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The foam blowing agents market share is expected to increase by USD 294.56 million from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 6.29%.
This foam blowing agents market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers foam blowing agents market segmentations by type (HC, HFO, and Others), application (PU, PS, PO, and Others), and geography (APAC, North America, Europe, MEA, and South America). The foam blowing agents market report also offers information on several market vendors, including Akzo Nobel NV, Arkema SA, Daikin Industries Ltd., Exxon Mobil Corp., Foam Supplies Inc., Harp International Ltd., Honeywell International Inc., LANXESS AG, Sumitomo Corp., and The Chemours Co. among others.
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Based on our research output, there has been a neutral impact on the market growth during and post COVID-19 era. The growing demand for foam blowing agents from the automotive and construction industries is notably driving the foam blowing agents market growth, although factors such as an increase in the use of hfcs and hcfcs in unauthorized sectors may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the foam blowing agents industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Foam Blowing Agents Market Driver
The growing demand for foam blowing agents from the automotive and construction industries is notably driving the foam blowing agents market growth. The global automotive industry is expected to grow at a significant rate during the forecast period, which would register an increase in the demand for foam blowing agents. Foam blowing agents are widely used in the production of different automotive parts such as side skirts, wiper cowls, roll pans, and bumpers. The market is expected to register growth during the forecast period because of the increasing demand for vehicles. The development of foams in the form of PS and PU has increased the growth of foam blowing agents in the global market. The increase in the application of foam blowing agents in the construction industry is also one of the major driving factors for the global foam blowing agents market. The growth in the construction industry has resulted in high demand for foam blowing agents. The increasing demand for housing, hospitality, flooring material, and effective sound furnishing is expected to increase the requirement for foam blowing agents during the forecast period.
Key Foam Blowing Agents Market Trend
The growing demand for foam blowing agents in China is the key market trend driving the foam blowing agents market growth. The moderate growth rate in the Chinese foam market is expected to bring out opportunities for the global market since the market in China is expected to grow for HC and HFO on a large scale, subsequent to the phaseout of HFCs and HCFCs. The demand for blowing agents from downstream users is expected to recover slowly as the Chinese economy shifts from an export-led to a consumption-driven model. This, coupled with a growing middle-class population and increasing awareness of environmental issues, will drive the growth for manufacturing blowing agents that are eco-friendlier.
Key Foam Blowing Agents Market Challenge
The major challenge impeding the foam blowing agents market growth is an increase in the use of hfcs and hcfcs in unauthorized sectors. There are manufacturing units that manufacture these harmful banned chemicals in an unauthorized manner. These manufacturing units are present in large numbers in specific developing and underdeveloped regions. APAC, South America, and the Middle East have these unauthorized sectors that manufacture these banned products. Not every manufacturing unit follows regulations, which becomes difficult for them to access the revenue generated from the unauthorized business. Since the ban on HFC and HCFC is imposed, the manufacturers cannot be traced, regardless of the implementation of orders; this imposition of a regulatory ban poses a major challenge to the industry.
This foam blowing agents market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.
Technavio categorizes the global foam blowing agents market as a part of the global commodity chemicals market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the foam blowing agents market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the foam blowing agents market encompasses successful business strategies deployed by the key vendors. The foam blowing agents market is fragmented and the vendors are deploying growth strategies such as manufacturing products that comply with the fluctuation of prices to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The foam blowing agents market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the foam blowing agents market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.
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61% of the market's growth will originate from APAC during the forecast period. China and Japan are the key markets for foam blowing agents market in APAC. Market growth in this region will be faster than the growth of the market in other regions.
The increasing PU foam applications in APAC's automotive and construction industries will facilitate the foam blowing agents market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
In 2020, the foam blowing agents market in APAC witnessed certain challenges due to the outbreak of COVID-19. India, China, Bangladesh, and Pakistan are some of the most affected countries by the pandemic in the region. According to the John Hopkins University-Center for Systems Science and Engineering (JHU CSSE), as of July 2021, the total number of COVID-19 cases in India was 32 million. Lockdowns imposed by governments of various countries in the region to contain the spread of the disease resulted in the shutdown of operations by automotive and construction companies. Such factors negatively impacted the demand for foam blowing agents in the region in 2020. However, as the pandemic subsides and industrial activities resume, the demand for foam blowing agents will bounce back to its pre-COVID-19 levels, given the expected requirements in various industries such as automotive, construction, and electrical appliances. Therefore, the market is expected to show significant growth during the forecast period.
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The foam blowing agents market share growth by the hc segment will be significant during the forecast period. The growing use of HC foams in commercial refrigeration, cold storage, food processing, chill cabinets and vending machines, industrial refrigeration, small air-conditioning systems, transport refrigeration, large air-conditioning, and chiller systems will facilitate the growth of the segment during the forecast period.
This report provides an accurate prediction of the contribution of all the segments to the growth of the foam blowing agents market size and actionable market insights on post COVID-19 impact on each segment.
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Foam Blowing Agents Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2020 |
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Forecast period |
2021-2025 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 6.29% |
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Market growth 2021-2025 |
$ 294.56 million |
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Market structure |
Fragmented |
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YoY growth (%) |
7.27 |
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Regional analysis |
APAC, North America, Europe, MEA, South America, APAC, North America, Europe, MEA, and South America |
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Performing market contribution |
APAC at 61% |
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Key consumer countries |
US, China, Japan, Germany, and UK |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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Key companies profiled |
Akzo Nobel NV, Arkema SA, Daikin Industries Ltd., Exxon Mobil Corp., Foam Supplies Inc., Harp International Ltd., Honeywell International Inc., LANXESS AG, Sumitomo Corp., and The Chemours Co. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Application
6 Market Segmentation by Type
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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