Based on Global Market Insights, Inc., estimates, the global foam blowing agents market size is set to exceed $1.1 billion by 2024. 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.
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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 foam blowing agents market growth in the coming years.
In the United Kingdom, for instance, more patents are filed annually for plastics than those for glass, metal and paper combined. Persistent advances taking place in the development of polymeric materials will further revolutionize industries. These advancements include the emergence of novel technologies such as shape-memory polymers, light-responsive polymers and self-heating polymers.
Materials such as polymeric foams, especially are gaining considerable traction in recent years, as integral components in myriad households and industrial applications. In order for polymeric foams to exhibit their optimum performance, however, efficient insulation is paramount. One of the best ways to ensure ideal foam insulation is through the use of foam blowing agents.
A blowing agent is a substance which is capable of producing a cellular structure in a range of different materials that involve phase transition or hardening, including polymers and plastics, among others, via foaming process. One of the major reasons for increasing foam blowing agents market penetration is the capability of the product to enhance the strength and other existing properties of polymeric foams.
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Regionally, APAC accounted for considerable demand in 2015 with approximately 50% market share of the overall foam blowing agents market. 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.
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 foam blowing agents 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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