Spray Polyurethane Foam - Global Market Outlook (2020-2028)
According to Stratistics MRC, the Global Spray Polyurethane Foam market is accounted for $1.92 billion in 2020 and is expected to reach $3.72 billion by 2028 growing at a CAGR of 8.6% during the forecast period. Some of the key factors propelling the market growth include growing concerns related to greenhouse gas emissions, swapping green building techniques, increased demand for bio based products, strong potential as a key component of the durability management strategy for a building, and growing significance in industrial insulation for cold storage spaces, walk-in refrigerators, pipes, tanks, and others. However, stringent EPA and occupational safety and health administration (OSHA) regulations is anticipated to hinder the growth of the market.
Spray polyurethane foam (SPF) is a high performance spray applied plastic that insulates walls and make the wall heat resistant, and it also reduces unwanted air infiltration that happen due to cracks, seams and joints in the walls. It has comprehensive strengths such as high insulation with less thickness and lower heat conductivity. It can save energy throughout the life of a building, allowing the owner to use smaller capacity cooling and heating equipment. SPF is better and more durable than any type of insulation materials. The conventional insulation loses heat quickly in extreme cold conditions; however, SPF can increase the resistance power of the air sealing irrespective of the weather conditions. SPF is relatively easy to be used to ll the gaps of the walls and ceiling cavity. This saves more energy than conventional insulation methods.
By product, open cell spray polyurethane foam (OCSPF) (low density spray polyurethane foam) segment is expected to grow at the significant rate during the forecast period, as it is extensively used in building interiors. Open-cell spray polyurethane foam has properties such as high air barrier, low sound transmission, and low density. It is highly preferred in the construction industry owing to its low density. Increasing construction activities across the world are expected to drive the demand for open-cell spray polyurethane foam during the forecast period. These foams are permeable to water vapor and air and its sponge-like structures makes it ideal for commercial and residential interior applications.
On the basis of geography, Asia Pacific region is expected to have considerable market growth during the forecast years, owing to rising regional population along with income levels is projected to swell the building & construction industry in order to meet the increasing demand for permanent shelters. This will drive the regional product market size owing to its further application in cold storage pipes, and tanks. Moreover, construction activities in China, India, and other emerging countries will be the main contributors to the product market in this region. China is the largest economy in the entire Asia-Pacific region, in terms of GDP. The growth in the country remains high but is gradually diminishing, as the population is aging, and the economy is rebalancing from investment to consumption, manufacturing to services, and external to internal demand.
Some of the key players in Spray Polyurethane Foam market include Nitto Denko Corp., Rogers Corp., The Dow Chemical Company, Accella Polyurethane Systems, LLC, Armacell International SA, BASF SE, Bayer, Sekisui Chemical Co. Ltd., Certainteed Corporation, Covestro AG, Future Foam Inc., John Manville, Rhino Linings Corporation, Lapolla Industries, Inc., Huntsman Corp., LANXESS AG, and Specialty Product Inc.
Estimated Market Size in 2020:
USD 1.92 billion
Compound Annual Growth Rate (CAGR) from 2020 to 2028:
Predicted 2028 Value:
USD 3.72 billion
Tables, Graphs & Figures
Product, Type, Application, and End User
Core Drivers and Opportunities:
Restraining Factors & Market Threats:
• One Component Foam (OCF)
• Two-Component Spray Foam
• High-Gloss Epoxy Polyester Powder
• Flat-Gloss Epoxy Polyester Powder
• Flexible Foam
• Rigid Foam
• Spray Foam
• Crawl Spaces
• Domestic Appliances
• Asbestos Encapsulation
• Fitness Equipment
End Users Covered:
• Electrical and Electronics
• Building and Construction
• Textiles & Apparels
• Bedding & Furniture
• Other End Users
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2019, 2020, 2021, 2025 and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic analysis: Drivers and Constraints, Product/Technology Analysis, Porter’s five forces analysis, SWOT analysis, etc.
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Key Questions Answered In The Report
The Global Spray Polyurethane Foam Market is majorly driven by strong potential as a key component of the durability management strategy for a building, growing significance in industrial insulation for cold storage spaces, walk-in refrigerators, pipes, tanks, and others, and rapidly growing construction industry in emerging economies.
The packaging segment is growing at a highest CAGR owing to increasing application of polyurethane foams in packaging of fragile and shock-sensitive objects including electronics, medical diagnostic device, glassware, and large industrial parts.
North America dominated with a significant market share due to regional government incentives and regulations that promotes infrastructure with efficient energy, the product demand for commercial and residential applications, and increase in reconstruction of structures.
Asia Pacific market is growing at a highest CAGR owing to rising regional population along with income levels is projected to swell the building & construction industry in order to meet the increasing demand for permanent shelters and increasing industrial investments in the Asia Pacific region.
Key players in Spray Polyurethane Foam market include Nitto Denko Corp., Rogers Corp., The Dow Chemical Company, Accella Polyurethane Systems, LLC, Armacell International SA, BASF SE, Bayer, Sekisui Chemical Co. Ltd., Certainteed Corporation, Covestro AG, Future Foam Inc., John Manville, Rhino Linings Corporation, Lapolla Industries, Inc., Huntsman Corp., LANXESS AG, and Specialty Product Inc.
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