Spray Polyurethane Foam Market size to surpass $2.5bn by 2024
Published Date: August 19, 2019 Authors: Kiran Pulidindi, Soumalya Chakraborty
Spray Polyurethane Foam (SPF) Market size will likely exceed USD 2.5 billion by 2024; according to a new research report by Global Market Insights, Inc.
Rising construction sector in the U.S and Asia Pacific region will swell spray polyurethane foam market during the anticipated timeframe. SPF is widely used on building roofs and walls owing to its thermal resistant and heat transfer properties. Increasing demand for quality homes in emerging economies as a result of increase in income level, which will increase the demand for the product by 2024.
The global spending on building & construction activities was more than USD 5 trillion in 2016, which is likely to reach around USD 8 trillion by 2024. High GDP growth in Asia Pacific region has led to a rise in regional construction activities across various sectors including residential, roads and industrial. Spray polyurethane foam demand in North America is mainly driven by energy efficiency regulations by the federal government in addition to excessive demand for reconstruction in the region will propel the demand for the product.
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Energy crisis globally has compelled end-users such as residential and commercial builders to for energy conservation through efficient structures. The product is mainly used to cover cracks and holes in walls & ceilings and also helps to insulates other structures, which reduces energy loss. SPF also helps to avoid soil or air pollutant from entering the structure and positively regulates the buildings environment.
Crude oil based raw materials continuously fluctuates spray polyurethane foam prices globally which may restrain the SPF market size in the near future. The product prices are mainly dependent on isocyanates and other polymer based products that are principally derived from crude oils. Moreover, these raw materials may result several issues to human health and can cause skin irritation, asthma, etc. which may further hinder the market growth during the forecast timeframe.
Browse key industry insights spread across 115 pages with 139 market data tables & 11 figures & charts from the report, “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, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2018 – 2024” in detail along with the table of contents:
The spray polyurethane foam market has been segmented based on product and application. By product types, open cell foams will capture more than 45% volume share by 2024 and is likely to escalate with a CAGR of more than 6.5% in the forecasted spell. This is all owing to its exceptional features, which includes low carbon footprint, thermal insulation and reduces the air filtration. Open cell foam is widely used for residential and commercial building interiors due to its permeability towards moisture and air.
On the basis of application, the product market includes residential walls, residential roofing commercial walls, and commercial roofing. Among these, commercial walls will clutches over 15% volume share in 2024. Increasing demand for quality materials in housing and infrastructural applications will boost the SPF market demand in the coming years.
North America region will generate revenue more than USD 1 billion in 2024 and is likely to grow at a prominent rate. The region is expected to undergo a significant growth for the product due to favorable government guidelines, that recommends energy efficient building infrastructure in the region.
The key participants in the SPF Market share include Dow Chemical, Lapolla, Bayer, and BASF which nearly holds a share of more than 45% of the global product manufacturing. Other important players include CertainTeed, Icynene, Premium Spray Products, , Rhino Linings, NCFI Polyurethanes and Demilec to name some.
Spray Polyurethane Foam market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2013 to 2024, for the following segments:
Spray Polyurethane Foam Market by Product
- Open cell
- Closed cell
- Residential walls
- Residential Roofing
- Commercial walls
- Commercial Roofing
The above information is provided on a regional and country basis for the following:
- North America
- Asia Pacific
- Latin America
- South Africa