Spray Polyurethane Foam Market 2019: A Guide to Competitive Landscape, Key Country Analysis, state funding initiatives Forecast 2023
Spray Polyurethane Foam Market Overview: https://www.reuters.com/brandfeatures/venture-capital/article?id=98854
The global spray polyurethane foam (SPF) market was valued at around USD 1648.8 million in 2018 and is expected to register over 7% CAGR during the review period. Spray polyurethane foam is a spray-applied plastic that forms insulation and air sealing barrier on walls, roofs, around corners, and contoured surfaces. It is produced by reacting methylene diphenyl diisocyanate with a polyol blend.
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Spray polyurethane foam provides high energy conservation efficiency and reduces the need for installing HVAC equipment by around 40-50%. It finds use in numerous building applications such as walls, vented attics, floors, uninsulated basement walls, crawlspaces, and unvented roof deck. It provides high thermal resistance, moisture vapor retardation, noise absorption, and excellent air and water barrier properties. Based on type, it is categorized as open cell and closed cell spray polyurethane foam, among which, open cell spray polyurethane foam is widely used in residential buildings and closed cell spray polyurethane foam in commercial buildings.
The global spray polyurethane foam market has been segmented by type, application, and region.
On the basis of type, the market has been segmented into open cell spray polyurethane foam (light density spray foam), closed cell spray polyurethane foam, one component foam, and others. Open cell spray polyurethane foam segment accounted for the largest share of the global spray polyurethane foam market in 2017 and is expected to register a healthy CAGR during the review period. Open cell spray polyurethane foam is being widely used in wall cavities, attics, and crawl spaces due to its superior properties such as air barrier, noise barrier, and flexibility. It is mainly preferred for the mixed and warm climates.
Closed cell spray polyurethane foam is further sub-segmented into high and medium density spray foam. Closed cell spray polyurethane segment accounted for the second largest share of the global spray polyurethane foam market. It finds use in numerous applications such as wall cavities, attics, basements, crawl spaces, and exterior walls; and is suitable in all climates.
Based on application, the market has been divided into walls, roofs, attics, floor, crawl spaces, and others. Walls segment accounted for the largest share of the global spray polyurethane foam market in 2017 and is expected to register a healthy CAGR during the review period. Growing construction industry on account of increase in residential construction is likely to drive the growth of application segment and thus, spray polyurethane foam market.
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Based on region, the global spray polyurethane Foam market has been segregated into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
The market in North America accounted for largest share of the global spray polyurethane market on account of increased spending on renovation and maintenance of buildings to meet the growing demand for energy efficient buildings.
Europe is another prominent market in the global spray polyurethane market on account of increasing residential construction in the region.
The market in Asia-Pacific is growing at a significant rate on account of presence of a large number of end-use industries in developing nations such as India and China. The expanding construction industry as a result of rapid urbanization and industrialization is expected to propel the demand for spray polyurethane foam in the region.
The market in Latin America and the Middle East and Africa are likely to grow at a healthy CAGR on account of increased spending on residential and commercial construction.
Some of the key players in the global spray polyurethane foam are BASF SE (Germany), Accella Polyurethane Systems (US), Icynene (Canada), DowDuPont (US), NCFI Polyurethanes (US), Soprema (France), Invista (US), Isothane Ltd (UK), Johns Manville (US), Rhino Linings Corporation (US), Certainteed (US), Huntsman International LLC (US), and Specialty Products Inc (US).
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