Spray Foam Market Analysis

Spray Foam Market Analysis

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.
 

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 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 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.