Spray polyurethane foam is an insulator that is sprayed on the interior parts of a building (e.g., walls, roofs, and floors); it acts as an air barrier that prevents thermal leaks. Spray polyurethane foam is produced by two liquid components, polyol blend and MDI, which are mixed under pressure and sprayed onto a wall cavity or roof. Usage of spray polyurethane foam reduces the overall maintenance cost, extends the life span of a building and allows flexibility of building design. The spray polyurethane foam comes in two forms: open cell foam and closed cell foam. Among these, open cell foam also known as half-pound or low density foam is expected to gain traction in the coming years, owing to its wide application in building interiors.
Spray Polyurethane Foam Market: Dynamics
Drivers:
The growth in the construction industry both in developed and developing economies is projected to be the prime factor driving the growth of the spray polyurethane foam market over the forecast period. Moreover, increasing anxieties pertaining to greenhouse emission with also give traction to the growth of the spray polyurethane foam market in the coming decade. According to the Environmental Protection Agency (EPA), around 10–12% of the overall greenhouse gas emission is caused owing to burning of fossil fuel for generation of energy. That apart, increasing government initiatives to develop public infrastructure is expected to drive the growth of the construction industry and ultimately surge the demand for spray polyurethane foam in the future.
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Restraints:
The prices of raw materials of spray polyurethane foam are highly volatile. This is projected to act as a major factor expected to hamper the growth of the spray polyurethane foam market over the forecast period. Moreover, occupational health hazards is also expected to restrain the growth of the spray polyurethane foam market in the coming years.
Trends:
A major trend predicted five years down the line includes market leaders (Tier – I players) of spray polyurethane foam are focused on acquiring Tier – III players to expand presence across the globe. Additionally, this will benefit them to increase market share in the global spray polyurethane foam market.
Spray Polyurethane Foam Market: Segmentation
The global spray polyurethane foam market can be segmented on the basis of type, application and end user.
On the basis of type, the global spray polyurethane foam market is segmented as:
Open Cell Spray Polyurethane foam (ocSPF)
Closed Cell Spray Polyurethane foam (ccSPF)
On the basis of application, the global spray polyurethane foam market is segmented as:
Floors
Walls
Roofs
Ceilings
Attics
On the basis of end user, the global spray polyurethane foam market is segmented as:
Residential
Commercial
Industrial
Spray Polyurethane Foam Market: Regional Outlook
The growth of the global spray polyurethane foam market is reliant on the growth of end-use segments across geographies. Increased infrastructure spending across emerging economies such as India and China is projected to drive the growth of the construction industry in Asia Pacific. Thus, Asia Pacific is expected to witness high growth in the global spray polyurethane foam market over the forecast period. Some of the countries in Latin America are expected to experience growth in their economies, which consequently will push the growth of the construction industry as well as the spray polyurethane foam market. The Western Europe market is expected to grow at a substantial CAGR during the forecast period, owing to surge in the demand for spray polyurethane foam in the developing industrial sectors. The Middle East & Africa (MEA) is projected to grow at a significant CAGR during the forecast period, due to increasing construction spending in the region.
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Spray Polyurethane Foam Market: Key Participants
Example of some of the key players identified across the value chain of global spray polyurethane foam market include:
BASF SE
Bayer Material Science
CertainTeed Corporation
CUFCA
DowDuPont Inc.
Huntsman International LLC
Icynene Inc.
Lapolla Industries
