowing agents and insulating foams globally. The report states that the global foam blowing agents market will register a 4.4% CAGR between 2014 and 2020, and will grow from US$ 631.3 million in 2013 to US$ 843.8 million by the end of 2020.
The report is titled “Foam Blowing Agents Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 – 2020”.The market research report on foam blowing agents provides a detailed and complete study analysis of the historic market performance, current market trends, and future outlook on a global scale. The report categorizes and describes the market drivers, restraints, market segments and forecasts future market opportunities for foam blowing agents.
According to the report, growth in construction industry worldwide has contributed to the increased demand for insulating foams. This factor has proven to be a market driver and led to the rise in end-user applications for foams in the construction field. The application of polyurethane foams is among the motivating growth drivers for the insulating foams market.The market report states that due to the volatile pricing of feedstock petroleum-based foam blowing agents, and stringent regulations against harmful chemicals that adversely affect the environment could hinder market growth during the next few years.
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But, the report also observes that there is anticipation of growth opportunities in the future markets due to the introduction of ecological foam blowing agents such as hydrofluoroolefins (HFO). Eco-friendly and low priced foam blowing agents such as hydrazine, azodicarbonamide, CO2 and water are increasingly adopted and this will contribute to market growth according to the report.
The foam blowing agents market analyzes the market segments by products, application, and regions. Product segments include hydrochlorofluorocarbons (HCFC), hydrofluorocarbons (HFC), hydrocarbons (HC), and others which has hydrazine, azodicarbonamide, water, and CO2 etc.) Among these the market report says that Hydrocarbon (HC) foam blowing agent is the rapidly growing segment over the forecast. HFCs are also an important segment due to increased demand in emerging nations. HCFCs are witnessing declining use due to their ozone harming properties and are being substituted by HFCs in developing nations.
According to the market study PU foams gained global market share of 50% in 2013 and the report anticipates this segment as the fastest developing market for foam blowing agents in the forecast period. PU applications are anticipated at the quickest pace during 2014 to 2020. This is due to the demand increase in construction and automotive industries. The report forecasts that foam blowing agents will be used in furniture and footwear and this will drive the market demand in Asia Pacific region.
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The geographical segments as described in the market study for foam blowing agents are North America, Europe, Rest of the World (RoW) and Asia Pacific. Asia Pacific is forecast as the most rapidly growing market for foam blowing agents and accounted for 24% of the foam blowing agents worldwide market in 2013. Europe is forecast to have an average growth rate during the next few years.
The report concludes with a list of major players in the market. Among these are Honeywell International Inc. ZEON Corporation, Haltermann GmBH, E. I. du Pont de Nemours and Company, Sinochem Group, Daikin Industries Ltd., Exxon Mobil Corporation, AkzoNobel N.V. and Arkema S.A.