Asia Pacific foam blowing agents market generated a revenue of $425.95 million in 2021, which is projected to exceed the valuation of $672.68 million by 2030 at a CAGR of 5.4% during the period 2022–2030.
There is an increasing demand for foam blowing agents market due to their potential applications in a variety of industries spanning a broad range of sectors. Foam blowing agents are widely used for various purposes such as insulation, aerospace, automotive, and biomedical technologies. Some of the most popular foam blowing agents include 99% isocyanurate and R-134a.
The use of foam blowing agents has increased in recent years due to their numerous benefits such as reducing manufacturing costs, minimizing environmental impact, and improving product performance. Foam blowing agents are effective at creating insulation and air barrier properties. They are also useful for producing mousse-type products, which offers distinct advantages over traditional icings or frostings. Foam rolling is another application that benefits from the use of foam blowing agents. Foams produced via this process can be used to produce advanced biomedical devices and drug carriers.
The Asia Pacific foam blowing agents market is dominated by China and Japan. India is also seen to be growing rapidly as the foaming agent market in this region expands due to rising demand for biodegradable plastics among other applications. The competitive landscape in this region is largely dominated by players such as BASF SE (Germany), Dow Corning Corporation (U.S.), Evonik Industries AG (Germany), Mitsui Chemicals Co., Ltd. (Japan), and Solvay SA (Belgium).
Synthetic Foam Blowing agents to Generate Over 77.9% Revenue of Asia Pacific Foam Blowing Agents Market
As the global economy continues to recover, industries around the world are beginning to see an uptick in the demand for synthetic foam blowing agents. In particular, a growing number of businesses in Asia Pacific are looking to invest in this technology to help them remain competitive in a increasingly global market. According to Astute Analytica, the demand for synthetic foam blowing agents is projected to grow by around 6% each year through 2021, reaching approximately 6.5 million metric tons. This growth is due in part to the increasing popularity of industrial applications such as air compression and insulation. By 2028, our study of the Asia Pacific foam blowing agents market expects that Asia Pacific will account for more than half of global demand for these agents.
Several factors will likely contribute to this trend. For example, China is estimated to be the largest and fastest growing market for synthetic foam blowing agents due to its rapidly expanding manufacturing sector. In addition, manufacturers in India and other Southeast Asian countries are starting to adopt these technologies due to their strong economic growth prospects.
Asia Pacific Synthetic Foam Blowing Agents Market to Generate 23% More Revenue in Just Coming 5 Years
In the next five years, it is estimated that the demand for synthetic foam blowing agents market in Asia Pacific will increase by more than 23%. This is due to the increasing popularity of artificial turf and other surface treatments in this region. In addition, newer designs and applications of foam are on the rise, such as thermal insulation.
The main contributors to this increase in demand are China and Japan. Between these two countries, they account for more than two-thirds of the synthetic foam market worldwide. Over the past few years, China has been leading the way in terms of innovation and adoption of new technologies, which is expected to continue into the future. This trend is being echoed in Japan as well, where companies are beginning to experiment with new applications for foam products.
One of the key drivers of demand in the Asia Pacific foam blowing agents market is the growing awareness and use of recycled materials in manufacturing processes. Recycled material accounts for nearly one-third of all synthetic foam blowing agents consumed globally. This increase in awareness is also resulting in increased demand for eco-friendly products, which are increasingly favored by customers across Asia Pacific.
Overall, Astute Analytica believes that this technology will play an important role in helping companies compete in a rapidly changing global economy.
Top 10 Players in Asia Pacific Foam Blowing Agents Market Generate Less than 35% Revenue
DU Pont, Honeywell International Inc., Arkema S.A., Harp International Ltd., Daikin Industries, Sinochem Group, Exxon Mobil Corporation, Zeon Corporation, Haltermann Gmbh, and Solvay S.A are top 10 players in the market. As per our market analysis, these 10 players contributed less than 35% to regional market revenue. This is because these markets are in early stages of development and do not have well-developed marketplaces. Players in this region are also focusing on developing new products, which is resulting in low sales volumes. Even though players in this region are generating a lower percentage of revenue, they are still important because they have the potential to grow quickly.
DU Pont is one of the largest players in Asia Pacific foam blowing agents market. Currently, the company is holding around 7% of the Asia Pacific market but Du Pont believes that it can increase its market share by focusing on customizing and developing products specifically for the Asian market. One strategy that the company has employed is to build close relationships with customers in key markets. For example, DU Pont has a manufacturing plant in China and sells product to both local and international customers through this facility. This approach not only minimizes transportation costs, but also ensures that products are tailored to meet the specific needs of individual customers.
How Players are Competing in Asia Pacific Foam Blowing Agents Market?
In order to remain competitive, many companies are looking to develop new products or improve existing ones. This is particularly true in the foam blowing agent market where players are constantly developing new chemistries and formulations to overcome resistance from consumers and environmental regulators. However, it is difficult to make a profit in this highly competitive environment where product prices are often closely linked to production costs.
The report on Asia Pacific foam blowing agents market cited two reasons for this low profitability: First, pricing pressure from polyolefin producers has made foam blowing agents more expensive than synthetic counterparts. Second, few customers are willing to pay a high price for specialty chemicals, given these products’ limited market appeal. Astute Analytica recommends that producers increase their focus on developing products with wider application and greater market potential in order to boost profitability.
Top Players in the Asia Pacific Foam Blowing Agents Market
- Arkema S.A.
- Daikin Industries
- E.I. Du Pont De Nemours & Company
- Exxon Mobil Corporation
- Haltermann Gmbh
- Harp International Ltd.
- Honeywell International Inc.
- Sundow Polymers Co., Ltd.
- Sinochem Group
- Solvay S.A.
- Zeon Corporation
- Other Prominent Players
About Astute Analytica
Astute Analytica is a global analytics and advisory company which has built a solid reputation in a short period, thanks to the tangible outcomes we have delivered to our clients. We pride ourselves in generating unparalleled, in depth and uncannily accurate estimates and projections for our very demanding clients spread across different verticals. We have a long list of satisfied and repeat clients from a wide spectrum including technology, healthcare, chemicals, semiconductors, FMCG, and many more. These happy customers come to us from all across the Globe. They are able to make well calibrated decisions and leverage highly lucrative opportunities while surmounting the fierce challenges all because we analyze for them the complex business environment, segment wise existing and emerging possibilities, technology formations, growth estimates, and even the strategic choices available. In short, a complete package. All this is possible because we have a highly qualified, competent, and experienced team of professionals comprising of business analysts, economists, consultants, and technology experts. In our list of priorities, you-our patron-come at the top. You can be sure of best cost-effective, value-added package from us, should you decide to engage with us.