Spray Polyurethane Foam Market Size

Spray Polyurethane Foam Market Size

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.