Spray Polyurethane Foam Market Size By Product (Open cell, Closed cell), By Application (Residential walls, Residential roofing, Commercial walls, Commercial roofing), COVID-19 Impact Analysis, Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2023 – 2032

Industry Overview

Spray Polyurethane Foam Market size was worth more than USD 1.5 billion in 2022 and is projected to exhibit a 5.5% CAGR from 2023-2032. Surging demand for bio-based polyols is expected to complement the industry expansion.
 

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A rise in the number of new construction projects across developed and developing countries are expected to have a positive influence on the spray polyurethane foam (SPF) industry statistics. SPF is extensively used during the construction of buildings to fill in gaps, cracks, crevices, and voids. It ensures air-sealing insulation of structures with irregular surfaces and prevents the transfer of heat or air by expanding into a solid barrier separating the indoor environment from external factors. SPFs have gained significant traction across construction applications including walls, roofs, and interior and exterior of buildings.
 

Volatile costs of raw materials could restrain the spray polyurethane industry growth. The raw materials used to make SPFs include MDI and TDI, petroleum-based feedstocks that rely on crude oil-derived benzene. Dramatic fluctuations in crude oil prices because of the supply-demand gap, political tensions, and trade disputes between geographies are critical roadblocks hampering the industry outlook. Additionally, civil unrest and international complications with fossil fuel trade showcase new challenges for the crude oil sector. However, increasing efforts to make sustainable SPF solutions may help the industry overcome certain hindrances.
 

Rising residential construction projects to fuel the demand for open-cell SPF

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Spray polyurethane foam market share from the open cell foam segment is anticipated to witness a 5% CAGR between 2023-2032. Open-cell spray foams with an R-value reaching over 3.6 per inch have the ability to expand during the application process. Some of its exceptional features include a low carbon footprint, minimal air filtration, and adequate thermal insulation. The increasing use of open-cell SPF in the interiors of buildings can be attributed to its permeability toward moisture and air. It provides excellent sound absorption, ensuring a peaceful and comfortable indoor atmosphere, which makes it an ideal fit for application on roofs, interior walls, and ceilings. 
 

Rapid urbanization to accelerate the application of SPF on commercial walls

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Spray polyurethane foam market share from commercial wall applications is estimated to reach over USD 650 million by 2032. SPF has emerged as an ideal insulating solution for commercial buildings such as hotels, restaurants, offices, malls, retail outlets, and others. Rapid urbanization along with the modernization of infrastructure has initiated a large number of new construction projects, thus propelling the need for SPF.
 

Recent growth in the retail sector has led to the establishment of new customer care centers, warehouses, and distribution centers. Giants such as Amazon are investing large funds to develop new-generation multi-story warehouses. This scenario is expected to pave the way for segment growth.
 

Booming industrial sector to favor Europe SPF industry expansion

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Europe spray polyurethane foam market value is poised to reach USD 785 million by 2032. Economic development and increasing industrial output will offer lucrative application scope for spray polyurethane foam. The introduction of stringent environmental regulations and ambitious strategies to reverse climate change will help proliferate the employment of SPF for the insulation of buildings in an energy-efficient manner.
 

On the contrary, strict policies are also expected to present challenges for SPF manufacturers in the region. However, the development of eco-friendly SPF could pick pace on account of surging green infrastructure and sustainability initiatives.
 

Strategic alliances to augment global market statistics

Some of the leading companies in the global spray polyurethane foam market are NCFI Polyurethanes, BASF Corporation, Lapolla Industries, Inc., Premium Spray Products, Icynene Inc, Demilec, Rhino Linings Corporation, CertainTeed Corporation, Bayer Material Science, The Dow Chemical Company. These companies are implementing strategic mergers and acquisitions.
 

Impact of COVID-19 pandemic on spray polyurethane foam industry trends

The COVID-19 pandemic had a slightly negative impact on the spray polyurethane foam industry. The imposition of lockdown and social distancing norms forced industrial and manufacturing activities to shut down across construction businesses. Unprecedented disruptions in the supply chain and volatile prices of raw materials further hampered the business of spray polyurethane foam companies. However, economic recovery and the resurgence of residential and commercial projects are expected to drive the need for spray polyurethane foam over the upcoming years.
 

The spray polyurethane foam market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in Kilo tons and revenue in USD Million from 2018 to 2032 for the following segments:

By Product

• Open cell
• Closed cell     
• Others

By Application

• Residential walls
• Residential roofing
• Commercial walls
• Commercial roofing
• Others

The above information is provided on a regional and country basis for the following:

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