Spray Polyurethane Foam Market will surpass $2.5bn by 2024
OCEAN VIEW, DE – October 20, 2017 – Spray Polyurethane Foam (SPF) Market share is set to reach USD 2.5 billion by 2024; according to a new research report by Global Market Insights, Inc. Growing construction industry in Asia Pacific and the U.S region will likely fuel spray polyurethane foam market in forecast spell. It is extensively used on building walls and roofs owing to its heat transfer characteristics. Rising quality homes demand in emerging countries driven by shift in income level will augment the product demand in coming years.
In 2016, the overall spending on construction activities was over USD 5 trillion and it is likely to reach around USD 8 trillion by 2024. In Asia Pacific, high GDP growth has led to an increase in construction activities across various segments including roads, residential and industrial. In North America, spray polyurethane foam market demand is primarily driven by government regulations for energy efficiency coupled with high demand from the reconstruction sector.
Currently, the energy crisis is a key concern round the globe which has compelled end-use consumers such as commercial and residential builders to look for energy efficient structures. SPF is used to cover holes and cracks in ceiling and walls and to insulate the structures, thus reducing energy loss. These foams also help to avoid any air or soil pollutant from entering the structure, thereby maintaining a healthy environment in the buildings.
Raw material price volatility may hamper the spray polyurethane foam market in future due to the continuous fluctuation in crude oil prices. Spray polyurethane foam price is primarily dependent on the polymer based products such as isocyanates etc. which are crude oil derivatives. Additionally, the raw materials used in making the product may result in several health issues such as asthma, skin irritation, etc. This may be a key restraint factor for market growth in forecast spell.
Browse key industry insights spread across 116 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 (U.S., Canada, Germany, UK, France, Spain, Italy, China, India, Japan, Australia, Indonesia, Malaysia, Brazil, Mexico, South Africa, GCC), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024” in detail along with the table of contents:
Spray polyurethane foam market has been segmented on the basis of product and application. Among product types, open cell foams held close to 50% share of the industry in 2016 owing to its extraordinary features include thermal insulation, low carbon footprint and minimize the air filtration. It is extensively used for the building interiors owing to its permeability towards air and moisture.
The application segment of spray polyurethane foam market includes commercial walls, residential walls, commercial roofing, and residential roofing. Increasing demand for decent quality materials for house and infrastructures will propel the spray polyurethane foam market demand in future. Among these, residential roofing applications held a significant share of around 30% of the global spray polyurethane foam market in 2016.
Based on regions, North America registered more than USD 650 million for the spray polyurethane foam market in 2016 and will escalate at a notable rate in coming years. The region is likely to experience high growth owing to favorable government regulations, which endorse energy efficient infrastructure. Asia Pacific followed North America in 2016, accounting to almost 305 of the global share.
The top companies in the spray polyurethane foam industry include BASF, Bayer, Dow Chemical, and Lapolla which holds over 45% of the company market share. Other key players include Icynene, CertainTeed, Premium Spray Products, NCFI Polyurethanes, Rhino Linings, and Demilec to name some.
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