CAGR: 6%Current Market Size: USD 2.28 BillionFastest Growing Region: Europe
Largest Market: APACProjection Time: 2023-2030Base Year: 2022
The global spray polyurethane foam market is expected to grow from USD 2.28 billion in 2022 to USD 3.36 billion thousand by 2030, at a CAGR of 6% during the Projection period 2023-2030. The growth of spray polyurethane foam market is mainly driven owing to the surging demand for bio-based polyols.
Spray polyurethane foam is an insulator and an air barrier to stop thermal leaks in interior components, including walls, roofs, and floors. Two liquid ingredients, polyol blend and MDI are combined under pressure and sprayed into a wall cavity or roof to create spray polyurethane foam. The use of spray polyurethane foam improves a building's lifespan, lowers total maintenance costs, and promotes design flexibility. There are two types of spray polyurethane foam: closed-cell foam and open-cell foam. Due to its extensive use in building interiors, open cell foam, also known as half-pound or low-density foam, is among those that are anticipated to grow in popularity in the upcoming years. The statistics for the spray polyurethane foam (SPF) business are predicted to improve with an increase in new construction projects in both established and developing nations. To fill up holes, cavities, fractures, and crevices during building construction, SPF is frequently employed. By expanding into a solid barrier isolating the indoor environment from outside influences, it ensures air-sealing insulation of structures with irregular surfaces and inhibits the transmission of heat or air. Walls, roofs, and both the interior and exterior of buildings are among the construction areas where SPFs have experienced significant growth. The replacement of environmentally unfriendly building methods, an aging, health-conscious population, governmental regulations, increased demand for products made from bio-based materials, and increased end-user awareness of energy consumption in buildings are some factors influencing the growth of the spray polyurethane foam market.
Sample Request: - Global Spray Polyurethane Foam Market
Market Dynamics:
Drivers:
Over the Projection period, the spray polyurethane foam market is expected to increase primarily due to the expansion of the construction sector in both established and developing nations. Additionally, growing concerns about greenhouse gas emissions will support the spray polyurethane foam market expansion during the next ten years. The Environmental Protection Agency (EPA) estimates that the burning of fossil fuels for the production of energy is responsible for around 10-12% of the world's total emissions of greenhouse gases. Aside from that, it is anticipated that rising government initiatives to build public infrastructure will fuel the expansion of the construction sector and ultimately increase demand for spray polyurethane foam.
Restraints:
Spray polyurethane foam's raw material costs are very erratic. Over the course of the Projection period, this is anticipated to be a significant factor impeding the growth of the spray polyurethane foam market. Additionally, it is anticipated that occupational health risks may limit the growth of the spray polyurethane foam market in the upcoming years.
Opportunities:
Spray polyurethane foam, commonly known as foam roofing, which consists of polyurethane foam with an elastomeric coating, is mostly used in roofs and adds an extra layer of protection. Single-family construction, multi-family construction, and home improvements all contribute to the increase in residential building construction. Over US$ 400 Bn has reportedly been spent in the residential sector, according to the Window and Door Manufacturing Association. These expenditures reflect the shifting uses of homes during the pandemic, with outdoor living areas, home offices, and in-law suites topping the list of the most popular improvement projects. The use of spray polyurethane foam in residential roofing applications is being driven by the increase in residential construction projects.
Challenges:
Threats to human health are limiting the spray polyurethane foam market. After it is sprayed on the walls, the residues remain in the environment for a while. Exposure to the residues of SPF chemicals found in vapors, aerosols, dust, or on surfaces can affect health and lead to chronic illnesses such as bronchial asthma. The market's expansion is being hampered by this problem.
Segmentation Analysis:
The global spray polyurethane foam market has been segmented based on product, application, and region.
By Product
The product segment is closed cell and open cell. The open cell segment led the largest share of the spray polyurethane foam market with a market share of around 52% in 2022. Cellular products include spray polyurethane foam. The performance of the finished product and its intended applications would be significantly impacted by the cell architectures, and more specifically, the open (closed) cell content. Compared to closed-cell polyurethane foam, open-cell foam is more affordable, flexible, and moisture-resistant. Millions of microscopic cells make up the open-cell spray polyurethane foam, which insulates and air-seals. Compared to what closed-cell spray polyurethane foam offers, they improve residential and commercial structures' comfort, quietness, and energy efficiency. Global demand for spray polyurethane foam is dominated by open-cell spray polyurethane foam, which is largely used for residential applications. Due to its permeability to air and moisture, open-cell is also widely used in building interiors.
By Application
The application segment is roofing, walls, and others. Walls segment led the largest share of the spray polyurethane foam market with a market share of around 38% in 2022. The market for this sector is primarily driven by rising energy conservation demands, higher wall thermal performance, fire protection, termite control, and moisture control.
