Future Growth of Semi-Rigid Spray Polyurethane Foam Market Global Analysis by Key Players - Lapolla Industries, Honeywell, NCFI Polyurethanes, Foam Supplies, and Dow Chemical
Semi-Rigid Spray Polyurethane Foam Market will surpass USD 1.1 billion by 2024; according to a new research report.
Semi-rigid spray polyurethane foam (SPF) are basically spray-based plastic that offers insulation solutions for buildings. It comprises of unique liquid substances which expands on application to create foam that offers insulation to roof, wall, floor, etc. It also provides vapor barriers, form moisture, and seals gap. Unique properties such as resistance to heat transfer and elimination of unwanted air filtration through joints, seams and cracks makes semi-rigid SPF an ideal product for insulating commercial, residential, industrial building & infrastructure.
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Major market players of the industry are Lapolla Industries, Honeywell, NCFI Polyurethanes, Foam Supplies, and Dow Chemical. The industrial players of this market are expanding their production capabilities owing to growth in North America residential building construction and restoration activities.
Rising concern regarding climatic changes due to global warming is substantially growing the demand for building insulation products throughout the world. Extensive application of insulation products in maintaining indoor temperature and storage heat panels is stimulating the semi-rigid SPF market. For instance, overall energy demand in Europe depends significantly on the building and infrastructure industry. The UN has stated energy conservation as the most major challenge in the European Union, based on which the government bodies have taken various measures to adopt energy efficient technology and reduce gap between increasing power demand and energy consumed. These initiatives to promote building energy efficiency will favor semi-rigid spray polyurethane foam industry growth in the European region.
The semi-rigid spray polyurethane foam market is hindered by stringent environmental regulations by bodies such as NIOSH and EPA, implemented to eliminate the risk of chemical exposure during production as the raw materials such as methylene diphenyl diisocyanate (MDI) and toluene diisocyanate (TDI) are toxic in nature with potential carcinogenicity.
Based on end-users, semi-rigid SPF market is segmented into residential, commercial, agricultural, industrial and institutional buildings. Residential buildings sector is likely to account for over 15% of the global market. Rising demand for smart residential homes and apartments equipped with air and moisture resistant features along with heat insulation will boost the segment market growth throughout the forecast spell.
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Floor application sector is steadily growing with revenue estimated to be more than USD 18 million by the end of 2024. The increase in global temperature has necessitated the use of semi-rigid spray polyurethane foam products on building floors to enhance the building thermal mass. Walls will hold sway the application sectors with more than half of the overall semi-rigid SPF market share by the end of the forecast period.
Japan semi-rigid SPF market is estimated to be over USD 40 million in 2024 with Asia Pacific accounting for more than 20% of the global share. Technologically advanced architectural designs and increasing investments in the regional construction industry will boost the overall semi-rigid spray polyurethane market demand. Rising number of warehouses and cold storages in agrarian economies such as India and China will also signify the regional market growth.
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