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Spray Polyurethane Foam Market Size, Share and Industry Analysis Report by Product (Open Cell, Closed Cell) and Application (Residential Walls, Residential Roofing, Commercial Walls, Commercial Roofing), Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 – 2028

  • Report ID: GMI2096
  • Published Date: Mar 2022
  • Report Format: PDF

Industry Overview

Spray Polyurethane Foam Market size was USD 1.78 billion in 2021 and will grow at a CAGR of 5.8% from 2022 to 2028 driven by increasing building construction and remodeling activities across the globe. The industry size is projected to hit 1,008.2 Kilo Tons by 2028, with an anticipated CAGR of 5.5% in terms of volume, through the forecast period.

spray polyurethane foam market outlook

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The product is used to fill gaps, cracks, voids & crevices of buildings and adheres to irregular surfaces to form an air sealing insulation due to its ability to expand at the time of the application process. The demand for spray polyurethane foam is largely dependent on the construction market. Over 90% of the overall spray polyurethane foam production is used in various construction activities including walls, roofs, and the interior & exterior of buildings.

The increasing global population along with economic developments in emerging economies will propel the global product demand. Spray polyurethane foams (SPF) are used in buildings to protect them from adverse weather conditions, corrosions, cracks, etc.

Spray polyurethane foam is used to build walls, roofs, basements, and attics to prevent air loss, thus keeping the building close. The market for building insulation has been growing rapidly from the past twenty years due to the growing perception about the energy-saving benefits of insulating buildings, especially in regions with a cold climate.

The U.S. Environment Protection Agency (EPA) suggests that insulated and ventilated buildings can save up to one-fifth of the cost of heating & cooling. It is also estimated that more efficient walls & roofs will allow heating & cooling systems to be reduced by about 35%.

Spray polyurethane foam is primarily obtained from petroleum-derived feedstock such as MDI and TDI. These substances are derived from benzene, which comes from crude oil. The fluctuation in crude oil prices results in price fluctuations. Factors including the civil unrest in the Middle East and Iran's ban have led to disruptions in the supply of crude oil, which have hampered fuel prices. Therefore, commodity price fluctuations have become a major obstacle in the spray polyurethane foam market growth.

Open-cell foams to hold significant share in the industry

spray polyurethane foam market by product

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Open-cell foam will generate a revenue of around USD 1.2 billion by 2028 as these are extensively used in building interiors owing to its permeability toward air and moisture. Open-cell spray polyurethane foam is primarily employed in residential applications and dominates the global product demand. Open-cell foams are permeable to air & water vapor and form sponge-like structures. This makes it ideal for use in residential & commercial interior applications, thus directly propelling the industry growth by 2028.

Rising residential construction cost to support roofing segment growth

spray polyurethane foam market by application

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The spray polyurethane foam market from residential roofing will generate a demand for over 285 kilo tons by 2028 owing to increasing construction cost. For instance, the U.S. construction costs increased from USD 993.4 billion in 2013 to USD 1,558.9 billion in 2021. Growth in the U.S. construction industry has strongly encouraged the rise of private construction activities in the country.

The above figure shows the number of private & public construction projects that are adjusted at certain times of the year. Although the public construction sector has remained stagnant during the above-mentioned period, private construction has experienced significant value growth.

There has been a huge impact on the construction sector post-COVID-19. The construction industry accounts for almost USD 11 trillion out of which the maximum share is owned by the residential segment. The COVID-19 has caused disruptions in supplies, thus impacting the SPF market.

North America to lead the industry size

spray polyurethane foam market by region

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North America spray polyurethane foam market will generate around USD 1 billion by 2028. This attributed to the new commercial building construction & refurbishment projects in the region that witnesses both cold & warm weather conditions across the year. High energy prices are the concerns of the common people in the region due to this. Spray foam is the best suitable solution for such issues. The easy availability of home loans in the region has boosted the residential building activities in the country, contributing toward product growth over the forecast timeframe.

Europe spray polyurethane foam market will witness around 5.5% CAGR through 2028. Rising population in 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 also catapulted the number of industrial & commercial structures.

Joint ventures, partnerships, and acquisitions to drive competition in the industry

Manufacturers of spray polyurethane foams are constantly investing to expand through collaborations, integration, and acquisitions to achieve a competitive edge in the industry. In June 2018, Demilec launched the Heatlok HFO Pro designed on the molecular level to specifically address the challenges of building envelope.

The global spray polyurethane foam industry is moderately fragmented with six major companies occupying over 40% share of the total market share. BASF, CertainTeed, Demilec, NCFI Polyurethanes, Lapolla, Henry Company, and Dow Dupont are the key market players.

The spray polyurethane foam market report includes in-depth coverage of the industry with estimates & forecast in terms of volume in Kilo tons and revenue in USD Million from 2022 to 2028 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:

By Region

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

Frequently Asked Questions (FAQ) :

The spray polyurethane foam industry is slated to surpass USD 2.5 billion by 2028 and is pegged to record a CAGR of over 5.8% from 2022 to 2028 owing to the increasing number of building construction and remodeling activities worldwide.

Polyurethane spray foam is a spray-applied material that is used for filling gaps, cracks, voids, and crevices of buildings as well as adheres to irregular surfaces for forming an air sealing insulation.

Demand for open-cell spray polyurethane foam is anticipated to surpass USD 1.2 billion by 2028 on account of rising usage in the interiors of buildings to offer permeability toward air and moisture.

The spray polyurethane foam industry in North America is likely to generate USD 1 billion by 2028 owing to the surge in new commercial building construction as well as refurbishment projects.

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Premium Report Details

  • Base Year: 2021
  • Companies covered: 11
  • Tables & Figures: 150
  • Countries covered: 17
  • Pages: 150

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