The market for spray foam insulation is estimated to account for US$ 1,910.4 million in 2022. The demand for spray foam insulation has increased significantly over the past few years and is commonly installed in new construction, renovation, and retrofit. Spray foam insulation solves problems related to building insulation design as it offers proven thermal protection while providing superior air barrier properties.
The Spray Foam Insulation Market is projected to rise at a CAGR of 6.5% from 2022 to 2032, reaching US$ 3,560 million in 2032.
| Attributes | Details |
|---|---|
| Market Size (2021) | US$ 1,800.2 million |
| Market Size 2022 | US$ 1,910.4 million |
| Market Size 2032 | US$ 3,560.2 million |
| Value CAGR (2022 to 2032) | 6.5% |
Spray foam insulation is an alternative to traditional insulation such as glass and metal. It is commonly known as Spray Polyurethane Foam Insulation (SPFI). Spray foam insulation includes open-cell foam insulation and closed-cell foam insulation. Open-cell insulation is a lightweight foam that remains soft and resilient. Closed-cell spray foam is a classified product that is dense and durable when cured. It is an expensive product that also acts as a moisture barrier. Closed-cell foam insulation is better suited for basement and underground applications, as compared to open-cell foam.
A common application for spray foam insulation is the commercial and industrial roof and wall insulation. Spray foam insulation uses less wall space than other materials. It complies with codes and completely fills the wall, saving energy and money. Over time, spray foam solutions reduce repair and maintenance costs for a wide variety of infrastructure. Furthermore, spray foam insulation is used in engineering solutions for foundations, buildings, roads, and concrete repair.
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The demand for spray foam insulation from 2017 to 2021 exhibits a historical growth rate of less than 5.8% CAGR. A significant growth driver for this market is stringent unofficial laws aimed at reducing ozone-depleting substance (ODS) emissions and improving energy efficiency in homes and buildings.
Emerging models influencing elements of the spray protection industry include advances in fourth-generation blowing specialists and expanded structural protection centered on energy conservation. FMI's forecast for spray foam insulation demand is projected to grow at a CAGR of 6.5% by 2032.
The rising demand for spray foam insulation is directly related to the recent surge in potential homeowners opting for environmentally friendly technologies that have also been incorporated into commercial buildings and office buildings to reduce energy consumption and increase consumer demand.
New developments in the market are addressing the application aspects. This will be one of the key drivers for the spray foam insulation market. Anticipated modifications to building codes across the globe will greatly impact the demand for spray foam insulation. Building improvements and upgrades, coupled with rising construction activities in the Asia Pacific and Latin America regions will drive the demand for spray foam insulation.
Government departments are supporting energy efficiency, thereby increasing demand for spray foam insulation in government construction projects. The growing middle-class population in emerging markets is also expected to drive demand for spray foam insulation in various applications such as roofing and concrete. In developed countries, the demand will mainly boost from the refurbishment of commercial and residential buildings.
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Moreover, the increase in shale gas exploration and the importance of health and safety considerations are creating more application opportunities, but fire regulations will be the key restraining factor for the spray foam insulation market. There are issues related to the thickness and application of spray foam, largely depending on the installer, however, spray foam problems are generally less and easier to overcome with proper planning and application. The unpredictable costs of the crude oil-based propane market and the risks associated with the product are limiting its rapid growth.
The global spray foam insulation market is segmented into six major regions: North America, Latin America, Europe, East Asia, South Asia & Pacific, and Middle East & Africa. Growth in developed regions such as North America, Western Europe, and Japan will be driven by new product innovations due to the easy application of building codes and stringent government regulations.
The Asia and Latin America region will also witness rapid growth owing to rising industrial investments in emerging economies such as Brazil, India, and China. Middle East & Africa is also expected to expand at a steady CAGR during the forecast period.
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Competition is associated with innovation and developments to improve Spray Foam Insulation ingredients. A chemical giant corporate BASF SE, Bayer AG, CertainTeed Corporation, Demilec, Icynene Inc., Lapolla Industries Inc., NCFI Polyurethanes, Premium Spray Products, Rhino Linings Corporation, The Dow Chemical Company, Henry Company, Greer Spray Foam Ltd., Covestro AG, RHH Foam Systems, Inc., General Coatings Manufacturing Corp., Aristo Industries, ICP BUILDING SOLUTIONS GROUP, Johns Manville, A Berkshire Hathaway Company, and DAP Products Inc., among others.
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geography, technology, and applications.
