Polyurethane Spray Foam Insulation Market Projected to Surpass USD 11 billion by 2031, at a CAGR of 7.2% | Says Transparency Market Research Inc.
Transparency Market Research
7 min read
Transparency Market Research
Energy-efficient and sustainable insulating solutions are in greater demand from both consumers and companies.
Wilmington, Delaware, United States, Nov. 13, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global polyurethane spray foam insulation market was estimated at a value of US$ 5.9 billion in 2022. It is anticipated to register a 7.2% CAGR from 2023 to 2031 and by 2031, the market is likely to attain US$ 11 billion by 2031.
In the upcoming years, it is anticipated that construction activity in Eastern European developing nations will stimulate the building insulation materials industry. Reconstruction efforts are booming in countries like Sweden and Russia that are experiencing adverse weather, which is increasing the need for building insulation products in these areas.
Increasing emphasis on enhancing indoor air quality and thermal comfort as well as growing awareness of the need for eco-friendly and energy-efficient construction practices are anticipated to drive the size of the polyurethane spray foam insulation market during the forecast period.
Market Trends for Polyurethane Spray Foam Insulation
Two-component high-pressure, two-component low-pressure, and one-component foam are the segments of the polyurethane spray foam insulation market depending on type. There is a particular kind of insulation known as two-component high-pressure polyurethane spray foam insulation. It is composed of two independent parts, usually a polyol and an isocyanate, combined and applied under high pressure.
Since two-component high-pressure polyurethane spray foam insulation produces a dense, long-lasting foam with superior thermal insulation qualities, it is anticipated to dominate the industry. For efficient and long-lasting building insulation, two-component high-pressure foam is frequently utilized in a variety of construction applications
Key Findings of Market Report
The global energy landscape is experiencing major changes currently. Buildings, including public, commercial and residential, consume approximately one-third of the world's total energy. As cities in developing nations modernize and incomes rise overall, global building energy use is forecasted to sharply increase.
At the same time, energy costs are rising significantly. Building codes around the world are also tightening in terms of energy efficiency requirements. These dual trends of higher energy prices and more stringent codes are having a substantial impact on the market for polyurethane spray foam insulation. This type of insulation can help reduce building energy consumption considerably.
As the need grows for technologies that save energy in the face of soaring demand from urbanizing developing world populations, products like polyurethane spray foam insulation that can help buildings utilize less power are becoming increasingly important. The transformation of the international energy sector combined with efforts to curb energy use in the built environment through improved insulation are influencing insulation product markets.
Global Market for Polyurethane Spray Foam Insulation: Regional Outlook
Various reasons are propelling the growth of the polyurethane spray foam insulation market in different regions. These are:
From 2023 to 2031, Asia Pacific is anticipated to have a major share. The regional market dynamics are being driven by the expansion of end-use sectors, including electronics, construction and building, bedding and furniture, and automotive, in developing countries like Thailand and India.
European nations are pushing hard for the usage of spray foam insulation made of polyurethane. In this region, the demand for polyurethane spray foam insulation is being driven by financial incentives, stringent environmental regulations, and pro-business government policies.
The ambitious targets outlined in the EU's Renewable Energy Directive to increase the regional share of renewable energy are also anticipated to have a significant impact on the market.
Europe's polyurethane spray foam insulation market is expected to present profitable prospects for market expansion as well as cleaner, more sustainable energy choices to meet the region's energy needs.
Global Polyurethane Spray Foam Insulation Market: Key Players
There are numerous major to medium-sized producers of polyurethane spray foam insulation on the market. Manufacturers are expanding the range of products they offer, and major players are also using mergers and acquisitions as a significant strategy. Prominent enterprises in the polyurethane spray foam insulation sector are allocating substantial resources to research and development in order to introduce pioneering goods, encompassing compositions like open-cell and closed-cell spray foam, each with unique characteristics and uses.
The following companies are well-known participants in the global polyurethane spray foam insulation market:
BASF SE, Convestro AG, Dow, Huntsman International LLC., John Manville, CERTAINTEED, Bayer, DEMILEC, Premium Spray Products, Rhino Linings Corporation, Henry Company, LAPOLLA INDUSTRIES, INC., Others
Few of key developments by the players in this market are:
Company name
Key Developments
BASF
In 2022, the most recent bus model from Suzhou Kinglong included Elastoflex® CE 3651/108, water-blown polyurethane insulating spray foam from BASF.
BASF, in partnership with Tianshun and Suzhou Kinglong, created this environmentally sustainable, water-blown open-cell foam system. According to PONY Testing International Group, the PU foam improves interior air quality in public transportation and satisfies strict VOC regulations.
Dow
In 2022, Dow broadened the range of its silicone surfactants, VORASURF.
This extension serves the rigid polyurethane foam industry's growing need for sustainable and energy-efficient solutions, with a focus on spray and construction applications.
Carlisle Construction Materials
In 2020, the operational division of Carlisle Companies Incorporated, Carlisle Construction Materials, stated that it is renaming its CASE division from Accella Polyurethane Systems to Carlisle Polyurethane Systems (CPS).
In November 2017, Carlisle purchased the Accella Performance Materials family of businesses, which included tire fill, CASE, and spray foam insulation enterprises.
The CASE business will now be fully integrated into the Carlisle family of enterprises with the name change to Carlisle Polyurethane Systems.
Global Polyurethane Spray Foam Insulation Market Segmentation
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