The blowing agents market reached a valuation of $1.4 bn in 2018. The market is witnessing a tremendous growth, thanks to rising diversification in blowing agents, and their end applications. Moreover, the demand for rigid foam WCs like azodicarbonamide (ADC) and sodium bicarbonate are witnessing an increasing uptake for PVC cellular formation. The rising demand will likely drive a notable CAGR of 6% growth in the blowing agents market during 2018-2026.
Apart from their PVC-related industrial manufacturing application, the blowing agents like spray foams are witnessing an increasing demand in the US. Spray foams like polyurethane and polyisocyanurate are used in building construction to provide thermal insulation for walls. Their application also reduces air infiltration. The growing trend of DIY in home repairs, the cost-effective, and ease of use of foam sprays, and high costs of housing, will continue to drive this trend during the forecast period.
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Healthcare Sector Promises New Opportunities for Growth
The FDA has granted approval for a new foaming agent that promises to heal abdominal trauma among military personnel. The product touted as Fast Onset Abdominal Management can be injected into a patient’s body to produce required pressure to prevent abdominal bleeding. According to a major study published in 2012, during 10 years on the battlefield, over 91% deaths occurred could have been prevented with advanced foaming technologies. Among these, over 67% received fatal injuries to the trunk of the body. The new foaming agent can be inserted deep within the body with the help of a needle, and enhance application to create new opportunities for growth for players in the blowing agents market.
Domestic and Commercial Refrigeration Remain Major Opportunities
Varieties of polyurethane foam are widely used for domestic refrigeration. These foams are applied during the production process, and provide the much-needed insulation to keep out warmth and provide the much-needed cooling for the inner structure. The number of refrigerators sold in the US keeps rising each year, thanks to their affordable costs, and new varieties of environmental friendly blowing agents. While in 2005, the total number of refrigerators sold stood at 11.14 million, the number rose to 12.44 million by 2019. Additionally, blowing agents are also used in cold storage rooms in retail, wherein these are expected to receive a burgeoning application, thanks to growth of warehousing, and increased scrutiny of refrigeration techniques to maintain food quality.
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