Ocean View, DE -- (SBWIRE) -- 04/23/2020 -- According to the new research report, Rigid Spray Polyurethane Foam Market size was estimated at USD 650 million in 2016 and is projected to surpass USD 1.1 billion by the year 2024.

As energy conservation continues to acquire an imminent place across major business verticals, rigid spray polyurethane foam market share has gained laudable traction over the recent years. In order to conform to the stringent regulatory guidelines pertaining to constructing energy-efficient buildings, manufacturers of construction material appear to have focused on developing innovative products. As a consequence of which, rigid spray polyurethane foam industry has found widespread popularity, given that these polymers can be utilized to improve envelop insulation of buildings.

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The end-use segment of the rigid SPF market is segregated into industrial, agricultural, residential, commercial and institutional buildings. Among these, industrial buildings will likely capture around 25% share of the total end-use segment in rigid SPF market over forecast period.

In terms of value, institutional buildings segment is likely to generate around USD 270 million by 2024. This is all due to excessive usage of the foams in buildings walls, ceilings and roofs for insulation and sealing purpose.

The roof application segment is said to grow over 5% CAGR throughout the forecast timeframe owing to excessive construction activities in emerging economies.

Growth Drivers are –

- Growth construction industry in Asia Pacific and the U.S.
- Stringent government regulations regarding energy efficiency

Based on value, Canada rigid spray polyurethane foam market is said to grow around 7.5% CAGR in the near future due to the significant residential & industrial buildings renovation and construction activities.

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U.S. to sustain its position as the leading terrain for rigid spray polyurethane foam industry progression

After gradually recovering from the 2008 economic slowdown, the U.S. construction sector has progressed at an exceptional pace over the past decade. It would be prudent to mention that the stable GDP growth rate has been the prominent factor to propel the construction industry in the nation. Owing to the swift rise of construction sector coupled with a steady GDP augmentation, the rigid spray polyurethane foam market has apparently benefited considerably over the past few years.

Moreover, various government agencies have drafted elaborate provisions to strictly enforce major energy efficiency standards such as Leadership in Energy and Environmental Design (LEED) and the International Energy Conservation Code (IECC) across the U.S. These regulations have necessitated the construction sector to readily embrace polymers like spray polyurethane foam as they provide resistance to heat transfer, reduce energy requirements of large buildings, and seal air gaps in roofs and walls to cool down the energy-guzzling residential and commercial structures.

According to the estimates published by the U.S. Department of Energy, more than half of the energy utilized across households is for cooling or heating purposes. Moreover, a major portion of buildings' energy, calculated to be around 30%, is lost due to air infiltration. Apparently, sealing and insulating air gaps is one of the most effective solutions in order to conserve and efficiently utilize energy. This trend would consequentially contribute toward expanding the U.S. rigid spray polyurethane foam industry share as these foams continue to find wide scale usage in the construction sector.

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With SPF garnering immense popularity as an effective economic tool to comply with energy efficiency standards and regulatory norms, the global rigid spray polyurethane foam market would irrefutably accrue substantial gains in the immediate future. In addition to this, the rising inclination toward constructing green and energy-efficient buildings would act as a boon for the overall business space.

Key players are -

BASF Corporation, Lapolla Industries, Inc, Bayer Material Science, NCFI Polyurethanes, Icynene Inc., Demilec, Premium Spray Products, Rhino Linings Corporation, CertainTeed Corporation, The Dow Chemical Company, Specialty Products Inc., Henry Company, Foam Supplies Inc., International Cellulose Corp., Mitex International Inc.

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