Spray Foam Market Size

Spray Foam Market Size

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.

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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.