NEW
YORK, June 20, 2024 /PRNewswire/ -- The
global spray polyurethane foam market size is estimated
to grow by USD 1.63 billion from
2024-2028, according to Technavio. The market is estimated to grow
at a CAGR of almost 10.16% during the forecast period. Increasing
demand for spray polyurethane foams in construction industry is
driving market growth, with a trend towards increasing use of
methylal and HFOs as alternatives to HCFCs and HCFCs. However,
increasing demand for alternatives of spray polyurethane foams
poses a challenge. Key market players include Akkim Construction
Chemicals Inc., Anagha ASF LLP, Barnhardt Manufacturing Co., BASF
SE, Compagnie de Saint Gobain, Covestro AG, Dow Chemical Co.,
Honeywell International Inc., Huntsman International LLC, Indospark
Inc., Innovative Chemical Products, Isothane Ltd., Johns Manville,
Sekisui Chemical Co. Ltd., Shanghai Junbond Building Materials Co.
Ltd., Sika AG, SOPREMA SAS, Specialty Products Inc., Tosoh Corp.,
and Woodbridge Foam Corp..
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Spray Polyurethane
Foam Market Scope
|
Report
Coverage
|
Details
|
Base year
|
2023
|
Historic
period
|
2018 - 2022
|
Forecast
period
|
2024-2028
|
Growth momentum &
CAGR
|
Accelerate at a CAGR of
10.16%
|
Market growth
2024-2028
|
USD 1635.9
million
|
Market
structure
|
Fragmented
|
YoY growth 2022-2023
(%)
|
8.98
|
Regional
analysis
|
APAC, North America,
Europe, South America, and Middle East and Africa
|
Performing market
contribution
|
APAC at 52%
|
Key
countries
|
China, US, Japan,
Germany, and South Korea
|
Key companies
profiled
|
Akkim Construction
Chemicals Inc., Anagha ASF LLP, Barnhardt Manufacturing Co., BASF
SE, Compagnie de Saint Gobain, Covestro AG, Dow Chemical Co.,
Honeywell International Inc., Huntsman International LLC, Indospark
Inc., Innovative Chemical Products, Isothane Ltd., Johns Manville,
Sekisui Chemical Co. Ltd., Shanghai Junbond Building Materials Co.
Ltd., Sika AG, SOPREMA SAS, Specialty Products Inc., Tosoh Corp.,
and Woodbridge Foam Corp.
|
Market Driver
The Spray Polyurethane Foam (SPF) market is experiencing growth
due to the adoption of alternative blowing agents such as Methylal
and HFOs. These substitutes, including Honeywell's SOLSTICE and The
Chemours Company's Opteon 1100 (HFO-1336mzz-Z), are effective, have
lower Global Warming Potential (GWP), and are widely used in SPF
manufacturing. Methylal, a clear, flammable liquid, is used as a
solvent and will increase usage in the US and Europe due to HCFC bans. HFOs, next-generation
blowing agents, are non-flammable, energy efficient, and have a low
environmental impact, making them preferred choices over HFCs and
HCFCs.
The Spray Polyurethane Foam (SPF) market is experiencing
significant growth due to its versatility and effectiveness in
insulation and roofing applications. Key players in the industry
include manufacturers and suppliers of SPF materials and equipment.
Recent trends include the use of SPF in commercial and residential
buildings for energy efficiency and cost savings. Additionally, the
market is seeing increased demand for open-cell SPF due to its air
sealing properties. Cracks and structural issues can be addressed
with SPF's ability to expand and fill spaces. The market also
caters to various industries such as automotive, construction, and
industrial. The use of SPF in these sectors is driven by its
insulation properties, durability, and cost-effectiveness. Overall,
the SPF market is poised for continued growth in the coming
years.
