Global blowing agents market size was valued at USD 2.05 billion in 2023, which is expected to grow to USD 3.29 billion in 2031 with a CAGR of 6.1% during the forecast period between 2024 and 2031. The building and construction industry is the highest revenue-generating segment for the global blowing agents market. According to the Construction Industry Forecasts, 2022–2024 report published by the Construction Products Association, a global building and construction industry association, the global construction industry will register a year-on-year growth rate of 2.2% in 2023 as opposed to the year 2022.
The increasing adoption of blowing agents in the manufacturing of foams is driving the growth of the market at the global level. For instance, Arkema is developing next-generation foam-blowing agent solutions with low GWP. Their Forane FBA 1233zd is a high-performance, low GWP liquid blowing agent that is SNAP-approved for most polyurethane applications, including residential appliances, commercial refrigeration, construction panels, and doors. The product is also suitable for spray foam, appliance insulation, and various other applications.
The prime elements fuelling the growth of the building and construction activities include growing emphasis on replacing aging infrastructure, increasing development of high-rise buildings, rising investments in commercial construction projects, and rapid technological innovations. Henceforth, the bolstering building and construction activities are fueling the utilization of blowing agents, including hydrochlorofluorocarbons (HCFCs), hydrofluorocarbons (HFCs), and hydrocarbons (HCs) to ensure superior building, thereby accelerating the market growth. Likewise, the robust demand for electric vehicles and the recent investment in the automotive manufacturing zones are driving the production activities related to automotive vehicles. Therefore, the rise in automotive vehicle production is boosting the adoption of automotive parts and panels, which, in turn, is driving the blowing agents market growth.
The shifting consumer preference for environmentally sustainable blowing agents will create a lucrative opportunity for market growth during the projected forecast period. For instance, in April 2021, Kumyang launched Cellcom KY-ECO, the world’s first eco-friendly blowing agent that is free from hazardous gases such as HCFCs. This blowing agent is designed to improve the finished good’s flexibility, and thermal and acoustic insulation. Nonetheless, the strict regulatory framework associated with the manufacturing of the blowing agents is posing a major bottleneck for the growth of the market.
The Booming Building and Construction Activities is Accelerating the Market
Blowing agents, such as HFCs and HCs, are used in the building and construction industry to generate a cellular structure from liquid plastic resin. The blowing agent functions as an insulating component of the foam in the context of foam used for building insulation. Thus, the blowing agents are ideal for various applications in the building and construction industry, including residential and commercial construction projects. The rapid pace of industrial development in the Asia-Pacific region, increasing public-private partnerships in infrastructure development projects, and recent technology innovations are some of the prominent aspects resulting in the surge in building and construction activities at the global level.
For instance, according to the recent data published by Statistics Canada, a government of Canada office, in July 2023, the Canadian residential construction industry was valued at USD 11.7 billion, and in August 2023, it was USD 11.9 billion, registering a monthly growth rate of 1.6%. In addition, as of December 2023, a wide range of commercial constructions covering shopping malls, mixed-use buildings, and airports are under development at the global level, including Saya Status Shopping Mall in India (project completion year 2026), Markisches Zentrum Redevelopment in Germany (project completion year 2024), and the new terminal at Montreal Saint-Hubert Airport in Canada (project completion year 2025). Hence, booming building and construction activities are boosting the demand for blowing agents to reduce waste, energy consumption, and environmental impact, ultimately resulting in major long-term savings, further proliferating the growth of the market.
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Recent Product Innovations Related to Blowing Agents is Amplifying the Market Growth
The increasing demand for environmentally sustainable products that address regulations and reduce emissions is accelerating the development of a new range of blowing agents. The development of blowing agents with lower global warming potential (GWP) and ozone depletion potential (ODP), aligning with global efforts to mitigate climate change is driving the growth of the market.
Furthermore, blowing agents designed to enhance the insulation properties of foam products, contributing to increased energy efficiency in buildings and appliances, are acting as a growth-inducing factor. In line with this, the introduction of blowing agents made of novel compounds and formulations that provide superior thermal insulation, while addressing concerns related to health, safety, and environmental impact, is propelling the market growth. Thus, the recent product innovations associated with the development of a new range of blowing agents are boosting the supply of product, which, in turn, is accelerating the market growth.
