Blowing Agents Market Size 2021 – Trends, Profit Growth, Size, Share, Analysis by Top Players, Future Plans and Forecast by 2027
Blowing agent is a chemical additive, which finds widespread application is industries such as oil & gas, plastics, rubber and ceramics among others. Blowing agent is usually added to a material for achieving characteristics such as elasticity, heat insulation, lightweight, permeability, sound & shock absorbency, electrical insulation and others. The global blowing agent market is expected to exhibit a healthy growth over the next couple years projects Market Research Future (MRFR) in its latest report.
Growth of end-use sectors such as aerospace, automotive and building
& construction has reflected favourably on the global blowing agents market.
The material finds tremendous application opportunities in the sectors
mentioned above. The material is used to develop required characteristics
various types of products including plastic interiors, seats and strips.
They also provide insulation and cushioning effects and are majorly used
for manufacturing seats, plastic interiors, and weather strips. Rising demand
for lightweight and sturdy products is influencing the global blowing agents
market. Blowing agents are increasingly used for development of aerospace
components. Such components are usually integrated engine turbines owing
advantages such as low cost of material, superior performance and greater
tensile strength. Modern aircrafts are being built using lightweight and
heavy-duty materials for achieving higher fuel-efficiency and complying with emission
laws. Therefore, the aerospace industry is key end-market for blowing agents.
The construction sector also presents attractive market opportunities.
In construction, blowing agent is used for its high mechanical strength,
insulation properties and ability to make structures thinner without
compromising on strength.
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Despite being a highly marketable product, the environmental implications
of blowing agents may dampen their market potential to certain extent. This is
prompting market players to actively engage in R&D for product innovation
and developing solutions that ensure long-term sustainability. Mergers,
acquisitions, new product launch are expected to be key industry trend during
the assessment period (2018-2023).
Global Blowing Agents Market: Segmental Analysis
MRFR’s report inclusde a comprehensive segmental
analayis of the market based on type, application, product and region.
By type, the market has been segmented into endothermic
and exothermic. By application, the market has been segmented into flexible
polyurethane, polystyrene, phenolic, rigid polyurethane, polyolefin, integral
skin polyurethane and others. Based on product, the market has been segmented
into hydrofluorocarbons, hydrofluoroolefins, hydrochlorofluorocarbons and hydrocarbons.
Global Blowing Agents Market:
Regional Analysis
Regions covered in the report include North America, Latin America, the
Middle East & Africa (MEA), Europe and Asia Pacific (APAC). Asia Pacific is
expected to dominate the global blowing agents market during the forecast
period. Growth of end-use industries such as construction and automotive is
supporting the market growth. Europe accounts for the second most significant
market share in terms of revenue. This is mainly owing to presence of a vast
automotive sector in the region. North America is also expected to remain an
investment destination for market players. Rebound of sectors such as
construction, aerospace manufacturing and automotive manufacturing is providing
an impetus to the market in the region. The Latin America blowing agents market
will exhibit a steady growth over the next several years. Improving economic
and political landscape in brazil, rapid industrial growth in Mexico are some
factors that are likely to revive investor confidence in the region. In MEA burgeoning
investment is infrastructure development is creating attractive market
opportunities.
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Competition Analysis
Some of the leading companies The Dow Chemical Company (U.S.), DAIKIN
INDUSTRIES, LTD. (Japan), BASF SE (Germany), ZEON CORPORATION (Japan),
Honeywell International Inc. (U.S.), AkzoNobel N.V. (Netherlands), Solvay
(Belgium), INEOS Group (Switzerland), Arkema (France), SINOCHEM GROUP (China), Harp
International Ltd. (U.K), Exxon Mobil Corporation (U.S.), and The Chemours Company
(U.S.)
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