Foam Blowing Agents Market size is forecast to reach $1.04 billion by 2025, after growing at a CAGR of 5.59% during 2020-2025. Asia-Pacific developing countries are witnessing the migration to urban areas of people from rural areas. In the near future, this is expected to improve construction activities in urban areas. Since the demand for isolating materials and therefore for foam blowing agents in urban areas is typically more intense than in countryside, the market is probably on the rise in next few years. Due to its high insulation value, foamed plastic isolation is often used in construction applications.
- The demand for foam blowing agents is expected to show substantial growth because of the competitive advantages of foam blowing agents, such as improved performance, eco-friendly and improved insulation.
- Recent advances in technology in foam blowing agents have led to an increase in the market growth. For instance, Opteon 1100 foaming agent and BASF SPRAYTITE ® foam insulation have been introduced to provide home-owners with excellent thermal insulation efficiency and minimize power usage, environment footprint and emissions. In addition, they are also responsible for reducing emissions from greenhouse gasses.
- In order to boost the attractive foam properties, foam blowing agents find applications in the manufacture of polymer foam. As a result of its use in building and appliances, the market for polymeric foam is growing.
- However, the end use industries are being significantly affected due to the COVID-19 pandemic, as most of the countries have issued “stay at home guidance” i.e., lockdown.
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- Growing demand for polyurethane foam due to growth in the construction industry