Steady growth in North American construction sector will spur the semi-rigid spray polyurethane foam market growth over the forecast time frame. Steady recovery from economic slowdown coupled with the stable GDP growth will be the chief reason behind the North America’s construction industry growth.
Sellbyville, DE -- (SBWIRE) -- 11/19/2018 -- Driven by the rapid transformations in building regulations landscape, semi-rigid spray polyurethane foam market has gained immense recognition as a vital vertical of the advanced materials fraternity. The material is deemed to curb the energy costs by 30% p.a., which is indeed an appreciable figure addressing the rising demand for optimum energy utilization.
Driven by its high insulating properties, the end-use terrain of semi-rigid spray polyurethane foam industry has increased exponentially over the years ranging from commercial, residential to industrial sectors. In fact, the material has been claimed to successfully take over asbestos, which was widely used for its fireproof and insulting properties.
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According to a new research report by Global Market Insights, Inc. Semi-Rigid Spray Polyurethane Foam Market size will surpass USD 1.1 billion by 2024.
Semi-rigid spray polyurethane foam market is further segmented on the basis of application, end-use and region. According to the end-use, the global semi-rigid SPF market is segregated into commercial, residential, agricultural, institutional and industrial buildings. Among these, the residential buildings segment will account for more than 15% share of the overall segment in coming years due to the significant usage of the product for heat insulation and provide water & air resistant properties on the walls and roofs of personal homes as well as apartment buildings.
Based of application, the global semi-rigid spray polyurethane foam market is mainly divided into floor, walls and roofs. In terms of revenue, the floor application segment will likely generate over USD 18 million by 2024. Other applications segment includes attics, plumbing systems, ceilings, and will account for around a tenth of the entire semi-rigid SPF market in 2024.
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Speaking of the profitability potential, the government's role in augmenting the building performance optimization has significantly boosted semi-rigid spray polyurethane foam market trends. North America, in this regard, stands as one of the major recipients of this factor. The NECB (National Energy Code of Canada for Buildings) and Energy Standard for Buildings Except Low-rise Residential Buildings have reportedly increased the minimum criteria for levels pertaining to exterior wall insulation.
The new requirements focusing at increased thermal efficiency demand the deployment of incessant insulation in exterior wall constructions. In fact, wall as an application segment of semi-rigid spray polyurethane foam market accounted for nearly 50% of the global share in 2017.
The product in addition to being an excellent insulating material also provides high air barrier and enhances the water absorption by almost 40%. The commercial sector has been a major end-user of this product with major growth credits to wall applications. As per a report by Global Market Insights, Inc. the semi-rigid spray polyurethane foam industry size from commercial sector is forecast to register a 6.5% CAGR over 2017-2024.
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Japan semi-rigid spray polyurethane foam market is likely to become a USD 40 million by 2024 driven by significant growth in construction industry coupled with increasing demand from cold storage sector. This will positively influence the Asia Pacific semi-rigid SPF market throughout the forecast timeframe.
Some of the key semi-rigid SPF market players include Honeywell, Lapolla Industries, JJD Urethane Co, NCFI Polyurethanes, The Dow Chemical Company, and Foam Supplies Inc.