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| Blowing Agent Market |
Rising infrastructure development in Asia Pacific is expected to increase market penetration
Blowing agents are widely used across a number of application in the construction industry including acoustics, heat & electric insulation, and shock absorbers. Furthermore, rising infrastructure development in Asia Pacific coupled with supportive government initiatives, in emerging economies such as India, is fueling growth of the market. For instance, in 2016, the Indian government announced plans to invest US$ 376.53 billion to improve the infrastructure, roads, transport facility, and shipping over of the following three years. Encouraging foreign direct investment (FDI) in the region is likely to propel the construction industry in the region, which in turn is expected to increase demand for blowing agents in the near future.
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.
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Stringent regulations promoting the use of eco-friendly blowing agents
The market is segmented on the basis of product type into hydrochlorofluorocarbons (HCFC), hydrofluorocarbons (HFC), and hydrocarbons. Hydrofluorocarbons accounted for the largest share in the market, owing to its low ozone depletion potential. Furthermore, stringent regulations barring the use of HCFC, in 2003 EPA issued baseline for production and import of HCFC-22 and HCFC-142b. Moreover, the UK government made it mandatory to recover and recycle the HCFC used in the refrigeration unit. Owing to its contribution towards ozone depletion coupled with a potential phase out in the near future, HCFC is expected to have a positive impact on eco-friendly blowing agents over the forecast period. However, phasing out of HCFC results in high technology shifting costs, which is expected to restrain market growth to a certain extent.
The blowing agents market is expected to exhibit below average growth in North America and Europe, owing to mature end-use industries in these regions. Furthermore, stringent regulations by EPA in 2003, and by UK to limit the use, recovery, and reuse of HCFC. Governing the use of blowing agents is expected further expected to hamper growth over the following few years. However, gradual recovery of the construction industry—one of the key end-use industries for blowing agents—in both the regions, is expected to have a positive impact on market growth.
Honeywell, Solvay, Arkema are key industry players in the blowing agents market. Continuous research and development, technological advancement, and marketing strategies help in attaining the highest market share in the global blowing agents market. Solstice Liquid Blowing Agent, the latest product developed by Honeywell, is the least harmful to the environment and possesses immense potential to replace HC, HFC, and HCFC, in the future. Blowing agents industry is a consolidated market place with a large number of small manufacturers present in the industry. This trend is primarily witnessed in Asia Pacific, which is one of the major producers of blowing agents. Furthermore, the industry comprises of leading players with global presence including DuPont, Arkema S.A., Honeywell International Inc., Solvay S.A., Foam Supplies, Inc., AkzoNobel NV, Haltermann GmbH, Linde AG, Americhem, and HARP International Ltd.
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