Proliferating inclination toward energy efficiency to push Rigid Spray Polyurethane Foam Market outlook
Driven by exceptional insulation properties, the application landscape of the rigid spray polyurethane foam industry has expanded substantially over the years ranging from roofs, walls, to floors of building structures. In fact, the material offers high insulating R-values, i.e., R 5.5 to 8 per inch, which is indeed a noticeable figure addressing the growing demand for optimum energy utilization.
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As per a study conducted at Global Market Insights Inc., the rigid spray polyurethane foam market is expected to record USD 1.1 billion by 2024.
A gist of drivers accelerating rigid spray polyurethane industry
Growing governments’ inclination towards energy conservation
The introduction of stringent government norms regarding energy conservation across the globe is expected to accelerate the demand for spray foam insulation solutions over forthcoming years. In recent times, government agencies worldwide have been focused on developing energy-efficient buildings to tackle existing environmental challenges.
Citing an instance to highlight the same, in 2016, the EC (European Commission) published a ‘Clean Energy for all Europeans’ policy package, which has an exclusive focus on the energy efficiency of buildings. The consolidated version of the agency’s Energy Performance of Buildings Directive(EPBD) requires every new building structure to be nearly zero-energy by the end of 2020.
Moreover, in 2017, the Canadian government introduced the National Energy Code of Canada for Buildings (NECB) to enhance energy efficiency and reduce greenhouse gas emissions of Canadian buildings. It covers an extensive range of building systems and components including mechanical systems and building envelopes. Supported by government initiatives like the aforementioned, the rigid spray polyurethane foam industry is expected to record significant growth over the forthcoming years.
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Accentuating demand in Latin America
Latin America rigid spray polyurethane foam market is anticipated to record significant growth opportunities on account of expanding construction sector in the region. The nations in the region are spending heavily on the development of new construction projects, which in turn will enhance the rigid spray polyurethane business outlook.
For instance, Brazil, which is one of the biggest economies in the region, launched an infrastructure concessions program that will invest 45 billion reais (USD14.43 billion) in the development of buildings, power transmission lines, etc. In addition, the concept of green buildings is increasingly being introduced across the region, which will further improve the demand for spray foam insulation solutions in Latin America.
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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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