Spray Polyurethane Foam (SPF) Market Size By Product (Open Cell, Closed Cell), By Application (Residential Walls, Residential Roofing, Commercial Walls, Commercial Roofing), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, China, India, Japan, Australia, Indonesia, Malaysia, Brazil, Mexico, South Africa, GCC), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2018 – 2024
Published Date: Sep 2017 | Report ID: GMI2096 | Authors: Kiran Pulidindi, Soumalya Chakraborty Report Format: PDF
Spray Polyurethane Foam Market size was estimated over USD 1.5 billion in 2017 and the industry will grow by a CAGR more than 6.5% up to 2024.
Europe Spray Polyurethane Foam Market Share, by Application, 2013 – 2024 (USD Million)
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Rapidly growing construction industry in emerging economies will drive the spray polyurethane foam market due to its positive demand for housing facilities in the regions. Initiatives by various governments internationally to enhance the public infrastructure along with increase in spending power of consumers will propel the construction industry internationally. SPF provides higher efficiency when compared to traditional insulation materials which makes it favorable for the construction sector. Spray polyurethane foam offers high thermal resistance, lowers utility costs and can reduce heat transfer in addition to insulation which functions as a barrier to air and bulk water, depending on type and is also a retardant to moisture vapor. SPF protects and seals the building from penetration of cold air, hot air, sound and moisture and also acts as an insulating material on building substrates. More than, 90% of the SPF production is mainly used in building & construction activities, which generally includes roofs and walls owing to their effortless application. Furthermore, the product can reduce HVAC equipment needs owing to reduced cooling and heating demands and low equipment costs. These foams do not harm the ecosystem or human health once they are applied. Swelling investment in construction industry will boost the product demand in the near future.
In developed countries of Europe and North America several tax benefits and regulations have been introduced for conservation of energy, which has been an important driver for the product market growth over the recent years. In the United States., some major standards such as ASHRAE Standard 90.1 and ENERGY STAR codes applied for conservation of energy in buildings will further strengthen the use of SPF in the building & construction sector. Price volatility of raw materials may hamper the product market growth as these constituents are derived from benzene, a derivative of crude oil. This will restrain SPF production and profit margin of suppliers. Moreover, its occupational health hazards are the key limiting factors for spray polyurethane foam. Nevertheless, growing awareness of health hazards has increased the demand for bio-based products in the market.
Spray Polyurethane Foam (SPF) Market, By Product
By product, the market is categorized into open and close cell along with other products that includes construction adhesives, high-density SPF, etc. Among these, open cell is extensively used in building interiors which helps it to account for more than half of the product market share in 2017 and is projected to grow with a significant rate during the forecasted timeframe. These foams are permeable to water vapor and air and its sponge-like structures makes it ideal for commercial and residential interior applications. Whereas, Closed cell foam will likely grow with a CAGR of around 7% in the overall product segment between 2018 to 2024. These products find application in insulations as they prevent bacterial growth and resist water degradation. Hence, rising insulating applications demand in closed cell segment will increase the product market size.
Spray Polyurethane Foam Market, By Application
Based on application, spray polyurethane foam market is split into commercial & residential roofing, residential & commercial walls. Other applications include telecom, medical, transportation, etc. Commercial walls nearly generate a revenue over 260 million in 2017 and is projected to grow with a substantial rate during the forecast period. These segment growths will further propelled by increasing energy conservation demand and other advantages such as thermal performance, fire protection, termite control and moisture control. Residential roofing segment accounts for over 30% of the global spray polyurethane foam market share in 2017 owing to its extensive usage in prevention of cracks on roofs.
North America dominates spray polyurethane foam market with a share of more than 40% globally and will likely observe an excessive growth owing to regional government incentives and regulations, that promotes infrastructure with efficient energy. Moreover, the product demand for commercial and residential applications will positively impact the regional market.
Asia Pacific product market was valued over USD 365 million in 2017 and will grow with the CAGR of more than 5.5% between 2018 to 2024. Moreover, construction activities in China, India, and other emerging countries will be the main contributors to the product market in this region. Rising regional population along with income levels is projected to swell the building & construction industry in order to meet the increasing demand for permanent shelters. This will drive the regional product market size owing to its further application in cold storage pipes, and tanks.
Competitive Market Share
The dominant players in the industry claims the major spray polyurethane foam market share, which includes Bayer Material Science, BASF Corporation, Lapolla Industries and The Dow Chemical Company. Further, prominent players in the industry include Icynene Inc., CertainTeed Corporation, NCFI Polyurethanes., Rhino Linings Corporation and Demilec.
These companies mainly compete through innovation such as web and mobile applications, digital distribution platforms to reach end users. Majority of these industries contribute through the R&D to enhance their product offerings.
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Spray polyurethane foam is a chemical that is released by two polymers based on products such as isocyanate and polyol resins. The product is generally used in building & construction applications, predominantly for residential & commercial buildings. The SPF market is at an emerging stage and has enormous growth potential in the near-term with increasing popularity and wide acceptance globally.
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