According to a new research report by Global Market Insights Inc., the Spray Foam Market size is forecast to reach USD 2.7 billion by 2027. Investments in building & construction developments and increasing requirements for building insulation materials are driving the product demand.
The spray foam has many benefits over traditional board insulating materials such as expanded polystyrene (EPS) and extruded polystyrene (XPS). The product provides lower R-values than rigid board insulations and optimizes energy efficiency. Lower wastage during application, easy transportation & applications, and better adherence to substrates make spray foam an enhanced building insulation. Although the cost of spray foam may be more than board packaging, the final cost of the product combined with installation & transportation cost is lower than traditional board insulations.
This product is widely used as an insulating material in building walls and roofs. Spray foams seal air gaps and prevent heat loss. It also acts as a water barrier and gives structural strength to walls & roofs due to its rigid or semi-rigid nature. Increasing residential & commercial building constructions in European and Latin American countries coupled with rising building renovation activities will boost product demand. Government regulations & standards pertaining to energy usage in buildings will also augment the spray foam market dynamics as the product significantly lowers a building’s energy costs.
Browse key industry insights spread across 180 pages with 202 market data tables & 10 figures & charts from the report, “Spray Foam Market Size, By Product (Open Cell, Closed Cell), By Density (Low, Medium, High), By Application (Construction [Residential, Commercial], Packaging), Industry Analysis Report, Regional Outlook, Application Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027”, in detail along with the table of contents:
Closed cell demand for building insulation to boost product consumption
The closed cell segment accounted for more than 45% of the overall market size in 2020 and will generate around USD 1.2 billion by 2027. With the advent of technology, military buildings also use this product due to its superior properties. In educational institutes, municipal corporations, etc., the product is widely used for its insulating properties and a greater R-value. The demand for spray foam will propel due to the rising demand from the end-use application segment in the near future. A closed cell is commonly used in vans, pole barns, and commercial buildings. The closed cells spray foam is a good fit in new construction homes, rim joists, attics, and crawl spaces.
The spray foam market from low density will witness significant growth during the projection timeline. It is most commonly used in interior applications including unvented attics, wall cavities, basement walls, ducts, ceilings, the underside of roof decks, and crawl spaces. The open-cell insulation structure of low-density spray foam allows it to provide flexibility and be relatively soft. The flexibility of the foam allows to maintain its efficiency. Furthermore, the soft texture of also helps to absorb sound in the area it is applied to.
Growing construction spending to fuel the demand for spray foam
The construction segment is expected to grow at a CAGR of 7% from 2021 to 2027. Spray foam applications in the construction segment include residential & commercial buildings, driving the market growth during the forecast timeframe. This can be attributed to rising residential building construction activities around the globe. Other factors that will drive the residential & commercial applications of spray foam are stricter building energy codes and rising demand for green buildings due to increasing environmental problems. Increasing global spending in building and construction is significantly contributing to the growing product consumption. Moreover, the inclining shift of industry players toward energy-efficient buildings is a key factor driving the market growth. For instance, the global spending on energy-efficient buildings reached USD 152 billion in 2019 while reflecting a growth of 3% compared to the previous year.
Rising demand for insulated buildings to shoot growth in North America
North America will witness around 6% CAGR in spray foam market through 2027 due to the high standards of living along with the rising number of residential homes due to low-interest rates. Furthermore, standards related to the construction of buildings adopted in the country will boost product use as it reduces the level of pollution. The soaring energy prices in the country will also contribute to the rise in product demand over the forecast period.
Some of the prominent spray foam industry players include, BASF, CertainTeed, Demilec, Carlisle Companies, Purios, Techno Foam Co., Ltd., Synthesia Technology, Isothane Ltd., Genyk, SWD Urethane, International Cellulose Corp., Icynene, Inc., Accella, Rhino Linings Corporation, and Specialty Products, Inc.