In 2021, sales of foam blowing agents will exceed $1 billion. Rising demand from the electronic and electrical industries, as well as the construction industry, is expected to boost sales. The market is expected to grow at a CAGR of around 6%, accumulating US$ 1.8 Bn from 2021 to 2031, with polyurethane foam capturing a significant market share.
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According to historical data, sales of foam blowing agents increased steadily, with a CAGR of nearly 5% from 2016 to 2020. As countries pass legislation to reduce carbon emissions, demand for environmentally friendly foam blowing agents is increasing significantly.
As per a new report published by Fact.MR, the foam blowing agents market is anticipated to magnify at a CAGR of around 6% over the next ten years.
Key Takeaways from Market Study
- Based on application, polyurethane foams capture a major market share.
- Among the end uses, the electrical & electronics industry has been the fastest-growing segment, owing to rise in the purchase of consumer appliances over the past decade.
- Asia Pacific is set to dominate market revenue through 2031.
- The market in China is expected to rise at a high single-digit CAGR through 2031.
- Due to the COVID-19 crisis, demand for blowing agents was hit in 2020. But with the manufacturing industry back on track, demand is expected to bounce back.
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Key Segments Covered
- Product Type
- HC Foam Blowing Agents
- HFC & HCFC Foam Blowing Agents
- Foam Blowing Agent Blends
- HFO Foam Blowing Agents
- Methylal and Methyl Formate
- Others (Liquid CO2 and Water)
- Polyurethane Foam Blowing Agents
- Polystyrene Foam Blowing Agents
- Phenolic Foam Blowing Agents
- Others (PVC Foams, Polyisocyanurate Foams)
- End Use Industry
- Foam Blowing Agents for Building and Construction
- Foam Blowing Agents for Electrical and Electronics
- Foam Blowing Agents for Furniture and Bedding
- Foam Blowing Agents for Automotive
- Foam Blowing Agents for Footwear
- Others (Textiles, Medical, etc.)
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Key Questions Answered in Report
- Which are the most lucrative foam blowing agents markets?
- Which factors will impact the growth of foam blowing agents?
- How will changing trends impact the strategies of market players?
- How can market players capture the low-hanging opportunities across regions?
- Which companies are leading in the foam blowing agents industry?
- What are the winning strategies of stakeholders in the market?
For More Insights-https://www.prnewswire.com/news-releases/global-sprockets-market-growth-banking-on-a-post-pandemic-automotive-and-construction-industry-recovery-factmr-study-301264144.html
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