Wilmington, Delaware, United States, March 13, 2024 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - As far as the market valuation of the global spray polyurethane foam market is concerned, it was about US$ 1.8 billion in 2021. However, the subject market is expected to advance with a CAGR of 7%. This shall help the market reach a US$ 3.3 billion valuation by the end of 2031. Various factors contribute to the growth of the market.
The fundamental factor that drives the market is the rise in the construction industry. Due to the growth achieved by this industry, the demand for various allied industries has also risen. Consequently, this is one of the key market drivers driving the subject market.
The construction industry has been demanding high-quality insulators for walls and roofs. The spray polyurethane foam acts as an excellent damper of heat, absorbing most of the heat, which helps the houses to become cooler. Therefore, this is one of the driving forces for the market under consideration.
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Apart from the heat resistance, the spray polyurethane foam delivers better resistance to moisture. Also, it offers flexibility in its use along with its cost-effectiveness. Consequently, the demand for the foam increases drastically within the market, thereby proving to be a major driving force for the subject market.
Key Findings from the Market Report
- The global spray polyurethane foam market is broadly segmented into its use type and application within different industries. An open-cell spray polyurethane foam is one of the key market segments of the given market that is extensively used in residential applications.
- Further, a closed-cell spray polyurethane foam possesses less flexibility than the previous market segment. Hence, it is used in heat-resisting applications along with the acoustic insulation of houses and commercial buildings.
- Commercial roofing is one of the important market segments under consideration. The main purpose of using polyurethane foam is to avoid leakage. Also, waterproofing is achieved with better efficiency with the use of foams.
- In the case of the residential roofing segment, SPFs are used to avoid any air leakage and heat transfer to provide optimum comfort for users. It is one of the key market segments for the given market.
Regional Profile
- Regarding the total market share, the Asia Pacific region holds about 42.5% of the global spray polyurethane foam market. Consequently, it is one of the largest contributors to the subject market. Also, it is expected to advance at an impressive CAGR of 11.5%.
- Further, North America is the second largest market shareholder of the subject market. The main reason behind this is the continent's enhanced technological and industrial infrastructure.
- Apart from this, Latin America, Europe, the Middle East, and Africa are some key regions that actively govern the subject market.
Key Developments in the Spray Polyurethane Foam Market
- BASF SE introduced a new eco-friendly foam in June 2017. This foam enhanced the insulation capacity with better efficiency.
- In 2020, Huntsman Corporation acquired Icynene-Lapolla, which helped the organization enhance its polyurethane business worldwide. This was followed by introducing Lapolla FOAM-LOK 750 spray polyurethane foam insulation. This improved the performance of the existing foams.
- Carlisle Companies acquired Henry Company in September 2020. This helped organizations to consolidate their market positions.
Competitive Landscape
As far as the global spray polyurethane foam market is concerned, it is cluttered with fierce competition.
- Huntsman International LLC is one of the key players that has diversified its product portfolio by entering various markets, including automotive and transportation. It also produces a variety of adhesives.
- The Dow Chemical Company produces re-dispersible latex powders. In addition to this, the business has various resins, binders, and film formers.
- Carlisle Spray Form Insulation is another key player producing diversified products in open-cell and closed-cell spray polyurethane foam segments.
Key Players
- Huntsman International LLC
- The Dow Chemical Company
- Carlisle Spray Foam Insulation
- BASF SE
- CERTAINTEED
- DuPont
- ISOTHANE LTD
- Rhino Linings Corporation
- Lapolla Industries Inc.
- Bayer AG
- Covestro AG
- Demilec
- Carlisle Companies
- ICYNENE
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Market Segmentation
Type
- Open-cell Spray Polyurethane Foam
- Closed-cell Spray Polyurethane Foam
Application
- Residential Walls
- Residential Roofing
- Commercial Walls
- Commercial Roofing
- Others (Medical Equipment, Transportation, and Telecom)
Region
- North America
- Latin America
- Europe
- Asia Pacific
- The Middle East & Africa
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