Spray Polyurethane Foam Market Size (2024 - 2029)

The spray polyurethane foam market is anticipated to experience growth over the next five years, driven by increasing concerns about greenhouse gas emissions and its role in building durability management. Despite disruptions caused by COVID-19, the market is expected to recover to pre-pandemic levels, with Asia-Pacific leading in consumption and projected growth due to energy-efficient construction and asbestos encapsulation applications. However, the market's expansion may face challenges from the rising popularity of alternative insulation products like fiberglass and cellulose.

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Market Size of Spray Polyurethane Foam Industry

Spray Polyurethane Foam Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
CAGR 5.00 %
Fastest Growing Market Asia-Pacific
Largest Market Asia-Pacific
Market Concentration High

Major Players

Spray Polyurethane Foam Market Major Players

*Disclaimer: Major Players sorted in no particular order

Spray Polyurethane Foam Market Analysis

Over the next five years, the spray polyurethane foam market is expected to grow at a CAGR of over 5%.

  • COVID-19 caused disruption in the supply chain and raw materials, leading to a slowdown in industries like automotive and construction, owing to which the production of spray polyurethane foams decreased. The spray polyurethane market is expected to reach its pre-pandemic level by the end of the forecast period, which is 2021. This is because the economy started to get better and the supply situation got better.
  • Growing concerns about greenhouse gas emissions and the market's strong potential as a key part of a building's durability management strategy are the main things that will drive the market's growth in the short term.
  • On the other hand, fiberglass and cellulose insulation products are becoming more popular, which will likely slow the growth of the market.
  • In the next few years, the market is likely to have more chances to make money because foam lifting is becoming more popular in the concrete raising business.
  • 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.

Spray Polyurethane Foam Industry Segmentation

Spray polyurethane foam (SPF) is a spray-applied material frequently used to insulate buildings and repair cracks and gaps, resulting in a more energy-efficient and safe structure. The spray polyurethane foam market is segmented by product type, application, and geography. By product type, the market is segmented into two-component high-pressure spray foam, two-component low-pressure spray foam, one-component foam (OCF), and other product types. By application, the market is segmented into insulation, waterproofing, asbestos encapsulation, sealant, and other applications. The report also covers the market size and forecasts in 15 countries across major regions. For each segment, market sizing and forecasts have been done based on revenue (USD million).

Product Type
Two-component High-Pressure Spray Foam
Two-component Low-Pressure Spray Foam
One Component Foam (OCF)
Other Product Types
Application
Insulation
Waterproofing
Asbestos Encapsulation
Sealant
Other Applications
Geography
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
Italy
France
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Middle-East and Africa
Saudi Arabia
South Africa
Rest of Middle-East and Africa
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Spray Polyurethane Foam Market Size Summary

The spray polyurethane foam market is poised for significant growth over the next five years, driven by increasing concerns about energy efficiency and building durability. The market is expected to recover to pre-pandemic levels as supply chain issues are resolved and economic conditions improve. The demand for spray polyurethane foam is bolstered by its application in insulation, which is becoming increasingly important due to stringent building codes and energy efficiency mandates. However, the market faces competition from alternative insulation materials like fiberglass and cellulose, which could temper its growth. The rising popularity of foam lifting in the concrete raising industry presents new opportunities for market expansion.

Asia-Pacific is anticipated to be the largest and fastest-growing market for spray polyurethane foam, supported by robust government investments in construction and energy-efficient building practices. The region's growth is further fueled by urbanization and increasing residential construction demands, particularly in China and India. Government initiatives and economic reforms are expected to boost industrial production and automotive demand, thereby enhancing the market for spray polyurethane foam. The market is characterized by a consolidated landscape with key players like BASF SE, Huntsman International LLC, and Dow, who are actively engaging in partnerships and innovations to strengthen their market positions.

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Spray Polyurethane Foam Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Drivers

      1. 1.1.1 Growing Concerns Related to Greenhouse Gas Emissions

      2. 1.1.2 Strong Potential as a Key Component of the Durability Management Strategy for a Building

      3. 1.1.3 Growing Significance in Industrial Insulation for Cold Storage Spaces, Walk-in Refrigerators, Pipes, Tanks, and Others

    2. 1.2 Restraints

      1. 1.2.1 Growing Competition from Fiberglass and Cellulose Insulation Solutions

      2. 1.2.2 Stringent Environmental Protection Agency (EPA) and Occupational Safety and Health Administration (OSHA) Regulations

    3. 1.3 Industry Value-Chain Analysis

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Bargaining Power of Suppliers

      2. 1.4.2 Bargaining Power of Consumers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitute Products and Services

      5. 1.4.5 Degree of Competition

  2. 2. MARKET SEGMENTATION (Market Size in Value)

    1. 2.1 Product Type

      1. 2.1.1 Two-component High-Pressure Spray Foam

      2. 2.1.2 Two-component Low-Pressure Spray Foam

      3. 2.1.3 One Component Foam (OCF)

      4. 2.1.4 Other Product Types

    2. 2.2 Application

      1. 2.2.1 Insulation

      2. 2.2.2 Waterproofing

      3. 2.2.3 Asbestos Encapsulation

      4. 2.2.4 Sealant

      5. 2.2.5 Other Applications

    3. 2.3 Geography

      1. 2.3.1 Asia-Pacific

        1. 2.3.1.1 China

        2. 2.3.1.2 India

        3. 2.3.1.3 Japan

        4. 2.3.1.4 South Korea

        5. 2.3.1.5 Rest of Asia-Pacific

      2. 2.3.2 North America

        1. 2.3.2.1 United States

        2. 2.3.2.2 Canada

        3. 2.3.2.3 Mexico

      3. 2.3.3 Europe

        1. 2.3.3.1 Germany

        2. 2.3.3.2 United Kingdom

        3. 2.3.3.3 Italy

        4. 2.3.3.4 France

        5. 2.3.3.5 Rest of Europe

      4. 2.3.4 South America

        1. 2.3.4.1 Brazil

        2. 2.3.4.2 Argentina

        3. 2.3.4.3 Rest of South America

      5. 2.3.5 Middle-East and Africa

        1. 2.3.5.1 Saudi Arabia

        2. 2.3.5.2 South Africa

        3. 2.3.5.3 Rest of Middle-East and Africa

Spray Polyurethane Foam Market Size FAQs

The Spray Polyurethane Foam Market is projected to register a CAGR of greater than 5% during the forecast period (2024-2029)

Johns Manville, CERTAINTEED, BASF SE, Huntsman International LLC and Dow are the major companies operating in the Spray Polyurethane Foam Market.

Spray Polyurethane Foam Market Report Snapshots

Spray Polyurethane Foam Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)