The report is a compilation of first-hand information, qualitative and quantitative assessments by industry analysts, and inputs from industry experts and industry participants across the value chain. The report provides an in-depth analysis of parent market trends, macroeconomic indicators, and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
| Attribute | Details |
|---|---|
| Growth Rate | CAGR of 6.5 % from 2022 to 2032 |
| Base Year for Estimation | 2021 |
| Historical Data | 2017 to 2021 |
| Forecast Period | 2022 to 2032 |
| Quantitative Units | Revenue in USD Million, Volume in Tons, and CAGR from 2022 to 2032 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | Basis of Foam Type, Basis of Density, Basis of Application, Basis of End-Use Industry |
| Regions Covered | North America; Latin America; Europe; East Asia; South Asia & Pacific; Middle East and Africa |
| Key Countries Covered | USA, Canada, Mexico, Brazil, Germany, UK, France, Italy, Spain, Russia, China, Japan, India, GCC Countries, Australia |
| Key Companies Profiled | BASF SE; Bayer AG; CertainTeed Corporation; Demilec; Icynene Inc.; Lapolla Industries Inc.; NCFI Polyurethanes; Premium Spray Products; Rhino Linings Corporation; The Dow Chemical Company; Henry Company; Greer Spray Foam Ltd.; Covestro AG; RHH Foam Systems, Inc.; General Coatings Manufacturing Corp.; Aristo Industries; ICP BUILDING SOLUTIONS GROUP; Johns Manville; A Berkshire Hathaway Company; DAP Products Inc. |
| Customization & Pricing | Available upon Request |
In 2021, the value of the Spray Foam Insulation Market reached over US$ 1,800.23 million.
During the forecast period, Spray Foam Insulation Market is estimated to expand at a CAGR of 6.5% from 2022 to 2032.
Spray Foam Insulation Market is projected to reach US$ 3,560.21 Mn by the end of 2032.
North America is projected to lead Spray Foam Insulation Market in the forecast period.
The key players operating in spray foam insulation market are BASF SE, Bayer AG, CertainTeed Corporation, Demilec, Icynene Inc., Lapolla Industries Inc., NCFI Polyurethanes, Premium Spray Products, Rhino Linings Corporation, The Dow Chemical Company, Henry Company, Greer Spray Foam Ltd., Covestro AG, RHH Foam Systems, Inc., General Coatings Manufacturing Corp., Aristo Industries, ICP BUILDING SOLUTIONS GROUP, Johns Manville, A Berkshire Hathaway Company, DAP Products Inc., and others.
1. Executive Summary 2. Industry Introduction, including Taxonomy and Market Definition 3. Market Trends and Success Factors, including Macro-economic Factors, Market Dynamics, and Recent Industry Developments 4. Global Market Demand Analysis and Forecast, including Historical Analysis and Future Projections 5. Pricing Analysis 6. Global Market Analysis and Forecast 6.1. Type 6.2. Density 6.3. Application 6.4. End-Use Industry 7. Global Market Analysis and Forecast, By Type 7.1. Closed-cell 7.2. Open-cell 8. Global Market Analysis and Forecast, By Density 8.1. High 8.2. Medium 8.3. Low 9. Global Market Analysis and Forecast, By Application 9.1. Wall Insulation 9.2. Attic Insulation 9.3. Roof Insulation 9.4. Concrete Rehabilitation 9.5. Other Applications 10. Global Market Analysis and Forecast, By End-Use Industry 10.1. Packaging 10.2. Building & Construction 10.3. Automotive & Transportation 10.4. Electrical & Electronics 10.5. Consumer Goods 10.6. Medical 10.7. Others Industries 11. Global Market Analysis and Forecast, By Region 11.1. North America 11.2. Latin America 11.3. Europe 11.4. South Asia & Pacific 11.5. East Asia 11.6. Middle East & Africa 12. North America Sales Analysis and Forecast, by Key Segments and Countries 13. Latin America Sales Analysis and Forecast, by Key Segments and Countries 14. Europe Sales Analysis and Forecast, by Key Segments and Countries 15. South Asia & Pacific Sales Analysis and Forecast, by Key Segments and Countries 16. East Asia Sales Analysis and Forecast, by Key Segments and Countries 17. Middle East & Africa Sales Analysis and Forecast, by Key Segments and Countries 18. Sales Forecast by Type, Density, Application, and End-Use Industry for 30 Countries 19. Competition Outlook, including Market Structure Analysis, Company Share Analysis by Key Players, and Competition Dashboard 20. Company Profile 20.1. BASF SE; Bayer AG 20.2. CertainTeed Corporation 20.3. Demilec; Icynene Inc. 20.4. Lapolla Industries Inc. 20.5. NCFI Polyurethanes 20.6. Premium Spray Products 20.7. Rhino Linings Corporation 20.8. The Dow Chemical Company 20.9. Henry Company 20.10. Greer Spray Foam Ltd. 20.11. Covestro AG 20.12. RHH Foam Systems, Inc. 20.13. General Coatings Manufacturing Corp. 20.14. Aristo Industries 20.15. ICP BUILDING SOLUTIONS GROUP 20.16. Johns Manville 20.17. A Berkshire Hathaway Company 20.18. DAP Products Inc.
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Spray Foam Insulation Market
