Innovations in Refrigeration Sector to Fuel Growth in Foam Blowing Agents Market
Foam blowing agents are additives that are used in the expansion of the polymer matrix and its solidification during the manufacturing of polymer foams. With the widespread usage of foam blowing agents in the consumer electronics industry, it is one of the most dynamic and fastest growing industries in the word. In 2018, the electrical and electronics sector dominated the global foam blowing agents market by holding a market share of ~33%. This is likely to grow during the forecast period due to the rising demand for foam blowing agents in various applications such as refrigerators, ACs, ovens, and freezers, thereby fuelling the growth of the foam blowing agents market.
Fluorinated foam blowing agents such as HCFC and HFC are raising environmental concerns due to their high global warming potential. This has made them less appealing to stakeholders who are looking for energy-efficient and environment-friendly alternatives. At a time when there is a dire need for strong leadership on climate change, U.S. retailer Aldi has committed itself to the upscaling and utilization of energy-saving and pollution-free non-HFC technologies that will lead the way for retail cooling systems and refrigerators that do not emitting harmful greenhouse gases. Towards this, Aldi has embraced a system of using transcritical CO2 refrigeration systems, and is committed to opening several more at all its retail outlets in the U.S. Such a step is a stand-out initiative towards reducing greenhouse gases and moving towards environmental sustainability. Such prolific steps will spur the demand for ozone-friendly and greener foam blowing agents to be used in the refrigeration industry.
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The demand for innovations in thermal insulation will continue to drive the foam blowing agents market. Huntsman Polyurethane is a global leader, supplying insulation solutions to almost 90 countries around the world. Its unique insulation technology has been used to create a prototype of a mobile and refrigerated food storage container, called a ‘produce pod’, which is being used to feed people from the economically-backward strata in Montgomery, Texas. This innovation was spearheaded as a result of a collaboration with four different companies – Kruger, Dyplast Products, Cardinal Manufacturing, and Southeast Coolers. The unique polyurethane insulation helps preserve perishable food items, and also allows mobility by enabling a constant temperature-controlled environment. These key innovations are a driving factor for the growth of the refrigeration sector, and consequently the foam blowing agents market.
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Alternative Blowing Agents – Significant Trend Driving the Foam Blowing Agents Market
This latest TMR report forecasts the foam blowing agents market to grow at a CAGR of ~6% over the period of 2019-2027, reaching a valuation of ~US$ 2.4 Bn by the end of 2027. A key trend driving the foam blowing agents market is the use of alternative foam blowing agents. With foam blowing agents such as Hydrofluorocarbons (HFCs) and Hydrochloroflurocarbons (HCFCs) being discontinued due to their harmful effects on the environment, the demand for alternative foam blowing agents will substantially increase.
Polyurethane foam dominate the global foam blowing agents market by holding a market share of ~60%, and this share will continue to rise during the forecast period. The increase in its market share can be attributed to its superior properties, which will drive the growth of the foam blowing agents market. Spray polyurethane foams using low-emission foam blowing agents have the ability to substantially reduce the emission of greenhouse gases that harm the environment. In 2019, Demilic Inc.’s new Heatlok HFO spray foam has been named as the best green building product at the International Builder’s Show. It uses a hydrofluoroolefin compound that has a substantially lower global warming potential, making it the ideal compound to be used in the foam blowing agents market. This has also boosted the demand for foam blowing agents as insulating agents in the construction sector, and will positively impact the foam blowing agents market.
Polyurethane foam has both, the important parameters of rigidity and flexibility, which makes it an excellent insulating material for buildings. Its rigidity allows it to be used for complex applications in the building and construction sector, and will likely spur the demand for foam blowing agents. Polyurethane foam will continue to grow by market share over the forecast period, due to its temperature-resistance and advanced durability. Its need is expected to increase, owing to the high demand for energy-efficient infrastructure.