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.
Sellbyville, DE -- (SBWIRE) -- 05/13/2019 -- Increasing housing facility demand, especially in the developing countries such as China, Brazil, & India will add value to the construction industry, thereby propelling the spray polyurethane foam market. Developed countries with mature construction markets such as the U.S. will also propel the spray polyurethane foam demand in upcoming years due to increased spending for the repair and maintenance of old buildings and infrastructure.
Governments in emerging economies are taking special initiatives towards infrastructure development which in turn will boost their respective construction industries in upcoming years. Increasing demand for energy efficient residential & commercial buildings coupled with the insulating properties of the product will provide high growth opportunities for spray polyurethane foam industry development in the forecast timespan.
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According to a new research report by Global Market Insights, Inc. Spray Polyurethane Foam (SPF) Market size will likely surpass USD 2.5 billion by 2024.
To improve the local economy and conserve energy, various governments have initiated strict regulations and mandates which also lead to several tax benefits. Energy conservation in other terms means lesser use of energy for the same task, which also leads to decrease in power plant emissions. Several regulations and standards for energy preservation in the U.S. and Europe providing tax benefits for green buildings will positively influence the spray polyurethane foam market development.
Adverse health effects such as dermal, eye and respiratory infections and irritations owing to exposures with asthma causing isocyanates may act as a hindrance for the spray polyurethane foam market in the coming days.
Based on product, spray polyurethane foam market is segmented into closed cell, open cell and, others which include construction adhesives, high-density spray polyurethane foams, etc. As of 2016, open cell segment accounts for over 50% of the entire industry share and will surpass USD 1 billion by the end of 2024. The segment will display significant growth rate in the forecast period due to their extensive use in the building interiors.
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The residential roofing segment will hold the maximum share by capturing close to one-third of the entire product market share. The commercial walls segment will grow with the highest CAGR of over 8% by 2024 due to increasing office space demand in cities across the world which is likely to boost commercial building construction.
North America led by the U.S. will hold a major share in the global spray polyurethane foam market and the region's revenue will surpass USD 1 billion by the end of the estimated timeframe. North America is the followed by Asia Pacific region where increasing construction activities and growing infrastructural facilities will propel the spray polyurethane foam market in coming days.
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Prominent players operating in the global spray polyurethane foam market with a major industry share include Lapolla, The Dow Chemical Company, Bayer Material Science, and BASF Corporation. Other significant industry players include Demilec, Rhino Lining, NCFI Polyurethanes, Premium Spray Products, Icynene, and CertainTeed Corporation to name a few.