Spray Polyurethane Foam Market Growth Analysis

Market Insights

The Spray Polyurethane Foam Market was valued at US$ 2.7 Billion in 2020 and is projected to reach US$ 4.4 Billion by 2026, registering a CAGR of 8.1% during the forecast period.

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What is spray polyurethane foam?

SPF insulation applied by professionals is generally defined as either high- or low-pressure foam, and it is available in open- or closed-cell configurations. Depending on the application requirements, each type offers advantages and disadvantages.

A spray-applied cellular plastic named 'Spray Polyurethane Foam' (SPF) is made by a combination of chemicals to create foam. These chemicals react immediately, expanding on contact to form foam that insulates, closes the air, and acts as a moisture barrier. 
SPF, when installed correctly, forms a continuous barrier on walls, around corners, and on curved surfaces. It is the right choice for reducing undesired air infiltration through cracks, seams, and joints since it resists heat transfer efficiently.

When compared to standard insulating materials, spray foam insulation (SPF) is more efficient, making it a good choice for the building industry. According to the Environmental Protection Agency (EPA), the combustion of fossil fuels for electricity generation accounts for 10%–12% of total greenhouse gas emissions. Spray polyurethane foam provides great thermal resistance, lower utility costs, and can reduce heat transfers significantly, making them an effective choice for reducing greenhouse gas emissions. It also acts as a barrier to air and bulk water, as well as a moisture vapor retardant.

Market Dynamics

Spray foam insulation currently holds a niche share (<10%) of the overall insulation market (fiberglass, flexible foam, glass wool, rock wool, elastomeric foams, etc.). However, it has a strong growth roadmap in the future propelled by its superior performance, durability, and seamless installation. The global market has been witnessing excellent growth over the past decade. The market recorded a huge decline amid the pandemic, creating a lag of 2 years in the annual market size. The market is estimated to set back in the coming years.

The growth of the spray polyurethane foam market is primarily driven by:

• Over the eons, building insulation products have evolved enormously with constant developments in technologies.
• Growing concerns over greenhouse gas emissions and stricter building energy codes are the fundamental growth drivers, necessitating the usage of insulation products.
• Growth in the construction sector.
• Stringent government regulations regarding energy efficiency
• Strong Potential as a key component of the Durability Management Strategy for a building.

COVID-19 Impact

COVID-19 has put an instant halt to many industries across the globe. Lockdown norms in several countries have swiftly affected the global economy by affecting the supply chain, production, and demand in the market. Both direct, as well as indirect impacts of the pandemic, have been incorporated in this report.

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Segment Analysis

This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market. 

The market is segmented into the following categories-

By Cell Structure Type

• Open Cell Structure
• Closed Cell Structure

By Application Type

• Roofs
• Walls
• Floors
• Others

By End-Use Type

• Residential
• Commercial
• Industrial

By Region

• North America (Country Analysis: The USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, Spain, the UK, and the Rest of Europe)
• Asia-Pacific (Country Analysis: India, China, Japan, and the Rest of Asia-Pacific)
• Rest of the World (Country Analysis: Brazil, The UAE, and Others).

Cell Structure Trends

The market is segmented as open-cell structure and closed-cell structure. 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 75% 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.

Application Trends

The market is segmented as roofs, walls, floors, and others. Walls are estimated to remain the most dominant users of the market and it held a revenue share of more than 35% in 2020. Increased energy conservation needs, superior wall thermal performance, fire protection, termite control, and moisture control are key requirements fueling the segment’s market. Roofs also account for a sizeable opportunity in the market.

End-Use Trends

The market is segmented as residential, commercial, and industrial. Residential is estimated to be the dominant segment and it held a revenue share of more than 70% in 2020.

Regional Analysis

North America is expected to remain the largest market and it holds a revenue share of more than 45% in 2021. The region has a high focus on building insulation with a strong reliance on spray polyurethane foam due to regional government incentives and laws that promote energy-efficient infrastructure. North America and Europe have a higher penetration of spray polyurethane foam compared to the Asian and African markets. However, there exists a strong growth potential in the emerging Asian and African economies in the coming years.

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Key Players

The following are the key players in the spray polyurethane foam market.

• Huntsman International LLC
• Carlisle Companies Inc.
• BASF SE
• Dow Chemical Company
• Covestro AG
• Johns Manville
• CertainTeed
• Nippon Aqua Foam
• Henry Company
• NCFI Polyurethanes
• Changsha Firm Bond New Material Co. Ltd.
• INOAC Corporation
• Soprema

Target Audience

Here is the list of the group of customers that the market hopes to have the greatest opportunity to convert-

• Distributors
• Suppliers
• Manufacturers
• Logistics organizations
• Government bodies 

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

What deliverables will you get in this report?

Research Methodology

This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s spray polyurethane foam market realities and future market possibilities for the forecast period of 2021 to 2026. The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Customization Options

Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to three players)
• SWOT analysis of key players (up to three players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

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