NEW YORK, Dec. 17, 2018 (GLOBE NEWSWIRE) -- The global spray polyurethane foam (SPF) market was valued at USD 1,528.8 million in 2017 and is likely to expand to USD 2,487.6 million by 2024, witnessing a CAGR of 7.1% over the forecast period. The growth can be primarily attributed to the rising demand for spray polyurethane foam (SPF) across the globe in order to achieve energy efficiency. Also, significant growth in the construction and automotive industries is further expected to drive the demand over the forecast period.

In addition, considerable increase in the demand for bio-based SPF as a result of ongoing extensive research and development is likely to boost the market demand. Spray polyurethane foam may be defined as a high performance spray applied plastic widely used for insulation and as an air-sealant. SPF offers high insulation, thermal resistance, lower heat conductivity and aids in energy conservation as compared to other alternatives such as glass.

Key findings from the report:

  • The global spray polyurethane foam (SPF) market is likely to reach USD 2,487.6 million by 2024

  • Open and closed cell segment together held over 85% share of the market in 2017, and is likely to witness a healthy CAGR during 2018 to 2024

  • Building and construction segment is expected to hold a significant share of the global market from 2018 to 2024

  • Residential application was the largest segment in 2017, and the trend is likely to continue over the next seven years

  • North America held the major share of the market in 2017 owing to stringent government regulations in the region

  • Some of the key companies operating in the industry include Lapolla Industries, Inc.; BASF Corporation; BaySeal; Accella Polyurethane Systems, LLC; CertainTeed Corporation; Rhino Linings Corporation; The Dow Chemical Company; NCFI Polyurethanes; Icynene; Huntsman International LLC; Specialty Products Inc.; Henry Company; and Foam Supplies Inc.; among others

  • As of March 2018, Huntsman Corporation acquired Demilec, one of the North America’s leading manufacturers and distributor of spray polyurethane foam (SPF) insulation systems for residential as well as commercial applications. The acquisition is expected to offer significant synergies and is a great fit for the company to move downstream.

Building & construction segment accounted for the major share of the global market

Majority of the SPF is used in the building and construction industry as an alternative for conventional materials such as fiberglass and metal. The segment held the largest market share in 2017, and the trend is likely to continue over the forecast period. SPF insulation is ideal for roofs as it can not only be applied onto new substrates, but also be sprayed onto existing roofing materials as a re-cover. SPF offers improved thermal performance, and through vapor retardation helps prevent moisture in the walls and combats mold problems.

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Spray polyurethane foam (SPF) market - Regional insight

North America dominated the global market for spray polyurethane foam (SPF) in 2017, and is projected to maintain its dominance over the next seven years. The region is set to offer lucrative opportunity for SPF market owing to the presence of stringent government regulations, which has led to a rise in the reconstruction of various structures.  Also, significant demand from key end use industries is expected to propel the market demand in the region over the forecast period. Moreover, Europe and Asia-Pacific are also set to register healthy growth over the next seven years.

The report segments spray polyurethane foam (SPF) market on the basis of product, end-use, application, and region.

By Product

  • Open cell
  • Closed cell
  • Others

By End-Use

  • Building & construction
    • Roofing
    • Walls
  • Automotive
  • Electronics
  • Others

By Application

  • Residential
  • Commercial
  • Others

By Region

  • North America
  • Europe
  • Asia-Pacific
  • Central & South America (CSA)
  • Middle East & Africa (MEA)

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