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Spray Polyurethane Foam Market size to exceed $3 Bn by 2032

  • Published Date: November 15, 2022

Spray Polyurethane Foam Market size is anticipated to go beyond USD 3 billion by 2032, as per a recent research report announced by Global Market Insights Inc.

The advent of eco-friendly spray polyurethane foam (SPF) will complement the industry outlook. Increasing focus on reducing energy consumption and enhancing overall energy efficiency across residential and commercial buildings has accelerated the use of SPF. Strict government regulations have been introduced to address the burgeoning energy crisis driven by excessive use of fossil fuels and limited reserves of non-renewable energy.

SPFs are applied to buildings to cover cracks and voids and reduce energy expenses. They are also used to maintain a healthy environment by preventing air or soil pollutants from entering the structures. SPFs are rapidly replacing traditional barriers such as glass fibers as they offer improved efficiency and ease of installation.

Advanced protection barrier capabilities of closed-cell SPF help build robust structures

Spray polyurethane foam market share from the closed-cell segment was valued at over USD 800 million in 2022. Closed-cell SPF with an R-value of more than 6 per inch and density exceeding 2 pounds per cubic feet are rigid in nature and highly durable. It is widely used in commercial buildings, trailers, and poler barns, along with newly constructed structures, attics, crawl spaces, and rim joints.

The Federal Emergency Management Agency (FEMA) has recognized closed-cell SPF as suitable for structures constructed in areas prone to floods due to its ability to reject bulk water and protect from damage. Increasing investment in the construction of residential and commercial spaces will accelerate the demand for closed-cell SPF products.

Rising residential construction projects to boost SPF application

Spray polyurethane foam market share from residential roofing is anticipated exhibit a 4% CAGR between 2023-2032. SPF is extensively applied across residential roofing applications including houses and apartment buildings. Rapid urbanization and increasing disposable income across developing economies have propelled large-scale investments in residential projects.

Modern infrastructure development focuses on energy efficiency and adheres to stringent building energy codes. Several governments have encouraged green infrastructure initiatives to curb environmental challenges and support sustainable construction. This scenario is expected to positively influence the SPF industry.

Browse key industry insights spread across 150 pages with 139 market data tables and 26 figures & charts from the report “Spray Polyurethane Foam Market Statistics By Product (Open cell, Closed cell), Application (Residential walls, Residential roofing, Commercial walls, Commercial roofing), COVID-19 Impact Analysis, Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2023 – 2032”, in detail along with the table of contents:

Expanding housing sector to complement SPF businesses in North America

North America spray polyurethane foam market is projected to expand at over 6% CAGR from 2023-2032. Countries such as the U.S. and Canada have a massive housing sector that is witnessing a vast number of real-estate initiatives, residential & commercial projects, and public infrastructure schemes. Post-COVID-19 pandemic recovery of the real estate business in North America is expected to offer lucrative opportunities to SPF manufacturers in the region.

Mergers and acquisitions to boost spray polyurethane foam industry expansion

BASF Corporation, Lapolla Industries, Inc., Bayer Material Science, NCFI Polyurethanes, Icynene Inc, Demilec, Premium Spray Products, Rhino Linings Corporation, CertainTeed Corporation, and The Dow Chemical Company are some of the leading companies in the global spray polyurethane foam industry. These players are implementing business strategies to expand their market presence.

Authors: Kiran Pulidindi, Kunal Ahuja