Foam Blowing Agent Market, by Product: Global Opportunity Analysis and Industry Forecast – 2024

Foam Blowing Agent Market, by Product: Global Opportunity Analysis and Industry Forecast – 2024

Strong growth trends in these aforementioned end-user industries will lay a remunerative foundation for foam blowing agents market over the forthcoming timeframe. Citing an example, the automotive production globally, which includes both commercial and personal vehicles, was nearly 90 million units back in 2015.

Strong commercial and residential spending trends together with positive infrastructure outlook has propelled usage of furnishing and flooring materials. Citing an instance, construction spending globally is likely to surpass $13 trillion by 2024. Polystyrene and PU foam blowing agents market was valued at over $450 million in 2015. PU foam is likely to show a substantial growth rate among all the application segments, owing to increasing demand from interior decoration and automobile.

Based on Global Market Insights, Inc., estimates, the global foam blowing agents market size is set to exceed $1.1 billion by 2024.

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The other developing application avenues for the industry include the medical devices and packaging industries. The medical device industry was estimated at over $300 billion, for 2016 had seen an increase in international trade primarily due to rising expenditure towards health and increasing consumer awareness. This further opens chances for the foam blowing agents, especially for packaging during shipment.

Polyolefins is likely to propel the global foam blowing agents market by 2024. Polyolefins have observed a rise in adoption in the packaging industry for the shock absorbent product packaging. The segment registered $90 million back in 2015 and will likely show substantial growth during the estimated time frame.

Hydrocarbons product segment represented over 50% of the market share globally in 2015 and is likely to grow at over 7% CAGR by 2024. Increasing product use in polyurethane foam, used extensively throughout end-user industries such as construction, furnishing, flooring, and automotive will make a positive impact on business growth in the coming years.

Regionally, APAC accounted for considerable demand in 2015 with approximately 50% market share of the overall foam blowing agents. Improving medical framework throughout China and India is likely to make Asia-Pacific a high growth potential region in the upcoming years. Regional revenue is anticipated to cross $550 million by 2024 because of vigorous sales growth and automotive production owing to enhanced consumer lifestyle dynamics.

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The United States foam blowing market is likely to register $100 million by 2024. Factors favoring market demand include consumer awareness pertaining to medical devices, well-established healthcare industry, as well as better living standards.

Overall, the above-mentioned determinants are likely to offer a diverse range of growth opportunities for the market. The competitive landscape of the market includes companies like Sinochem Group, E. I. du Pont de Nemours and Company, Arkema S.A., Daikin Industries Ltd, Exxon Mobil Corporation, Haltermann GmBH, AkzoNobel N.V., Honeywell International Inc., ZEON Corporation, Solvay S.A., among others.

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