Global Spray Polyurethane Foam Market- Sales Analysis.
The sale of spray polyurethane foam market expanded at a CAGR of 4% from 2016 to 2022.
Spray polyurethane foam is a heat and sound insulation material with a single component made of polyurethane (PU) that can be sprayed on surfaces using a specialized application tool. With the moisture in the air, this substance cures expands, and hardens quickly. Spray polyurethane foam is frequently used to insulate structures, seal cracks, and increase a building's lifespan and energy efficiency. It can be classified as closed- or open-cell and is typically referred to as a high- or low-pressure foam. Products made of polyurethane have traditionally proven to be some of the most adaptable plastics on the market.
Increased use of polyurethane foams in building insulation for energy conservation, growth in the versatility and distinctive physical properties of polyurethane foams, and growth in the demand for insulating applications in the closed cell segment are the major factors among others driving the market growth. The construction industry is growing rapidly in the Asia Pacific and the US. Additionally, increased production of bio-based polyols and increased market R&D efforts will open up new market prospects for spray polyurethane foam throughout the Projection period.
Thus, owing to the aforementioned factors, the global spray polyurethane foam market is expected to grow at a CAGR of 6% during the Projection period from 2023 to 2030.
By Regional Analysis:
The regions analyzed for the spray polyurethane foam market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. Asia Pacific region dominated the spray polyurethane foam market and held a 39% share of the market revenue in 2022.
Global Spray Polyurethane Foam Market- Country Analysis:
Germany's spray polyurethane foam market size was valued at USD 0.33 billion in 2022 and is expected to reach USD 0.46 billion by 2030, at a CAGR of 4.5% from 2023 to 2030. Due to an increase in government incentives and laws that support energy-efficient infrastructure, an increase in the government's strict rules governing energy efficiency, and an increase in the usage of polyurethane foams in building insulation in this region.
China’s spray polyurethane foam market size was valued at USD 0.51 billion in 2022 and is expected to reach USD 0.80 billion by 2030, at a CAGR of 5.8% from 2022 to 2030. In recent years, investments in the transportation industry have increased. In the upcoming years, China's National Development and Reform Commission (NDRC) and Ministry of Transport (MoT) intend to invest in numerous significant transportation projects, including airports, waterways, railways, and urban rail. Additionally, IBEF research projects that the Indian automobile industry (including component production) will reach USD 251.4-282.8 billion by 2026.
India's spray polyurethane foam market size was valued at USD 0.44 billion in 2022 and is expected to reach USD 0.650 billion by 2030, at a CAGR of 5% from 2023 to 2030. The main factors driving the spray polyurethane foam market, are 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 demand for insulating applications within the closed-cell phase.
Key Industry Players Analysis:
To increase their market position in the global spray polyurethane foam market business, top companies focus on tactics such as adopting new technology, mergers & acquisitions, product developments, collaborations, partnerships, joint ventures, etc.
Latest Development:
Report Metrics
Report Attribute |
Details |
Study Period |
2022-2030 |
Base year |
2022 |
CAGR (%) |
6% |
Market Size |
2.28 billion in 2022 |
Projection period |
2023-2030 |
Projection unit |
Value (USD) |
Segments covered |
By Product, By Application, and By Region. |
Report Scope |
Revenue Projection, competitive landscape, company ranking, growth factors, and trends |
Companies covered |
BASF SE, Bayer Material Science, CertainTeed Corporation, CUFCA, DowDuPont Inc., Huntsman International LLC, Icynene Inc., Lapolla Industries, NCFI Polyurethanes, Premium Spray Products, Rhino Linings Corporation, and Specialty Products Inc. |
By Product |
|
By Application |
|
Regional scope |
|
Scope of the Report
Global Spray Polyurethane Foam Market By Product:
Global Spray Polyurethane Foam Market By Application:
Global Spray Polyurethane Foam Market By Region:
Global spray polyurethane foam market is expected to reach USD 3.63 billion by 2030.
The spray polyurethane foam market is projected to have a CAGR of 6%.
A rise in the number of new construction projects across developed and developing countries are expected to have a positive influence on the spray polyurethane foam (SPF) industry statistics. SPF is extensively used during the construction of buildings to fill in gaps, cracks, crevices, and voids.
Based on the application, the spray polyurethane foam market is segmented into roofing, walls, and others.
Leading market players active in the global spray polyurethane foam market are NCFI Polyurethanes, BASF Corporation, Lapolla Industries, Inc., Premium Spray Products, Icynene Inc, Demilec, Rhino Linings Corporation, CertainTeed Corporation, Bayer Material Science, The Dow Chemical Company, among other.