Foam Blowing Agents Market to Reach a Value of ~US$ 2.4 Bn by 2027

The global foam blowing agents market was valued at ~US$ 1.4 Bn in 2018, and is anticipated to expand at a CAGR of ~6% from 2019 to 2027, according to a new research report published by Transparency Market Research (TMR). Rise in the demand for foam blowing agents in the electrical & electronics industry, especially for use in home appliances, is projected to fuel the demand for foam blowing agents during the forecast period. Asia Pacific accounts for a substantial share of the global foam blowing agents market, led by the increase in the usage of these agents in consumer durables, such as refrigerators and air-conditioners, in the region.

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Rising Demand for Foam Blowing Agents in Electrical & Electronics Industry

The increased demand for foam blowing agents for use in applications in the electrical & electronics industry, such as electric appliances and consumer durables, is a key factor fueling the global foam blowing agents market. Electric appliances such as refrigerators, air-conditioners, water heaters, and microwave ovens employ polymer foams that are made by using foam blowing agents for insulation purposes.

Increase in the labor force in the refrigeration sector, both, in developed and developing countries, is anticipated to augment the sector further, thereby driving the demand for polymer foams and foam blowing agents. Increasing investments by various governments toward residential construction, rural electrification, and power supply is expected to further fuel the demand for foam blowing agents in the next few years.

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