Spray Polyurethane Foam Market Analysis

Global Spray Polyurethane Foam Market Overview

The Spray Polyurethane Foam Market Size was valued at USD 1.10 Billion in 2022. The Spray Polyurethane Foam industry is projected to grow from USD 1.56 Billion in 2023 to USD 3.3 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 7% during the forecast period (2023 - 2030). The growth of the Spray Polyurethane Foam Market is influenced by several factors swapping inexperienced building techniques, an aging health-conscious population, government laws, augmented demand for bio-based merchandise, and bigger awareness among end-users concerning energy usage within the buildings.           Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Spray Polyurethane Foam Market Trends

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  The rising need for the swapping of inexperienced building techniques, an aging health-conscious population, and government laws are boosting the market growth.

  
  

The growth of the Spray Polyurethane Foam Market is influenced by several factors swapping inexperienced building techniques, an aging health-conscious population, government laws, augmented demand for bio-based merchandise, and bigger awareness among end-users concerning energy usage within the buildings. The limiting factors of the Spray Polyurethane Foam Market are the threats it poses to human health. The remnants stay within the natural surroundings for a little time from the time it’s applied to the walls, and also the exposure to the remnants of SPF chemicals found in vapors, aerosols, dust, or on the surfaces has an effect on health and causes chronic illness like bronchial asthma. This issue is hampering the expansion of the market.

Additionally, The rise within the growing industry within the Asia Pacific and also the U.S.A. may be a very important issue escalating the market growth, conjointly an increase within the rigorous government laws concerning energy potency. An increase in the use of polymer foams in building insulations for energy conservation, an increase in the skillfulness and distinctive physical properties of polyfoams and an increase in the insulating applications demand within the closed-cell phase are the main factors among others driving the Spray Polyurethane Foam Market. Moreover, the increase in the production of bio-based polyols and rising analysis and development activities within the market can produce new opportunities for the spray Polyurethane market within the forecast period.

Spray Polyurethane Foam Market Segment Insights

Spray Polyurethane Foam Product Insights

The Spray Polyurethane Foam Market segmentation, based on Product, includes Open-Cell, Closed-Cell. Amongst these, The closed-cell structure is expected to remain the larger and faster-growing segment of the market and occupied a major market share of more than 70% in 2020. There is a high significance of closed-cell structure SPF in exterior applications such as roofs and walls. On the contrary, the open-cell structure is mainly preferred in interior applications such as ceilings and floors.

Spray Polyurethane Foam  End-user Insights

Based on End-user, the Spray Polyurethane Foam Market segmentation includes Commercial, Residential, Industrial, and Others. The commercial segment held the largest market share of more than 30% in 2020 and is likely to grow at a considered CAGR during the forecast period.

Figure 2: Spray Polyurethane Foam Market, by Product, 2023 & 2030 (USD Billion)             Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Spray Polyurethane Foam Regional Insights

By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. North America market accounted for the largest share of the Spray Polyurethane Foam Market and is expected to register a healthy CAGR during the review period. This market growth can be attributed to the increasing construction spending in the region. Growing energy consumption by residential buildings has resulted in a surge in demand for energy-efficient construction materials and thus, spray polyurethane foam in the region.

Figure 3: SPRAY POLYURETHANE FOAM MARKET SHARE BY REGION 2023 (%)    Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Asia-Pacific is another prominent market on account of increasing residential and commercial construction coupled with growing urbanization and changing living standards. Additionally, increased investment by the government in developing nations such as India, China, and ASEAN for infrastructure development has resulted in an increase in construction activities, which is expected to propel the market growth during the review period.

The European market is expected to drive market growth on account of the expanding construction industry in Western and Northern Europe with increased spending on construction, renovation, and maintenance to meet the growing requirement for modern architecture and smart buildings.

Spray Polyurethane Foam Key Market Players & Competitive Insights

Major market players are spending a lot of money on R&D to increase their product lines, which will help the Spray Polyurethane Foam market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Spray Polyurethane Foam industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.

The major market players are investing a lot of money in R&D to expand their product lines, which will spur further market growth for Spray Polyurethane Foam. With significant market development like new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations, market participants are also undertaking various strategic activities to expand their global presence. To grow and thrive in a market climate that is becoming more competitive and growing, competitors in the Spray Polyurethane Foam industry must offer affordable products.

Manufacturing locally to cut operating costs is one of the main business tactics manufacturers use in the global Spray Polyurethane Foam industry to benefit customers and expand the market sector. The Spray Polyurethane Foam market has recently given medicine some of the most important advantages. Major Spray Polyurethane Foam market players, including Huntsman International LLC (US), Accella Polyurethane Systems (US), BASF SE (Germany), Certainteed (US), and others, are attempting to increase market demand by funding R&D initiatives.

Huntsman Corporation is a manufacturer of differentiated organic chemical products. It operates in four segments: Polyurethanes, Performance Products, Advanced Materials, and Textile Effects. The company offers polyurethane chemicals, performance products such as amines and maleic anhydride, advanced materials including epoxy, acrylic, and polyurethane-based polymer products, as well as textile chemicals, dyes, and inks.

Also, BASF is a company that provides petrochemicals, intermediates, performance materials, monomers, dispersions and pigments, performance chemicals, catalysts, coatings, and care chemicals. It conducts its operations through six business segments: Chemicals, Materials, Industrial Solutions, Surface Technologies, Nutrition and Care, and Agricultural Solutions.

Key Companies in the Spray Polyurethane Foam market include

• Huntsman International LLC (US)


• Accella Polyurethane Systems (US)


• BASF SE (Germany)


• Certainteed (US)


• Icynene (Canada)


• DowDuPont (US)


• NCFI Polyurethanes (US)


• Invista (US)


• Isothane Ltd (UK)


• Johns Manville (US)


• Soprema (France)


• Specialty Products Inc (US)


• Rhino Linings Corporation (US).

Spray Polyurethane Foam Industry Developments

The industry size is aimed to hit 1,008.2 kilotons by 2028, with an expected CAGR of 5.5% in terms of volume, through the forecast period. There has been a huge impact on the construction sector post-pandemic, the industry is calculated for almost 11 trillion out of which the maximum share is owned by the residential segment. The covid-19 pandemic has disrupted supplies, thus impacting the SPF market. It shows that public constructions are adjusted at certain times of the year.

Spray Polyurethane Foam Market Segmentation

Spray Polyurethane Foam Product Outlook

• Open-Cell


• Closed-Cell

Spray Polyurethane Foam End-user Outlook

• Commercial


• Residential


• Industrial


• Others

Spray Polyurethane Foam Regional Outlook

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  North America

  
  
  
  
  • US
  
  
  • Canada
  
  
  
  


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  Europe

  
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


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  Asia-Pacific

  
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


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  Rest of the World

  
  
  
  
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    Middle East

    
    
  
  
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    Africa

    
    
  
  
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    Latin America