by Blowing agents are chemicals added to polymers during their manufacturing to generate small bubbles or cells within plastics and polymers, which helps in reducing the overall density and improves insulation properties. Blowing agents such as hydrochlorofluorocarbons (HCFCs), hydrofluorocarbons (HFCs), and hydrofluoroolefins (HFOs) are commonly used in the production of polyurethane foams, which are widely used in industries like construction, packaging, furniture, and automotive.
The growing construction activities along with rising disposable income is boosting the demand for insulation materials like polyurethane foams for efficient thermal and acoustic insulation in buildings, thereby driving the global blowing agents market.
The global Blowing Agents Market is estimated to be valued at US$ 4.90 Bn in 2023 and is expected to exhibit a CAGR of 6.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the global blowing agents market is the shift towards environment-friendly blowing agents from HCFCs and HFCs. Stringent regulations like the Montreal Protocol and the Kigali Amendment are imposing bans on the production and consumption of ozone-depleting and high global warming potential HCFCs and HFCs. This is prompting market players to develop more sustainable blowing agent alternatives like HFOs and CO2. For instance, DuPont launched several new HFO blowing agent products like Opteon 1100, Opteon 1200, and Opteon 1100XF to replace HFC-134a and HFC-245fa in polyurethane foam applications. Similarly, companies are also investing in carbon dioxide technology as carbon dioxide has negligible ozone depletion and global warming potential.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the blowing agents market is moderate. This is due to the presence of established players and requirement of large capital investments to penetrate this market.
Bargaining power of buyers: The bargaining power of buyers in the blowing agents market is high. This is due to the availability of substitutes and flexibility of buyers to switch between suppliers.
Bargaining power of suppliers: The bargaining power of suppliers in the blowing agents market is moderate. This is due to the presence of multiple suppliers.
Threat of new substitutes: The threat of new substitutes in the blowing agents market is high. This is due to ongoing R&D for eco-friendly alternatives.
Competitive rivalry: The competitive rivalry in the blowing agents market is high. This is due to the presence of established players.
