Spray Polyurethane Foam Market size is set to grow by USD 1.63 billion from 2024-2028, Increasing demand for spray polyurethane foams in construction industry boost the market, Technavio

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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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. 

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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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Segment Overview 

This spray polyurethane foam market report extensively covers market segmentation by

1. 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.

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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
• Open Cell
• Closed Cell
• 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.

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