Foam Blowing Agents Market is expected to witness a tremendous upswing, stimulated by the growing product usage across flooring & furnishing, medical devices, packaging, and automotive sectors. A study states that global investment in construction sector is expected to surpass USD 13 trillion by 2024. Exponentially rising population in APAC along with the rise in per capita income across the countries such as Indonesia, Vietnam, Malaysia, China, and India is expected to boost the construction sector, thereby generating high product demand. Thriving polyurethanes (PU) sector, worth USD 50 billion in 2015, is anticipated to benefit the business growth. As per Global Market Insights, Inc., “Foam Blowing Agents Industry revenue is forecast to hit USD 1.1 billion by 2024, growing at a rate of 7% over 2016-2024.”
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Taking into consideration the regional trends, North America foam blowing agents market is expected to contribute considerably towards the regional landscape over the coming seven years. Effective product use across the pharmaceutical and food packaging sectors will enlarge the business growth. U.S. foam blowing agents industry is projected to collect a revenue of over USD 100 million by 2024, driven by upgraded healthcare & medical amenities.
Asia Pacific, which accounted for 50% of foam blowing agents industry share in 2015, is forecast to surpass USD 550 million by 2024. Technological developments along with hefty growth in the automotive, medical, and packaging sectors will benefit the industry. Expanding construction sector along with the rising need to provide good infrastructural facilities will help the regional business reach greater heights. South Korea, China, India, and Thailand are expected to be the key revenue drivers.
Europe foam blowing agents market will witness a significant growth over the coming years, largely driven by the frozen food packaging sector. Germany is likely to contribute to the regional growth.
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Based on the product trends, foam blowing agents industry will be classified into hydrochlorofluorocarbons, hydrocarbons, and hydrofluocarbons. Hydrocarbons, which contributed more than half of overall revenue in 2015, are expected to grow at a rate of 7% over 2016-2024. High product usage in PU foam is expected to spur the revenue.
Global foam blowing agents market is highly consolidated, with major firms accounting for over 50% of the overall revenue. AkzoNobel N.V., Honeywell International Incorporation, Haltermann GmbH, Sinochem Corporation, ZEON Corporation, Daikin Industries Limited, Arkema S.A., ExxonMobil Corporation, Solvay S.A., and DuPont are the key industry participants.
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