Spray Polyurethane Foam Market to Post 7% CAGR Between 2016 to 2023
Spray Polyurethane Foam Market Overview:
Spray Polyurethane Foam is known for its ability to form an insulation by delivering a plastic-like cover on the intended location. It can create a barrier on walls, roof, corners, and contoured surfaces and create an air sealing as well. The global Spray Polyurethane Foam market can manage a 7% CAGR during the forecast period of 2016 to 2023. Market Research Future (MRFR) has made a claim in the latest report on the Spray Polyurethane Foam market that its probability to garner more revenues in the coming years would be substantial.
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Several factors like the booming construction industry can be taken as a major thrust-provider. The product displays high energy conservation efficiency, better thermal resistance, moisture & vapor retardation, and noise absorption, which also helps in the reduction of usage of HVAC components. Increase in commercial construction is also expected to influence the market uptake. Increasing demand for smart buildings can inspire market growth.
Segmentation:
The global spray polyurethane foam market, as described in the report, is segmented by type and application. The segmentation intends to discover various factors that can impact the global market in the coming years.
By type, the spray polyurethane foam market can be segmented into open cell spray polyurethane foam (light density spray foam), one component foam, closed cell spray polyurethane foam, and others. The closed cell spray polyurethane foam includes high and medium density spray foam.
Based on the application, the spray polyurethane foam market includes attics, walls, roofs, crawl spaces, floor, and others. These segments are all fetching substantial revenue for the global market.
Reginal Analysis:
The region-specific analysis of the global spray polyurethane foam market includes North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW). Such a report has the potential to divulge details regarding various growth pockets to ensure better growth rate in the future.
North America has the lead and is expected to maintain substantial CAGR during the forecast period. The growth has been influenced by significant hike in construction activities. The regional market is experiencing several construction activities as it has developed countries like the US and Canada who are investing much in regional construction activities. Growing energy consumption in the common household of this region can increase the intake of the product.
The APAC market can ride on the potentials of emerging countries like China, India, and others. Japan is also a developed country that can afford hike in construction-related investment and ensure strong intake of the product in the coming days.
Europe’s market has similar features like that of North America. Various construction and renovation activities are expected to take the regional market to a different height. Also, the regional market has several major players who can fetch in substantial market revenue in the coming years.
The RoW segment can be segmented into the Middle East & Africa (MEA) and Latin America markets. The growth rate would be significant in the MEA region owing to various construction activities in Qatar, Dubai, Saudi Arabia, the UAE, and others.
Competitive Landscape:
Several companies are actively participating in the global spray polyurethane foam market. They are including strategies to improve their production capacity and increase profits. But the process is also ensuring holistic growth for the entire market. MRFR profiled a number of companies to understand the market better. These companies are Accella Polyurethane Systems (US), Huntsman International LLC (US), Certainteed (US), BASF SE (Germany), DowDuPont (US), Icynene (Canada), Invista (US), Specialty Products Inc (US), NCFI Polyurethanes (US), Soprema (France), Isothane Ltd (UK), Johns Manville (US), and Rhino Linings Corporation (US).
Industry News:
In August 2019 BASF decided to launch a wide range of foams in Europe via a Foam expo in Stuttgart. Their portfolio would include Elastocoat C high-tech spray gel, which has polyurethane as its main component and can be used for cool mattresses, amongst others.
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