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Spray Foam Market Size, Share and Industry Analysis Report by Product (Open Cell, Closed Cell), Density (Low, Medium, High) and Application (Construction [Residential Commercial], Packaging), Regional Outlook, Application Growth Potential, Competitive Market Share & Forecast, 2021 – 2027

  • Report ID: GMI5165
  • Base Year: 2020
  • Report Format: PDF

Industry Overview

Spray Foam Market size was valued at around USD 1.8 billion in 2020 and is estimated to grow at a CAGR of 6.8% from 2021 to 2027 driven by increasing building construction & remodeling activities across the globe. The market size is projected to reach 973.5 Kilo Tons while growing at a CAGR of 5.9%, in terms of volume in the coming years.
 

Spray foam is commonly used in residential and commercial building construction applications. Spray foam can form continuous insulation and air sealing barriers on walls, roofs, around corners, and other surfaces. Spray foam insulation is used to resist heat transfer and offers a reduction in unnecessary air infiltration.
 

Spray Foam Market Outlook

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The spray foam is gaining demand in building insulation market due to the growing awareness of benefits of insulating buildings and the energy-saving majorly cold weather regions. The U.S. Environment Protection Agency (EPA) estimates suggest that buildings that are insulated and air-sealed can save up to one-fifth of the heating & cooling costs. It is also estimated that highly efficient walls & roofs will allow heating & cooling equipment to be downsized by as much as 35%.
 

Government Initiatives by several countries to expand the public infrastructure coupled with the rising consumer spending power is expected to enhance the construction industry. Spray foam offers higher efficiency as compared to other insulation materials. Spray foam provides lowers utility costs, resistance to moisture vapor, high thermal resistance, and can reduce heat transfer along with insulation.
 

Increasing adoption of open cell spray foam to boost the market growth

Spray Foam Market by Product

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The open cell segment dominates the spray foam market value and will generate around USD 1.4 billion in 2027. The product is used in residential, commercial, industrial, and institutional buildings. It has unique insulating properties, making it ideal for the roofs of new homes and when remodeling an existing home.
 

Spray foam is used to fill the gaps on walls, attics, etc., in new & old structures; furthermore, they find applications in schools, colleges, and government buildings, such as museums and libraries, as a sealant and insulator. Regions with cold weather are ideal for spray foam application as it keeps building insulated; hence, there will be a lesser requirement for electricity and gas to heat buildings.
 

Rising demand for low-density spray foams will complement the industry growth

The high-density spray foam market share is estimated to grow at a CAGR of 6.4% from 2021 to 2027. The selection of insulation density in spray foams for a project depends on the re-insulating attic or new construction. The density of insulation is majorly related to structural integrity and structural strength of the project. Various spray foam options are available for insulation with unique properties depending upon the densities.
 

The adoption of spray foam by the residential construction sector will enhance the market growth

Spray Foam Market by Application

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The residential application in the construction segment will generate a demand for around 500 kilo tons by 2027 owing to the increasing population and easy availability of home loans at low-interest rates have resulted in the rising number of residential buildings. In industrial units, warehouses, factories, etc., the product acts as weatherproof sealants, forming a seamless layer of insulation, filling gaps & seams, and covering irregular & hard-to-insulate shapes. Rising investments in both the manufacturing & service sector of emerging economies will catapult the construction of various commercial & industrial buildings in the near future.
 

North America to lead the industry size

Spray Foam Market by Region

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North America will account for 45% share in the global spray foam market by 2027 due to new commercial building construction & refurbishment projects in the region that witnesses both cold & warm weather conditions across the year. High energy prices are the main concern of the common people in the region. Spray foam is the best suitable solution for such issues. The easy availability of home loans in the region has boosted residential building activities in the country, contributing to spray foam market growth over the forecast timeframe.
 

Asia Pacific spray foam market is expected to grow at a CAGR of 6.7% through 2027 owing to the rising population in Asia Pacific countries along with improving real income has led to a growing demand for residential buildings. The standards & regulations related to construction are also improving, infusing the usage of spray foam in buildings. The increasing FDI in emerging economies has also catapulted the number of industrial & commercial structures.
 

Technological innovation is one of the major strategic outlooks of the overall industry

Large number of small, medium, and international players are operating in the global spray foam industry. Companies are majorly involved in strategic partnerships and mergers & acquisitions to offer competitive benefit along with strengthen their product portfolios.
 

Key participants are involved in technology advancements & innovations to enhance spray foam features. Some of the major manufacturers include BASF, CertainTeed, Demilec, Carlisle Companies, Purees, Techno Foam Co., Ltd., Synthesia Technology, Isothane Ltd., Genyk, SWD Urethane, International Cellulose Corp., Icynene, Inc., Accella, Rhino Linings Corporation, and Specialty Products, Inc., among others.
 

The spray foam market report includes in-depth coverage of the industry with estimates & forecast in terms of volume in kilo tons and revenue in USD million from 2021 to 2027 for the following segments:

By Product

  • Open cell
  • Close cell

By Density

  • Low
  • Medium
  • High

By Application

  • Construction
    • Residential
    • Commercial
  • Packaging

By Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
    • Russia
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • Indonesia
    • Malaysia
  • Latin America
    • Brazil
    • Mexico
  • Middle East & Africa
    • South Africa
    • Saudi Arabia
    • UAE

 

Authors: Kiran Pulidindi, Akshay Prakash

Frequently Asked Questions (FAQ) :

Spray foam market is slated to surpass $2,728.9 million by 2027 and will witness a CAGR of 6.8% from 2021 to 2027 with the rising building construction and remodeling activities across the globe.

Spray foam is majorly used in residential and commercial building construction applications owing to its ability to form continuous insulation and air sealing barriers on walls, roofs, around corners, and other surfaces.

The residential application segment will generate a demand for around 500 kilo tons by 2027 with rising construction activities in this sector driven by increasing population and easy availability of home loans at low-interest rates.

North America will capture around 45% share of global spray foam market by 2027 owing to the increasing commercial building construction activities and refurbishment projects in the region.

Key participants involved in spray foam industry are BASF, CertainTeed, Demilec, Carlisle Companies, Purees, Techno Foam Co., Ltd., Synthesia Technology, Isothane Ltd., Genyk, SWD Urethane, International Cellulose Corp., Icynene, Inc., Accella, Rhino Linings Corporation, and Specialty Products, Inc., among others.

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Premium Report Details

  • Published Date: Dec 2021
  • Companies covered: 10
  • Tables & Figures: 190
  • Countries covered: 19
  • Pages: 180

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