Semi-Rigid Spray Polyurethane Foam Market Analysis

Semi-Rigid Spray Polyurethane Foam Market Analysis

On the basis of end-use, the semi-rigid spray polyurethane foam market is divided into residential, industrial, commercial, institutional and agricultural buildings. From these, the institutional buildings accounted for close to a quarter of the market in 2017 and is expected to grow at a slower pace by 2024. Semi-rigid spray polyurethane foam is basically used to fill the gaps on the walls, attics, etc. in new as well as old structures which find applications in schools, colleges, and government buildings such as museums, libraries as a sealant and insulator

Commercial buildings segment will grow by 6.5% year on year during the forecast period. Substantial usage of this product for insulation and sealing of shopping malls, hotels, and corporate structures due to its extreme heat and water-resistant characteristics, will drive the demand of spray PU foam. Also, this material reduces the overall utility bills and construction cost.

The semi-rigid SPF market is divided based on application, which includes floors, walls and roofs and others. The other applications include attics, plumbing systems, ceilings. Among these, walls accounted for over 50% share of the market in 2017 and is set to grow at substantial annual growth rate by 2024. This is due to the extensive product usage to cover and fill the gaps and cracks on the walls. The product also offers several benefits; for instance, it expands 100 times to its original volume, provides superior air barrier facility, and enhances the water adsorption property up to 40%.

In 2017, roof application segment generated revenue over USD 190 million and is projected to grow at a steady rate over 2018 to 2024. Significant demand for energy efficient and eco-friendly buildings with superior resistance to the regularly changing climatic conditions are the key driving factors for the semi-rigid spray polyurethane foam market segment growth in forecast period.

Germany and UK are major markets in the semi-rigid spray polyurethane foam market share and collectively accounted for more than 35% share of the Europe in 2017. This can be attributed to the supportive government regulation and increasing demand for energy efficient infrastructure in the region. In Europe, buildings accounted for more than 40% share of the entire energy consumption and also produces close to 35% of the greenhouse emissions. This will be the key factor for the industry growth in coming years as the product is majorly used to reduce the energy consumption.

Asia Pacific accounted for around a fifth of the entire semi-rigid SPF market in 2017 and this share is expected to rise in the forecast timeframe. China and Japan will lead the Asia Pacific industry owing to the significant construction activities in these countries. Although the eastern Asian countries will have comparatively lower share, the annual growth rates will be higher due to greater potential for market penetration.