Albany, NY, June 21, 2015 --(PR.com
)-- The increased use of foams in the construction industry has augured well for the global foam blowing agents market globally. This heightened demand for foam blowing agents will bring about a CAGR of 4.4% between 2014 and 2020, states a latest report that is now available on Market Research Reports Search Engine (MRRSE). The report, titled, ‘Foam Blowing Agents (Hydrocarbons (HC), Hydrofluorocarbons (HFC), Hydrochlorofluorocarbons (HCFC) and Others) Market for Polyurethane Foams, Polystyrene Foams, Polyolefin Foams and Other Applications - Global Industry Analysis, Size, Share, Growth, Trends’, has been published by Transparency Market Research.
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The report states that the global market for foam blowing agents approximated US$ 631.3 million in 2013, and will expand to US$ 843.8 million by the end of 2020. By volume, the market for foam blowing agents was estimated at 310.5 kilo tons as of 2013.
From the geographical standpoint, the demand for foam blowing agents in all regions dwarfed in comparison to Asia Pacific, which held over 50% of all market shares in 2013. The region is expected to continue its impressive run through the remainder of the forecast period of this report. Vigorous growth of the construction and automotive industries in Asia Pacific can be credited for the heightened demand for foam blowing agents, particular in PU foam applications. Europe, slotted as a mature market, will register scanty growth numbers over the forecast period whereas North America – which held 24% share in the foam blowing agents market in 2013 – will display moderate growth.
The single largest growth driver pinned down by the market research report is the heightened demand for foam blowing agents in the PU foams manufacturing industry. Despite this seemingly positive market trend, growth will likely be hindered by the unpredictable prices of feedstock derived from the petroleum industry. Of late, regulations pertaining to the chemicals sector have become harsh – while this harms conventional foam blowing agents, it offers the promise of growth for green foam blowing agents. Hydrofluoroolefins (HFO) are an example of the latter.
The report broadly segments the market for foam blowing agents based on product type as: Hydrocarbons (HC), Hydrochlorofluorocarbons (HCFC), Hydrofluorocarbons (HFC), and others (hydrazine, azodicarbonamide, CO2, and water). The fastest growth among all of these segments is expected to stem from the hydrocarbon (HC) foam blowing agents segment. The team of analysts that compiled this report also forecast that hydrocarbon (HC) foam blowing agents will be the largest segment through the forecast period.
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About 50% of all foam blowing agents were used in the PU foams market as of 2013, the study further reports. The PU application will expand impressively in view of the mounting demand for insulation applications within the construction industry.
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