Press release
At 6.5% CGAR, Semi-Rigid Spray Polyurethane Foam Market to cross $1.1bn by 2024 | oneywell, Lapolla Industries, JJD Urethane Co, NCFI Polyurethanes, The Dow Chemical Company, and Foam Supplies Inc.
Semi-Rigid Spray Polyurethane Foam Market
Based of application, the global semi-rigid spray polyurethane foam market is mainly divided into floor, walls and roofs. In terms of revenue, the floor application segment will likely generate over USD 18 million by 2024. Other applications segment includes attics, plumbing systems, ceilings, and will account for around a tenth of the entire semi-rigid SPF market in 2024.
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According to a new research report by Global Market Insights, Inc. Semi-Rigid Spray Polyurethane Foam Market size will surpass USD 1.1 billion by 2024
Growth drivers are
• Growth construction industry in Asia Pacific and the U.S.
• Stringent government regulations regarding energy efficiency
• Volatile prices of raw materials
• Occupational health hazards associated with the product
Overheating of attics in the summers is a growing concern in the European countries due to the climate changes. Extensive insulation used in maintaining the indoor temperature, energy saving and storing heat in panels will escalate the semi-rigid SPF market growth in this region. Building and construction accounts for over 40% of the total energy consumption in Europe. According to UN Summit, energy conservation is the major challenge and Europe plays a pivotal role in this scenario.
Increasing energy efficiency are the basic criteria for closing the gap between energy consumption and rising power demand. European Union has taken numerous measures such as energy efficient renovations for government properties, mandatory energy efficient certificates for residential and industrial buildings. This will drive the product market growth in next seven years down the line.
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Various health risks caused by the raw materials used in the production of semi-rigid spray polyurethane foam is the chief restraining factor for the growth of this market. Several agencies, such as EPA and NIOSH, have set standards related to the usage and handling of these products at the time of manufacturing. Health risks can be avoided through various precautions such as avoidance of direct contact with the materials, using quality assured protective equipment, etc. However, the residential market being the most dominant end-user segment, issues related to the health have become a key restraint for market growth. Industry players, such as Rhino Lining Corporation, have been focusing on the development of bio-based SPF due to these health hazards.
Growing awareness about health threats has led to the growth in demand for bio-based semi-rigid SPFs. This has been one of the foremost restraining reason for isocyanates and polyol based semi-rigid spray polyurethane foam market.
Japan semi-rigid spray polyurethane foam market is likely to become a USD 40 million by 2024 driven by significant growth in construction industry coupled with increasing demand from cold storage sector. This will positively influence the Asia Pacific semi-rigid SPF market throughout the forecast timeframe.
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Some of the key semi-rigid SPF market players include Honeywell, Lapolla Industries, JJD Urethane Co, NCFI Polyurethanes, The Dow Chemical Company, and Foam Supplies Inc.
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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