The global spray polyurethane foam market is expected to grow at a CAGR of 7% during the forecast period. Spray polyurethane foam (SPF) possesses high thermal resistance and acoustic insulation due to which they are used in various applications such as water pipes, bonding and sealing roofs and walls, and installation of door and window frames. SPFs are also sprayed on roofs and walls to enhance the thermal resistance of buildings.
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SPF is an effective insulation solution for both, residential and commercial building projects. It stops air and moisture intrusion, cuts down the energy bills, protects the internal air from mold, allergens and airborne pollutants, and strengthens the structure. As a result, SPF products enhance the entire building structure to offer durability, energy efficiency, sustainability, and improved occupant comfort. As per the US Department of Energy, in 2018, the residential and commercial buildings accounted for nearly 40% of the total US energy consumption, which occurs primarily due to air filtration. SPF acts as both, an air-sealing product and insulation material that can enable the utility cost savings of up to 50%.
Buildings enveloped with increased insulation levels are becoming standard practice in the era of rapid urbanization across the globe. Consumers are rapidly involved in the selection of green building products that are natural and non-toxic owing to the rising energy costs as spray polyurethane foam insulation is more economic rather than electric insulation. This drives the growth of the global SPF market.
As the government is investing in energy-efficient buildings, the demand for SPF is anticipated to grow significantly in the construction industry. For instance, in January 2018, the Government of Canada declared a $182-million investment for increasing energy efficiency and addressing climate change by improving the designing, renovation, and construction of homes and buildings. This, in turn, will contribute to the demand for insulation products to achieve energy efficiency, and thereby likely to expand the size of the spray polyurethane foam market.
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Current Market Trends Covered in the Global Spray Polyurethane Foam Market Report
- Asia-Pacific is expected to gain maximum traction in the global spray polyurethane foam industry during the forecast period.
- Based on the product, the closed-cell segment is expected to hold the largest market share over the forecast period.
Global Spray Polyurethane Foam Market Segmentation
By Product
- Open-Cell
- Closed-Cell
By Application
- Residential
- Commercial
- Industrial
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
