The growth in global polymer foam industry us is driving the demand in blowing agents industry. Additionally, the major suppliers are responding towards the phase-out of CFC's and HCFC's by providing wide variety of alternative blowing agents and maintaining their supply globally. The major polymeric foam industry utilizing practically all types of blowing agents is polyurethane foams industry.
The growing demand for polyurethane foams and high growth in Asia-Pacific region is expected to remain the driving force for blowing agents. The blowing agents market has great growth potential. The market is expected to grow at a compound annual growth rate of 5.8%, over the next five years and reach 452,000 tons by 2019, as per ReportBuyer.com. Asia-Pacific, with its thriving economies and rapidly expanding manufacturing bases, is expected to experience highest consumption during the next five years. The growing demand for polyurethane foams and high growth in Asia-Pacific region is expected to remain the driving force for blowing agents demand in long run. However, the frequent change in Montreal Protocol and Kyoto Protocol with respect to choice in blowing agents is restraining the market growth. The use of traditional blowing agents such as HCFCs and HFCs is leading to ozone depletion and global warming, so its use is being restricted. So the demand for Zero ODP and Low GWP blowing agents is emerging in the global market.
The market is also segmented on the basis of major foams type utilizing these blowing agents that includes Polyurethane (Rigid & Flexible) foam, Polystyrene (EPS & XPS) foam, Phenolic foam, Polyolefin (PP & PE) foam, and others.