Blowing agents Market size is valued at USD 1,768.4 million in 2021 and is expected to grow at a CAGR of 6.8% during the forecast period 2022 to 2028. The global market provides a detailed overview and which can be segmented by foam type, product, application, and region. By foam type, the blowing agents market has been segmented into polyurethane foam, polystyrene foam, phenolic foam, polypropylene foam, polyethylene foam, and other foam types. By foam type, Polyurethane foam is the largest market for blowing agents. Polyurethane foams have found their applications in several applications across the globe. It is widely used for thermal insulation in buildings, transport systems, and household appliances. Furthermore, it is also used in bedding, seating, carpet backing, electronics, computer, dash panels, shoe soles, and others, consequently, the continuous demand for polyurethane foams from several application industries is expected to enhance its demand, which in turn will boost the blowing agent market in coming future. By product, the blowing agents market has been segmented into hydrochlorofluorocarbons (HCFCs), hydrofluorocarbons (HFCS), hydrocarbons (HC), hydrofluoroolefin (HFO), and others. C segment is estimated to dominate the overall blowing agent market. HC is expected to be the largest type of blowing agent used globally in terms of volume. HC blowing agent is widely used in varied foam applications owing to its low ODP and GWP properties. The growth of HC blowing agents is supported by the increasing usage of oxygenated hydrocarbons, such as methyl formate, in integral skin and polystyrene foams applications. The increasing demand for vacuum panels in combination with hydrocarbon-blown foams increases energy efficiency in the appliances industry, which increases the consumption of HC-blowing agents. Based on the application, the segment has been segregated into building & construction, automotive, bedding & furniture, appliances, packaging, and other applications. The building & construction segment is expected to lead the end-user segments owing to rising huge investment in the advancement and development of better infrastructure projects worldwide.
In April 2020, Solvay signed a supply agreement with Honda Aircrafts (US) for the supply of adhesives and innovative composites for Honda’s aircraft business jet HA-420 and elite programs till 2027. This agreement creates long-term sustainable demand for Solvay’s adhesives and composites products.