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, 2017 – 2024
Published Date: Sep 2017 | Report ID: GMI2096 | Authors: Kiran Pulidindi, Soumalya Chakraborty Report Format: PDF
Spray Polyurethane Foam (SPF) Market size was estimated over USD 1.4 billion in 2016 and the industry will grow by a CAGR more than 6.5% up to 2024.
Europe Spray Polyurethane Foam Market Size, by Application, 2013 – 2024 (USD Million)
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Growth in construction industry will propel the spray polyurethane foam market owing to rising demand for housing facilities, especially in emerging economies. Increasing consumer spending power accompanied with government initiatives towards boosting the public infrastructure will drive the construction industry in future. The product is being increasingly used in the construction sector due to its higher efficiency than traditional insulation materials. It is produced by reacting isocyanates such as polyols, methylene diphenyl diisocyanate (MDI), etc. in the presence of blowing agents and flame retardants. The foam is sprayed as an insulating material on building substrates. Over 90% of the spray polyurethane foam production is used in various construction activities, including walls and roofs due to the ease of application. Once applied, these foams do not cause any harm to human health or the ecosystem. Increasing investment in construction industry will enhance the product demand in forecast spell.
Several regulations and tax benefits have been introduced for energy conservation, particularly in developed countries of North America and Europe. This has been a key driver for spray polyurethane foam market growth in coming years. In the U.S., some major standards such as International Energy Conservation Code (IECC) and Leadership in Energy and Environmental Design (LEED) have been implemented for energy conservation. Thus, the spray polyurethane foam market is led by energy efficiency and government regulations.
Volatility in raw material prices and occupational health hazards are the key restraining factors for spray polyurethane foam market growth in forecast timeframe. TDI and MDI are among the key raw materials used in the production of SPFs. These materials are derived from benzene which is a derivative of crude oil. The crude oil market is highly concentrated and oligopolistic in nature. Hence, the supply of crude oil has been a major restraining factor for the spray polyurethane foam market growth. There has been fluctuation in crude oil prices due to concentrated nature of the crude oil market resulting in price fluctuations of its derivatives such as TDI and MDI. At the time of spray polyurethane foam production, these raw materials cause severe health hazards including asthma and skin irritation. Increasing awareness of health hazards has led to growth in demand for bio-based products. This has been one of the key restraining factors for isocyanates based spray polyurethane foam market growth.
Spray Polyurethane Foam Market, By Product
Spray polyurethane foam market is segmented, based on product types, into open cell, close cell, and other products such as high-density spray polyurethane foams, construction adhesives, etc. Among these, open cell foam product segment accounted for around half of the total market share in 2016 and the segment is projected to grow at a significant rate by 2024. This is due to its extensive use in building interiors. Open cell foams are permeable to air and water vapor and form sponge-like structures. This makes it ideal for usage in residential and commercial interior applications.
Closed cell foam product segment is likely to grow by close to 7% CAGR during the forecast period. These products are used in insulations as they are resistant to water degradation and prevent bacterial growth. Hence, rising demand for high insulating applications in closed cell product segment is driving the spray polyurethane foam market demand by 2024.
Spray Polyurethane Foam Market, By Application
The spray polyurethane foam market is further bifurcated into four major application categories which include residential walls, residential roofing, commercial roofing, and commercial walls. Minor applications such as medical, telecom, transportation, etc. have been included in the others segment. Residential walls application segment generated revenue over USD 350 million in 2016 and is anticipated to grow at a substantial rate in forecast period. This segment growth will be propelled by rising energy conservation demand and several advantages such as fire protection, thermal performance, moisture control and termite control.
Commercial roofing application segment accounted for over 15% of the global spray polyurethane foam market share in 2016. This is attributed to extensive product usage for prevention of cracks on the roofs in the high number of commercial buildings in the U.S. and Western Europe.
Spray Polyurethane Foam Market, By Region
North America is a major spray polyurethane foam market accounting for more than 40% of the total share. This region is expected to witness high growth due to government regulations and incentives, which promote energy efficient infrastructures. Demand for the product from residential and commercial applications will likely augment the regional market.
Asia Pacific spray polyurethane foam market was valued above USD 400 million in 2016 and is expected to grow healthily in the forecast spell. India, China, and other Asian countries will be the chief contributors to the industry growth in this region. Growing population and income level in the region is estimated to drive the building and construction industry owing to the rising demand for permanent shelters. This, in turn, would drive the regional spray polyurethane foam market. The application of product in pipes, cold storage and tanks is also likely to drive the market in this region.
Competitive Market Share
The key players in spray polyurethane foam market which holds the major chunk include BASF Corporation, Bayer Material Science, The Dow Chemical Company, and Lapolla Industries. The other prominent industry players include CertainTeed Corporation, Icynene Inc., Premium Spray Products, Rhino Linings Corporation, NCFI Polyurethanes., and Demilec.
Companies compete through innovative methods such as mobile applications and web applications to reach end consumers. Majority of the industry contributors are engaged in the research and development to enhance the product offerings.
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Spray polyurethane foam is the chemical product which is basically extruded by two polymer based products such as polyol and isocyanate resins. It is widely used in construction applications, particularly for residential and commercial buildings. The product market is at a nascent stage and has massive growth potential in coming years as its wide acceptance and commercial popularity increases.
The spray polyurethane foam market is dominated by a few big players such as BASF Corporation, Bayer Material Science, and Lapolla. These major players accounted for over 45% of the market share in 2016. As the residential sector is the key application segment, proximity to end consumers and brand awareness are crucial factors affecting market growth.
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