What is the future of Blowing Agents Market? Know Covid Impact on Size, Share & Forecasts
The unexpected shifts in the global markets because of the sudden
outbreak of the COVID-19 virus have brought many major and minor tremors to
industries of all sizes including the Blowing
Agents Market.
It was estimated prior to this unanticipated outbreak that the Blowing
Agents Market was expected to grow at a CAGR of 5.7% during the forecast period.
However, the gradual slowing down of industries will undoubtedly impose limits
on the previously estimated growth rate.
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Agents Market, request a free sample of the report here:
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A Blowing Agent is a substance which
has the capacity to produce a cellular structure by
a foaming process in different types of materials that go through the
process of hardening or phase transition such as plastics, metals, and
polymers. These blowing agents are usually applied when the blown material is
in a liquid stage. The cellular structure in a matrix decreases the
density, increasing thermal and acoustic insulation, while giving rise to the
relative stiffness of the original polymer.
This report studies the market covering a
period of 12 years of trend and forecast. The report provides detailed insights
into the market dynamics to enable informed business decision making and growth
strategy formulation based on the opportunities present in the market.
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https://www.stratviewresearch.com/896/blowing-agents-market.html
Based on the product type, the market is segmented as
hydrochlorofluorocarbons, hydrofluorocarbons, hydro carbons, and others. HFC
is estimated to lead the blowing agents market during the forecast
period. The utilization of HFC blowing agent is rapidly increasing after the
phase-out of HCFCs, the usage is quite higher, specifically in the developing
regions. Factors such as cost-effectiveness and the low GWP, as well as ODP of
blowing agents as compared to HCFC, is the major reason for increasing
consumption of HFC blowing agent.
Based on the foam type, the market is segmented as polyurethane foam,
polystyrene foam, phenolic foam, polyolefin foam, and others. Polyolefin
foam is estimated to be the fastest-growing segment, whereas polyurethane
foam is expected to have the largest share of the market for blowing
agents by foam type, during the forecast period.
Polyurethane foam has several applications across the globe and is
widely used for thermal insulation in buildings, household appliances, and
transport systems. Further, it is also used in seating, bedding, carpet
backing, electronic, computer, shoe soles, dash panel, and other applications. Hence,
the constant demand for polyurethane foams for various applications in these
industries is expected to drive the growth of the blowing agents’ market during
the forecast period.
In terms of regions, Asia-Pacific is estimated to be the largest
blowing agents’ market during the forecast period, with China, Japan,
India, South Korea, Thailand, and Indonesia being the major countries with
lucrative growth opportunities. The increase in the usage of hydrocarbons,
unsaturated HFCs, major production base of HCFC blowing agents situated in
China, and other chemical blowing agents are the prime factors contributing to
the growth of the market in the region during the forecast period. North
America and Europe are also expected to offer substantial growth opportunities
during the forecast period.
Key Players:
Some of the key players in the blowing agents’ market are-
- Arkema S.A.
- Daikin Industries, Ltd.
- DuPont de Nemours, Inc.
- Exxon Mobil Corporation
- Foam Supplies, Inc.
- Haltermann Carless Deutschland GmbH
- Harp International Ltd.
- Honeywell International Inc.
- Solvay S.A.
- The Linde Group