Tailoring blowing agent formulations for specific applications, ensuring optimal performance in diverse industries like construction, automotive, and appliances, is further accelerating the market growth. The next generation blowing agents, such as those being developed by Arkema, have low GWP and offer a balance of performance benefits and reduced environmental impact. In addition, innovations in blowing agents can improve the energy efficiency of products, such as appliances, by providing better insulation properties. For example, the Opteon 1100 blowing agent has very low GWP and delivers enhanced thermal performance, helping appliance manufacturers meet industry energy efficiency standards. Likewise, the development of new blowing agents, such as HFO products, highlights the ongoing advancements in technology, thereby supplementing the global blowing agents market growth.
For instance, in May 2023, Kumyang, a South Korea-based manufacturer of blowing agents introduced KY-ECO, a type of blowing agent that is safe for health. Therefore, the increasing focus on environmental sustainability, energy efficiency, and innovation in blowing agents is driving the development of next-generation products that offer improved performance and reduced environmental impact, thereby propelling the growth of the market.
Asia-Pacific Dominates the Blowing Agent Market
The growth of the blowing agents market in the Asia-Pacific region is driven by several factors, including the growing construction, automotive, and electronics industries. The increasing demand for lightweight materials, higher insulation, and higher elasticity in industries, such as automotive, construction, and aerospace, is also driving the growth of the blowing agents market in the region. The increasing disposable income of people, surging demand for larger living and commercial spaces, and the increasing production of aircraft across countries, such as India, China, and South Korea, are several crucial aspects augmenting the growth of the blowing agents market across the region.
For instance, in the year 2023, various building and construction projects commenced in the Asia-Pacific region, including Penang Chip Packaging Facility in Malaysia (project completion year 2024), Chashma Power Plant Unit V 1200 MW in Pakistan (project completion year 2030), Qinzhou Petrochemical refining and chemical integration upgrade project in China (project completion year 2025), and Dushanzi Petrochemical Complex in China (project completion year 2026). In addition, according to the recent statistics published by the Asia Automotive Analysis (AAA), in the first half of 2023, the production of automotive in Asia (South Asia, ASEAN, and East Asia) was 7,486,897 units, a year-on-year growth rate of 13.1% as opposed to 6,609,402 units in June 2022. Henceforth, the growth of the end-use industries, such as building and construction and automotive, in the Asia-Pacific are spurring the growth of the blowing agents market in the region.
1. Industry Growth and Expansion: The global blowing agents market is experiencing robust growth, fueled by the expansion of industries such as construction, automotive, packaging, and consumer goods. Rapid urbanization, infrastructure development, and increasing disposable incomes are driving demand for lightweight, energy-efficient, and cost-effective materials, propelling the adoption of blowing agents.
2. Environmental Regulations and Sustainability Initiatives: Stringent environmental regulations and sustainability initiatives are reshaping the landscape of the blowing agents market. With concerns about climate change and carbon footprint reduction, industries are seeking alternatives to ozone-depleting blowing agents such as chlorofluorocarbons (CFCs) and hydrochlorofluorocarbons (HCFCs). Environmentally friendly blowing agents, such as hydrofluorocarbons (HFCs), hydrocarbons (HCs), and natural agents like carbon dioxide (CO2), are gaining traction due to their lower global warming potential (GWP) and ozone depletion potential (ODP).
3. Advancements in Insulation Technologies: The demand for energy-efficient buildings and appliances is driving innovation in insulation materials and technologies. Blowing agents play a crucial role in the production of insulation foams used in residential, commercial, and industrial applications. With a focus on improving thermal performance, reducing energy consumption, and meeting regulatory standards, manufacturers are investing in research and development to enhance the properties of blowing agent-based insulation products.
4. Automotive Lightweighting Trends: In the automotive industry, lightweighting has become a key strategy for improving fuel efficiency and reducing emissions. Blowing agents are used in the production of lightweight foams and composites for automotive interiors, seating, and under-the-hood applications. As automakers transition towards electric vehicles (EVs) and hybrid vehicles, the demand for lightweight materials, including those produced with blowing agents, is expected to surge further.
5. Packaging Innovations and Sustainability Goals: The packaging industry is undergoing a transformation driven by sustainability goals and consumer preferences for eco-friendly materials. Blowing agents play a crucial role in the production of lightweight, recyclable, and biodegradable packaging materials such as expanded polystyrene (EPS) and polyethylene terephthalate (PET) foams. As brands and retailers prioritize sustainable packaging solutions, the demand for blowing agents that enable the production of eco-friendly packaging is on the rise.
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