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Foam Blowing Agents Market Size is Expected to Drive Growth Through 2024

Author : Ronak Bora | Published Date : 2019-06-04 

Global Market Insights, Inc. adds new Foam Blowing Agents Market size report which provides in-depth information about Industry overview, top vendors, Key market highlights, product types, drivers, challenges, trends, industry landscape, size and forecast.

The global polymer foam industry accounted for 1.9 million tons for 2015 and is expected to exceed 2.9 million tons in the forecast period. Thriving polyurethane, polystyrene and polyolefin foam businesses are major drivers of the foam blowing agents market. In 2015, global automotive manufacturing of commercial and personal vehicles, was around 90 million units, and it will significantly rise in the forecast period. The global construction expenditure is likely to exceed USD 13 trillion by 2024. Higher residential as well as commercial investment trends in accordance to positive infrastructure outlook will drive the product market in coming years. Such growth prospects of the product end use industries like automotive, packaging, furniture, and construction will propel the foam blowing agents market size in the forecast period.

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Rising product demand from the packaging and industry medical devices is likely to propel the foam blowing agents market growth in the forecast period. The medical devices industry was over USD 300 billion, in 2016 and bears brighter future aspects owing to the increasing consumer health consciousness and their rising spending towards health. This presents growth opportunities for product market, especially for packaging during transport.

PU and polystyrene foam blowing agents generated revenue over USD 450 million in 2015. PU foam will exhibit higher growth rate among the other application segments, for its growing demand from interior decoration and automobile industry.

Polyolefins segment generated over USD 90 million revenue in 2015 and has been witnessing a significant adoption in packaging industry. The ever-growing global trade has encouraged the need for safe and reliable packing of products for their transit. The product will have a significant growth during the forecast period for its shock absorbent packing capability.

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Hydrocarbons held more than 50% share of the global foam blowing agents market in 2015 and is probable to reach 7% CAGR in the forecast period. Increasing usage in polyurethane foam finds extensive applications in end-user industries including automotive, appliances, construction, flooring and furnishing.

About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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