Spray Polyurethane Foam Market would exceed USD 2.5 billion by 2028, says Global Market Insights Inc.
The growth of the spray polyurethane foam market is propelled by the growing construction industry, expanding population, increasing availability of affordable housing loans, and rising investments in manufacturing sector, says this report.
Selbyville, Delaware, March 28, 2022 (GLOBE NEWSWIRE) — As per the recent report by Global Market Insights Inc., the Spray Polyurethane Foam Market was estimated at USD 1.78 billion in 2021 and is expected to reach a valuation of above USD 2.5 billion by 2028, registering with a CAGR of 5.8% from 2022 to 2028. The research report provides an in-depth analysis of drivers & opportunities, market size & estimations, top winning strategies, competitive scenario, wavering market trends, and major investment pockets.
Rapid depletion of non-renewable energy resources and high consumption of fossil fuels have given rise to an energy crisis. Spray polyurethan foams have gained massive popularity recently as they reduce energy loss. They are utilized to cover gaps, cracks, and holes in ceilings and walls as well as to insulate structures. They are also used as a protective material in the construction of roofs and walls and as a water barrier. Booming construction industries in the U.S. and the Asia Pacific region, coupled with stringent government regulations and standards pertaining to energy use in buildings, are likely to support market growth over the forecast period.
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Closed cell spray polyurethane foams are given preference over open cell foams since they offer better insulation, strength, rigidity, absorption, and water resistance, thereby preventing moisture build up and subsequent mold growth. Driven by these benefits, the closed cell product segment is poised to grow at a substantial pace through the estimated period.
Key reasons for spray polyurethane foam market growth:
- High utilization in construction of residential buildings.
- Increasing adoption in commercial construction activities.
- Growing usage in construction industries in the U.S. and APAC.
2028 forecasts show ‘commercial roofing’ segment retaining its dominance:
Based on application, the spray polyurethane foam industry share from the commercial roofing segment is slated to grow at approximately 4% CAGR between 2022 and 2028. Spray polyurethane foams are widely used in hospitals, office areas, schools, swimming pools, municipal buildings, shopping malls, and other commercial structures. High product demand in new construction projects as well as in older buildings for assembling asbestos sheets is foreseen to facilitate segmental development.
On the other hand, the residential walls application segment is projected to witness significant growth through the study timeframe to garner a sizable valuation by the end of 2028. Spray polyurethane foams are used in residential buildings, particularly for walls. Increasing availability of affordable housing loans has enhanced consumer demand for residential properties, which is set to fuel product adoption in residential construction applications in the coming years.
Latin America to maintain top status in terms of revenue:
In the regional landscape, the Latin America spray polyurethane foam market is anticipated to observe notable growth at a CAGR of more than 5% through 2028. Leading countries like Mexico and Brazil have showcased prominent economic development in the past few years. Expanding population base and rising disposable income is set to boost the need for residential homes in the region. Additionally, large-scale international sports events that have taken place in LATAM have enhanced the uptake of spray polyurethane foams, which is primed to impel regional market growth.
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Impact of COVID-19 pandemic on spray polyurethane foam market:
The COVID-19 outbreak caused massive supply chain disruptions owing to stringent lockdown restrictions, resulting in a decline in operations in various industries, including the construction sector. The decrease in construction activities adversely impacted the demand for spray polyurethane foams during the pandemic. However, with dropping COVID-19 cases, prevalent vaccination drives, and surging focus on economic recovery in key regions, the spray polyurethane foam market has been regaining its pre-COVID momentum in recent years.
Leading market players:
Major firms in the global spray polyurethane foam industry include CertainTeed, Lapolla, Demilec, NCFI Polyurethanes, BASF, Henry Company, Dow Dupont, and others.
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
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