The blowing agent market
size was USD 1,438 million in 2018 and is projected to register a CAGR of 5.6%
between 2019 and 2024.
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94 market data Tables and 51 Figures spread through 169 Pages and in-depth TOC
on "Blowing Agents Market”
How is the growing preference for
environment-friendly blowing agents creating an opportunity for market growth?
The demand for environment-friendly blowing
agent has been rapidly increased in the past few years and is expected to
remain so in the future. The major reasons for the increased demand for
eco-friendly blowing agents are environmental awareness and regulations
regarding the use of blowing agents. Environmental regulations such as EU F-Gas
Initiatives (GWP<150), Montreal Protocol, Kigali Agreement, and Kyoto
Protocol (5% reductions in GHG emission) play an important role in the market
development of blowing agents at the global level. Further, the increasing need
for energy efficiency and extra efficient blowing agent with better thermal
insulation are expected to drive the demand for eco-friendly blowing agents.
With the stringent phase out in the usage of HFCs, several major
producers such as Honeywell, DuPont, and Arkema have already started the
development of next-generation blowing agents called Hydrofluoroolefin (HFOs).
Further, pentanes and butanes are also being increasingly used as eco-friendly
alternatives. The flammability of pentanes and butanes is, however, a major
disadvantage of these alternatives. Apart from the mentioned alternatives, methyl
formate and inert gases have also started gaining recognition in the market.
This growing adoption of environment-friendly blowing agents is providing
opportunities for the market players to develop and capitalize on the
increasing demand for sustainable products.
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Are the changes in environmental regulations challenging the market growth?
The change in regulatory policies
is forcing stakeholders to change the type of blowing agents used or produced.
Environmental regulations such as the Montreal Protocol, Kyoto Protocol, Kigali
Amendments, and other national and regional regulations are forcing
manufacturers and end users to change their technology frequently. This is
creating challenges for the market players. The major focus and intention of
the implementation of these protocols and regulations are to minimize the
damage caused to the ozone layer with the use of different types of blowing
agents such as HCFCs and HFCs. Under the Montreal Protocol, countries have
agreed to phase-out the use of ozone-depleting gases, including CFCs and HCFCs.
Ongoing discussions under the Kyoto Protocol are advocating the usage of HFCs
and other high GWP gases. Further, the Kigali Amendment to the Montreal
Protocol came into force on 1st of January 2019, which will be a major
restraint to the blowing agent market. Under this amendment, all the countries
will gradually phase down the production and consumption of HFCs by more than
80% over the next 30 years. Thus, the foam manufacturers are having a tough
time selecting an ideal alternative which will provide them the perfect
combination of desired foam properties and profitable operation.
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