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Foam Blowing Agents Market to achieve considerable growth in 2024, APAC to remain a dominant growth avenue

Author : Ravi Chawat | Published Date : 2021-01-12 

APAC accounted for considerable demand in 2015 with approximately 50% share of the overall foam blowing agents market. Improving medical framework throughout China and India is likely to make Asia-Pacific a high growth potential region in the upcoming years. Regional revenue is anticipated to cross $550 million by 2024 because of vigorous sales growth and automotive production owing to enhanced consumer lifestyle dynamics.

The United States foam blowing agents industry is likely to register $100 million by 2024. Factors favoring market demand include consumer awareness pertaining to medical devices, well-established healthcare industry, as well as better living standards.

Based on Global Market Insights, Inc., estimates, the global foam blowing agents market size to reach US$1.1 billion by 2024 and will observe 7% CAGR. Foam blowing agents are mainly utilized in polymeric materials like PU foam, with varied foam applications in automotive, furniture, packaging, and construction industries. The polymer foam sector was estimated to be over 1.9 million tons in 2015, and is projected to surpass 2.9 million ton mark by 2024.

 

Strong growth trends in these aforementioned end-user industries will lay a remunerative foundation for foam blowing agents market over the forthcoming timeframe. Citing an example, the automotive production globally, which includes both commercial and personal vehicles, was nearly 90 million units back in 2015.

Strong commercial and residential spending trends together with positive infrastructure outlook has propelled usage of furnishing and flooring materials. Citing an instance, construction spending globally is likely to surpass $13 trillion by 2024. Polystyrene and PU foam blowing agents market was valued at over $450 million in 2015. PU foam is likely to show a substantial growth rate among all the application segments, owing to increasing demand from interior decoration and automobile.

Major companies covered in the foam blowing agents market are Sinochem Group, AkzoNobel N.V., ZEON Corporation, Haltermann GmBH, Daikin Industries Ltd, Honeywell International Inc., Arkema S.A., Solvay S.A., E. I. du Pont de Nemours and Company, and Exxon Mobil Corporation.

If you want to know more about foam blowing agents growth then get sample copy of report @ https://www.gminsights.com/request-sample/detail/1123

About Author

Ravi Chawat

Ravi Chawat

Ravi Chawat holds a bachelor's degree in Electronics and Telecommunication Engineering. He has worked closely with industry specialists from different segments including chemicals, food and beverages, construction and manufacturing & energy and power. Ravi's article concentrates principally on balancing relevant data but never at the expense of making the content engaging. He believes in giving fair-minded information to guide significant business choices. [email protected] | https://twitter.com/RaviChawat

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