Foam Blowing Agents Global Market Report 2024

The foam blowing agents market size has grown strongly in recent years. It will grow from $1.57 billion in 2023 to $1.67 billion in 2024 at a compound annual growth rate (CAGR) of 6.2%. The expansion observed in the historical period can be ascribed to an increasing need for polyurethane foam, the implementation of energy efficiency regulations, the continual growth of the construction industry, consumer preferences favoring lightweight materials, and governmental initiatives promoting the development of green buildings.

The foam blowing agents market size is expected to see strong growth in the next few years. It will grow to $2.11 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%. The anticipated growth in the forecast period is driven by an increasing demand for energy-efficient products, the expansion of cold chain logistics, heightened emphasis on fire safety in construction, a surge in e-commerce packaging, and rapid urbanization in developing countries. Noteworthy trends expected in this forecast period encompass innovations in blowing agent formulations, the adoption of closed-cell foam insulation, considerations for end-of-life and recycling initiatives, collaborative partnerships for research and development, and technological advancements in foam production.

The escalating demand for foam blowing agents within the consumer appliance sector is anticipated to be a significant driver propelling growth in the foam blowing agent market. These agents facilitate the creation of cellular structures in various substances undergoing hardening or phase transition, encompassing polymers, plastics, and metals. Due to their exceptional shock-absorbing properties, foam blowing agents are extensively utilized in consumer appliances such as refrigerators, air conditioners, water heaters, and various household appliances. As per the Energy Information Administration (EIA), an estimated surge to 5.6 billion air conditioners in global buildings by 2050 is projected, a substantial rise from the current 1.6 billion. This forecast translates to approximately 10 new air conditioners being sold every second over the next three decades. Consequently, the burgeoning demand within the consumer appliances industry emerges as a key catalyst driving growth within the foam blowing agents market.

The buoyant expansion of the construction industry is poised to fuel growth within the foam blowing agent market. Integral to this sector, foam blowing agents play a crucial role in producing insulation materials vital for residential, commercial, and industrial buildings. With the surge in construction activities, there is a parallel uptick in demand for insulation materials. According to the United States Census Bureau, August 2023 witnessed an estimated seasonally adjusted annual rate of $1,983.5 billion in construction spending in the United States. This figure represents a 0.5% increase from the revised July estimate of $1,973.7 billion and a noteworthy 7.4% surge from the August 2022 estimate of $1,847.3 billion. Therefore, the upward trajectory of the construction industry significantly contributes to propelling growth within the foam blowing agent market.

Major players operating in the foam blowing agent market are strategically focusing on partnerships to enhance the production capacity of insulation foam blowing agents, particularly hydro-fluoro olefin 1233zd, as part of their market sustenance strategy. Hydrofluoroolefin (HFO) 1233zd, a member of the hydrofluoroolefin chemical family, specifically identified as trans-1-chloro-3,3,3-trifluoropropene, is used as a low-global warming potential (GWP) blowing agent in polyurethane foam insulation production. For instance, in October 2022, Arkema, a multinational company based in France within the chemical industry, collaborated with Aofan, a Chinese technology company, to fortify the supply of Forane® 1233ZD. This low-GWP blowing agent is instrumental in polyurethane foam insulation production. The collaboration included plans to augment production capacity for the insulation foam blowing agent, hydro-fluoro olefin 1233zd, in China and the United States, signifying a strategic effort to meet escalating market demands for advanced insulation materials.

Prominent companies within the foam blowing agent market are intensifying their focus on product innovation and launches, particularly advancements in insulation products, as part of their strategic approach to maintain market relevance and competitiveness. Insulation products serve to diminish the transfer of heat or sound between varying environments or spaces. For instance, in September 2023, Firestable Insulation Company, a US-based entity specializing in spray polyurethane foam insulation products, expanded its market presence with the introduction of two new products such as Stablebase 2.0 Max R and Stablebase 0.5 Max Yield spray polyurethane foam (SPF). Stablebase 2.0 Max R represents a two-component, closed-cell SPF system integrating next-generation hydrofluoroolefins (HFO) technology. This product offers remarkable attributes such as a low Global Warming Potential (GWP) of less than two and a zero Ozone Depletion Potential (ODP). Featuring an industry-leading 7.5 R-value for heightened thermal performance, it effectively reduces operating energy costs. On the other hand, Stablebase 0.5 Max Yield, another two-component, open-cell SPF, delivers exceptional high-yield, low-density insulation. With its unique no-mix formula and 100% water-blown blowing agents, this product offers an industry-leading high yield, optimizing material usage and generating cost savings.

In June 2022, Wm. T. Burnett & Co., a distinguished US-based enterprise celebrated for its diverse range of technical foam and nonwoven products across various sectors, executed a strategic acquisition by acquiring Flex Foam. The financial details of the transaction remained undisclosed. This strategic move is poised to propel Burnett & Co. further within the polyurethane industry while expanding its operational reach in the western United States. Flex Foam, a reputable US-based company, specializes in manufacturing quality urethane products, including foam blowing agents.

Major companies operating in the foam blowing agents market report are Arkema S.A., Honeywell International Inc., Exxon Mobil Corporation, E.I. Du Pont De Nemours & Company, Daikin Industries Ltd., Sinochem Group, Solvay S.A., Zeon Corporation Ltd., Linde Group, The Chemours Company, Foam Supplies Inc., Harp International Ltd., HCS Group GmbH, Marubeni Corporation, Haltermann Gmbh, Linde plc, Solstice Performance Fluid, AGC Chemicals Americas Inc., Nouryon, Shriram Fibers Limited, Saudi Basic Industries Corp., Tosoh Corporation, AkzoNobel N.V., Evonik Industries AG, Clariant AG, Eiwa Chemical Industry Co. Ltd., Sinochem Lantian Co. Ltd., Lanxess, Huntsman International LLC, INEOS Group Holdings S.A..

Asia-Pacific was the largest region in the foam blowing agents market in 2023. The regions covered in the foam blowing agents market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the foam blowing agents market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary categories of foam blowing agents include hydrocarbons (HCs), hydrofluoroolefin (HFO), hydrofluorocarbons (HFCs), and other variations. Hydrocarbons (HCs) are crucial components derived from compounds containing hydrogen and carbon, such as pentane and butane. These are utilized in foam substrates to impart cellular structure to the material. The diverse foam types encompass polyurethane foam, polystyrene foam, phenolic foam, polypropylene foam, polyethylene foam, and others, catering to applications across building and construction, automotive, bedding and furniture, appliances, packaging, and more.

The foam blowing agents market research report is one of a series of new reports that provides foam blowing agents market statistics, including foam blowing agents industry global market size, regional shares, competitors with a foam blowing agents market share, detailed foam blowing agents market segments, market trends and opportunities, and any further data you may need to thrive in the foam blowing agents industry. This foam blowing agents market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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