Spray polyurethane foam market is segmented, based on product types, into open cell, close cell, and other products such as high-density spray polyurethane foams, construction adhesives, etc. Among these, open cell foam product segment accounted for around half of the total market share in 2016 and the segment is projected to grow at a significant rate by 2024.
Sellbyville, DE -- (SBWIRE) -- 12/13/2018 -- 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.
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.
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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
Industry Growth drivers are
- Growth construction industry in Asia Pacific and U.S.
- Stringent government regulations regarding energy efficiency
- Volatile prices of raw materials
- Occupational health hazards associated with the product
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.
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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.
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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.
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