Spray Polyurethane Foam Market - Growth, Trends, and Forecasts (2022 - 2027)

The global spray polyurethane foam market is estimated to register a CAGR of over 5% over the forecast period (2022-2027).

The COVID-19 outbreak hampered various industries, such as the automotive and construction industries; due to disruption in the supply chain and raw materials, the production of polyurethane foams decreased. Nonetheless, the market is expected to reach the pre-pandemic level in the forecast period.

Key Highlights

• Over the short term, the major factors driving the growth of the market studied are growing concerns related to greenhouse gas emissions and strong potential as a key component of the durability management strategy for a building.
• On the flip side, growing competition from fiberglass and cellulose insulation solutions will likely hinder the market's growth.
• The growing trend of foam lifting in the concrete raising industry will likely create opportunities for the market in the coming years.
• Asia-Pacific holds a significant share in the consumption of spray polyurethane foam (SPF) materials. The region is also expected to witness the fastest growth during the forecast period, powered by the increase in energy-efficient construction and asbestos encapsulation applications.

Key Market Trends

Increasing Usage in the Insulation Applications

• Spray polyurethane foam has been used in insulation applications since the 1960s, and its consumption has steadily grown over time. However, spray polyurethane foam insulation has experienced exponential growth during the past decade.
• The Energy Saving Trust calculates that 25% of heat loss in homes is through the roof, 35% is through the walls, 25% is through windows or draughts, and 15% is through the floor. Hence, cavity walls and loft/roof insulation are two of the most effective energy efficiency measures anyone may install.
• The widespread use of the spray polyurethane foam in building envelope assemblies, including walls, ceilings, floors, attics, crawl spaces, and roofing, is linked directly to code-mandated improvements in energy efficiency and, specifically, requirements for reducing building air leakage.
• Increasingly stringent building codes, such as the State of California's Title 24 and the International Code Council's International Energy Conservation Code, are driving builders to utilize materials that reduce fossil fuel consumption and conserve energy.
• Owing to all the aforementioned factors, SPF's application for insulation purposes is likely to expand the market for spray polyurethane foam in the forecast period.

Asia-Pacific Region to Dominate the Market

• Owing to increased government expenditure in the region's construction and coating industries, Asia-Pacific is predicted to be the dominant market during the forecast period.
• China is the largest economy in the Asia-Pacific region in terms of GDP. The growth in the country remains high but is gradually diminishing, and the economy is rebalancing from investment to consumption, manufacturing to services, and external to internal demand.
• According to the 14th five-year plan, China has intended to increase the number of permanent urban residents to 65% by 2025, which is expected to stimulate the demand for the market studied in the coming years.
• There has been an increase in investments in the transportation sector in the recent past. China's transport ministry and National Development and Reform Commission (NDRC) plan to invest in many key transportation projects in the coming years, including railways, highways, waterways, airports, and urban rail.
• Moreover, according to IBEF research, the Indian automotive sector (including component manufacturing) is predicted to reach USD 251.4-282.8 billion by 2026.
• Owing to all the aforementioned factors, the Asia-pacific region is expected to dominate the spray polyurethane foam market during the forecast period.

Competitive Landscape

The spray polyurethane foam market is consolidated in nature. Some of the major players in the market include (in no particular order) BASF SE, Huntsman International LLC, Johns Manville, Dow, and CERTAINTEED, among others.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support