Research report provides comprehensive data on
impact of trend. For more details- Download a Sample
Report
Market Challenges
- The global market for Spray Polyurethane Foam (SPF) is expected
to experience a decline due to the rising demand for eco-friendly
alternatives. Natural substitutes like natural latex, coconut fiber
foam, organic wool, plain cotton, short-staple polyester fiber, and
polystyrene are gaining popularity in various applications. These
alternatives offer benefits such as biodegradability, resistance to
mold and mildew, and absence of harmful chemicals. Latex is used in
furniture and bedding, while cotton fiber foam is utilized in
carpets and soundproofing materials. Organic wool is a natural
alternative to SPF in insulation, and plain cotton is used as a
filler in construction. Synthetic polymers like short-staple
polyester fiber and polystyrene are also used in packaging,
automotive, and construction applications.
- The Spray Polyurethane Foam (SPF) market faces several
challenges. One major challenge is the high cost of raw materials,
including isocyanates and polyols. Another challenge is the
complexity of application techniques, requiring specialized
training and equipment. Compliance with environmental regulations,
such as VOC emissions, adds to the cost and complexity. The need
for consistent quality and durability is crucial for customer
satisfaction and repeat business. Competition from alternative
insulation materials, like fiberglass and cellulose, also poses a
challenge. Additionally, the construction industry's cyclical
nature and economic downturns can impact demand for SPF. Cracks and
leaks in SPF systems can lead to energy loss and potential health
concerns, requiring regular maintenance and repair.
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challenges - Request a sample report!
Segment Overview
This spray polyurethane foam market report extensively covers
market segmentation by
- Application
- 1.1 Residential
- 1.2 Commercial
- 1.3 Industrial
- Type
- 2.1 Open cell
- 2.2 Closed cell
- Geography
- 3.1 APAC
- 3.2 North America
- 3.3 Europe
- 3.4 South America
- 3.5 Middle East and
Africa
1.1 Residential- The residential segment of the global
spray polyurethane foam market is anticipated to expand due to the
increasing urban population, particularly in APAC and MEA. With
China and India leading the way as the most populous
countries in these regions, the demand for new residences is
projected to rise. Notable urban population growth in cities like
Bengaluru, Mumbai, Chennai, Pune, and in countries such as Saudi Arabia, Qatar, and the UAE, will fuel this trend. For
instance, Puravankara Ltd.'s planned 15 million square feet
expansion in India and ongoing
projects in these regions will boost demand for spray polyurethane
foam during the forecast period.
For more information on market segmentation with
geographical analysis including forecast (2024-2028) and historic
data (2017-2021) - Download a Sample Report
Research Analysis
The Spray Polyurethane Foam (SPF) market encompasses the
production and application of SPF for insulation and roofing
systems in various buildings. SPF offers advantages such as air
sealing, energy efficiency, and waterproofing properties. However,
its use is subject to stringent regulations due to adverse weather
conditions, overspray potential, and the use of petroleum-based
feedstock, including Toluene diisocyanate (TDI). Corrosions and
high maintenance are potential challenges. Construction activities
in buildings, including walls, roofs, interior, and exterior,
benefit from SPF. The Middle Eastern upheaval and Iran's prohibition on TDI exports may impact
the market's supply and demand dynamics. Weather conditions and
crude oil prices are crucial factors influencing the SPF
market.
Market Research Overview
The Spray Polyurethane Foam (SPF) market refers to the
production, sale, and application of spray polyurethane foam
insulation systems. SPF is a two-component, closed-cell spray foam
insulation made up of isocyanate and polyol resin components. It is
used for insulation, air sealing, and roofing applications. SPF
offers several advantages such as high R-value, excellent air and
moisture barrier properties, and energy efficiency. The global SPF
market is driven by factors such as increasing energy efficiency
requirements, growing demand for sustainable insulation solutions,
and the rising construction industry. Applications of SPF include
residential, commercial, and industrial buildings, as well as
transportation and infrastructure sectors. The market is expected
to grow significantly due to its versatility and effectiveness in
various applications.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Application
-
- Residential
- Commercial
- Industrial
- Type
-
- Geography
-
- APAC
- North America
- Europe
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio