The blowing agent market size was USD 1,438 million in 2018 and is projected to register a CAGR of 5.6% between 2019 and 2024.
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How is the growing preference for environment-friendly blowing agents creating an opportunity for market growth?
The demand for environment-friendly blowing agent has been rapidly increased in the past few years and is expected to remain so in the future. The major reasons for the increased demand for eco-friendly blowing agents are environmental awareness and regulations regarding the use of blowing agents. Environmental regulations such as EU F-Gas Initiatives (GWP<150), Montreal Protocol, Kigali Agreement, and Kyoto Protocol (5% reductions in GHG emission) play an important role in the market development of blowing agents at the global level. Further, the increasing need for energy efficiency and extra efficient blowing agent with better thermal insulation are expected to drive the demand for eco-friendly blowing agents.
With the stringent phase out in the usage of HFCs, several major producers such as Honeywell, DuPont, and Arkema have already started the development of next-generation blowing agents called Hydrofluoroolefin (HFOs). Further, pentanes and butanes are also being increasingly used as eco-friendly alternatives. The flammability of pentanes and butanes is, however, a major disadvantage of these alternatives. Apart from the mentioned alternatives, methyl formate and inert gases have also started gaining recognition in the market. This growing adoption of environment-friendly blowing agents is providing opportunities for the market players to develop and capitalize on the increasing demand for sustainable products.
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Are the changes in environmental regulations challenging the market growth?
The change in regulatory policies is forcing stakeholders to change the type of blowing agents used or produced. Environmental regulations such as the Montreal Protocol, Kyoto Protocol, Kigali Amendments, and other national and regional regulations are forcing manufacturers and end users to change their technology frequently. This is creating challenges for the market players. The major focus and intention of the implementation of these protocols and regulations are to minimize the damage caused to the ozone layer with the use of different types of blowing agents such as HCFCs and HFCs. Under the Montreal Protocol, countries have agreed to phase-out the use of ozone-depleting gases, including CFCs and HCFCs. Ongoing discussions under the Kyoto Protocol are advocating the usage of HFCs and other high GWP gases. Further, the Kigali Amendment to the Montreal Protocol came into force on 1st of January 2019, which will be a major restraint to the blowing agent market. Under this amendment, all the countries will gradually phase down the production and consumption of HFCs by more than 80% over the next 30 years. Thus, the foam manufacturers are having a tough time selecting an ideal alternative which will provide them the perfect combination of desired foam properties and profitable operation.
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