Increasing Demand from Various End-Use Industries to Augment the Blowing Agents Market Growth

 

A blowing agent is a material that is able to create a physical structure through a chemical process at various temperatures through aqueous solution or a phase change in various materials which undergoes hardening, such as plastics, polymers, and other metals. Blowing agent are usually used when the blown object is still in a solid phase. The blowing agents used in the blowing industry have been prepared by combining a dispersing agent and a curing agent with an optional lubricating ingredient. The final composition of the agent depends on the application, the size of the blowing agent, and the type of the target. The blowing agents are widely used across various end-use industries such as automotive, packaging, construction, etc.

Market Dynamics:

Increasing demand for blowing agents from various end-use industries, such as construction, and rising infrastructure development, especially in the Asia Pacific, coupled with favorable government initiatives, are expected to propel the growth of the blowing agents market. For instance, India plans to spend US$ 1.4 trillion on infrastructure during 2019-23 to have a sustainable development of the country. Moreover, the Government has suggested investment of US$ 750 billion for railway infrastructure from 2018-30.

Moreover, increasing demand for eco-friendly blowing agents due to stringent regulations is expected to augment the growth of the blowing agents market. Increasing urbanization and industrialization due to increasing population worldwide is also expected to fuel the growth of the blowing agents market. For instance, according to the United Nations estimates, the current world population is around 7.8 billion as of January 2021.

Increasing use of blowing agents in the automotive industry and technologies advancements are expected to drive growth of the blowing agents market. For instance, in 2019, LANXESS partnered with Citrine Informatics to deploy artificial intelligence (AI) in product development. However, increasing CFC emissions are expected to restrain the growth of the blowing agents market.

Competitive Analysis:

Major players operating in the blowing agents market are Arkema, Solvay, HARP International Ltd., Americhem, Linde AG, Haltermann GmbH, AkzoNobel NV, Foam Supplies, Honeywell International Inc., and DuPont.

Major players in the market are adopting various strategies, such as product launch, to enhance their market presence or to strengthen their product portfolio. For instance, in January 2021, DuPont launched its reduced global warming potential solution for Styrofoam Brand Extruded Polystyrene Foam Insulation. As Canada continues the phase-down of hydrofluorocarbon blowing agents, DuPont is ready with a reduced GWP formulation that maintains the same industry-leading performance of the familiar blue insulation material.