Spray Polyurethane Foam Market is projected to be worth USD 1.81 Billion by 2030, registering a CAGR of 6.1% during the forecast period (2021 - 2030).
Spray Polyurethane Foam Market Overview
Spray Polyurethane Foam Market is projected to be worth USD 1.81 Billion by 2030, registering a CAGR of 6.1% during the forecast period (2021 - 2030). The spray polyurethane foam market is one of the largest markets in the world. Spray PU foam is widely used in the construction industry for insulating walls, gap fillers in doors and windows, and panels. Spray PU foam exhibits high energy efficiency, versatility, and mechanical or thermal performance. The spray foam insulation is used in refrigerators and construction and these essential additives allow you to optimize your system, solve problems and develop innovative products for your customers by improving emulsification and nucleation, preventing coalescence, stabilizing cell members, and decreasing surface tension.
Spray polyurethane foam has been segmented into open-cell spray PU foam and closed-cell spray PU foams. It is also divided by type, application (residential, commercial, and industrial), and geographic (APAC, North America, Europe, and South America). Sekisui Chemical Co. Ltd, Roger Corp, Nitto Denko Corp, and BASF SE are a few of the key vendors in the market for spray polyurethane foam market. The key market for the spray is China, the USA, Germany, South Korea, and Italy. The main factor increasing the spray polyurethane foam market growth is the increasing demand for spraying PU foams in the construction industry. Soon the spray polyurethane market is going to see exponential growth as per the forecast.
Global Spray Polyurethane Foam Market Share, by Type, 2017 (%)
Source: MRFR Analysis
North America market accounted for the largest share of the global spray polyurethane foam market and is expected to register a healthy CAGR during the review period. This market growth can be attributed to the increasing construction spending in the region. Growing energy consumption by the residential buildings has resulted in surge in demand for energy efficient construction materials and thus, spray polyurethane foam in the region.
Asia-Pacific is another prominent market on account of increasing residential and commercial construction coupled with growing urbanization and changing living standard. Additionally, increased investment by the government in developing nations such as India, China, and ASEAN for the infrastructure development has resulted in increase in construction activities, which is expected to propel the market growth during the review period.
The European market is expected to drive the market growth on account of the expanding construction industry in Western and Northern Europe with increased spending on construction, renovation, and maintenance to meet the growing requirement for modern architecture and smart buildings.
The market in the Middle East & Africa and Latin America market is expected to grow at a significant rate during the review period on account of increasing investments in the construction sector.
The global spray polyurethane foam market has been segmented by type, application, and region.
On the basis of type, the market has been segmented into open cell spray polyurethane foam (light density spray foam), closed cell spray polyurethane foam, one component foam, and others.
Closed cell spray polyurethane foam is further sub-segmented into high and medium density spray foam.
Based on application, the market has been divided into walls, roofs, attics, floor, crawl spaces, and others.
By region, the market has been categorized as North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
Some of the key players in the global spray polyurethane foam are Huntsman International LLC (US), Accella Polyurethane Systems (US), BASF SE (Germany), Certainteed (US), Icynene (Canada), DowDuPont (US), NCFI Polyurethanes (US), Invista (US), Isothane Ltd (UK), Johns Manville (US), Soprema (France), Specialty Products Inc (US), and Rhino Linings Corporation (US).Recent Devlopment
The industry size is aimed to hit 1,008.2 kilotons by 2028, with an expected CAGR of 5.5% in terms of volume, through the forecast period. There has been a huge impact on the construction sector post-pandemic, the industry is calculated for almost 11 trillion out of which the maximum share is owned by the residential segment. The covid-19 pandemic has caused disruption in supplies, thus impacting the SPF market. It shows that the public constructions are adjusted at certain times of the year.
|Market Size||2030: Significant Value|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Has been segmented by type, application, and region.|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Huntsman International LLC (US), Accella Polyurethane Systems (US), BASF SE (Germany), Certainteed (US), Icynene (Canada), DowDuPont (US), NCFI Polyurethanes (US), Invista (US), Isothane Ltd (UK), Johns Manville (US), Soprema (France), Specialty Products Inc (US), and Rhino Linings Corporation (US).|
|Key Market Opportunities||Growing demand for energy-efficient construction materials in buildings to conserve energy sources .|
|Key Market Drivers||Rise in construction in developed markets on account of increased requirement for smart buildings and modern architecture.|
The spray polyurethane foam market would find a 7% CAGR easy to achieve during the forecast period of 2017 to 2023.
The global spray polyurethane foam market would grow with the increasing construction of green buildings.
North America would take the charge and dominate the spray polyurethane foam market in the coming years.
The spray polyurethane foam market can profit from applications like roofs, walls, floors, crawl spaces, attics, and others.
Players like Accella Polyurethane Systems (US), Huntsman International LLC (US), Icynene (Canada), BASF SE (Germany), Certainteed (US), Invista (US), Isothane Ltd (UK), DowDuPont (US), Specialty Products Inc (US), NCFI Polyurethanes (US), Soprema (France), Johns Manville (US), and Rhino Linings Corporation (US) are projected to gain profit from the spray polyurethane foam market.