BLOWING AGENTS MARKET ANALYSIS

Blowing agents are light in weight, heat insulation, and electrical induction chemical substances that are used to generate the gas that is used in expanding of plastics, rubber, and ceramics to create foam. The global blowing agents are expected to witness substantial growth owing to increasing demand from end-use industries such as construction, packaging, and automotive. The product is primarily used in the aforementioned end-use industries as adhesives, exhibiting superior properties including improved acoustics, heat & electric insulation, elasticity, and lightweight.

Robust automobile industry growth is expected to aid market growth over the forecast period

Demand for blowing agent products by the automobile industry, is rapidly rising due to the weight reduction property of the agents that are useful for acoustic application. As the demand for products of the automobile industry is increasing, the demand for light is a major factor fueling market growth. The global automobile industry produced over 90 million cars and commercial vehicles in 2015, which is expected to increase significantly over the following five years owing to strong indicators in Asia Pacific. These trends coupled with rising efforts to improve fuel efficiency by reducing the overall weight of automobiles, is expected to have a positive impact on growth.

Polyurethane foams dominate the market owing to its superior insulating and shock absorbing properties

The market is segmented on the basis of foam type into polyurethane, polystyrene, phenolic, and polyolefin. Polyurethane segment hold a dominant position in the market, owing to its wide application scope in an array of industries such as automotive industry for manufacturing seats, insulation, gaskets, seal, and bushing. Moreover, it is used in flooring in the construction industry and also to seal boat hulls from water in the marine industry. This is mainly attributed to its superior insulating and shock absorbent properties.

Rapid growth of the economy and population in the Asia Pacific region, has led to an increase in urbanization and industrialization. The polyurethane foam is expected to witness substantial demand in this region, due to a rise in the application scope in automobile and construction industries. Furthermore, core application industries growing at a substantial pace particularly in India, Indonesia, and Vietnam is expected to drive growth over the forecast period. In addition, increasing foreign direct investment in the region primarily due to high market potential, as well as low labor and land cost is likely to propel growth of the blowing agents market, over the next few years.