Spray Foam Insulation Market Overview and Trends Report 2024

"The Business Research Company recently released a comprehensive report on the Global Spray Foam Insulation Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The spray foam insulation market size has grown strongly in recent years. It will grow from $2.15 billion in 2023 to $2.30 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. The growth in the historic period can be attributed to government incentives for energy-efficient building materials, growing demand for zero-energy homes, increased urbanization, expanding renovation and retrofitting projects, new homes, and rising DIY adoption.

The spray foam insulation market size is expected to see strong growth in the next few years. It will grow to $2.99 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%. The growth in the forecast period can be attributed to rising construction activities, increasing awareness of energy-efficient insulation, growing demand for eco-friendly insulation materials, and rising regulatory focus on reducing carbon emissions in construction. Major trends in the forecast period include technology integration in application systems, integration of smart sensors for quality control, innovation in foam durability, and integration of spray foam with renewable energy systems.

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Market Drivers and Trends:

Rising construction activities are expected to propel the growth of the spray foam insulation market going forward. Construction is the process of building or assembling infrastructure, such as buildings, roads, and bridges, involving planning, design, and execution. Rising construction activities are fueled by rapid urbanization, which increases the demand for housing and infrastructure, along with government initiatives that invest in large-scale infrastructure projects to support economic growth. Spray foam insulation improves energy efficiency in buildings by providing effective thermal insulation and air sealing, reducing energy costs, and enhancing indoor air quality by preventing drafts and moisture infiltration. For instance, in May 2024, according to the Office for National Statistics, a UK-based government department, in Quarter 1 2024, total new construction orders rose by 15.9%, amounting to an increase of £1,436 million ($1,920 million) compared to Quarter 4 2023. Therefore, rising construction activities are driving the growth of the spray foam insulation market.

Major companies operating in the spray foam insulation market are focusing on developing innovative solutions, such as spray polyurethane foam insulation, to enhance energy efficiency and sustainability in construction. Spray polyurethane foam insulation refers to a lightweight, rigid foam material created by mixing polyol resin and isocyanate, which expands upon application to provide superior thermal resistance, air sealing, and moisture protection in various building applications. For instance, in June 2024, Huntsman Building Solutions (HBS), a US-based manufacturer of polyurethane spray foam products, launched Icynene Xpress 55, a new open-cell spray polyurethane foam insulation designed for unventilated attics and crawl spaces. This low-density product offers excellent thermal performance with an R-value of R-3.7 at 1 inch and R-13 at 3.5 inches, while also providing superior adhesion to various substrates and reducing outside noise and pollution. Icynene Xpress 55 meets stringent fire safety requirements set by the International Building Code and complies with AC-377 Appendix X, eliminating the need for an ignition barrier in utility-only attics.

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Major Key Players of the Market:

BASF SE, Dow Inc., Honeywell International Inc., 3M Company, Covestro AG, DuPont de Nemours Inc., Sika AG, Owens Corning, Kingspan Group plc, Huntsman Corporation, RPM International, Sealed Air Corporation, CertainTeed, Tremco Incorporated, ArmorThane, Assured Insulation Solutions, Everchem Specialty Chemicals, FOAMETIX, Green Insulation, Lapolla Industries, Pacific Avenue Capital Partners LLC, Shakun Industries, Weatherization Services Inc.

Spray Foam Insulation Market 2024 Key Insights:

• The spray foam insulation market size is expected to see strong growth in the next few years. It will grow to $2.99 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%.
• Surge In Construction Activity Drives Growth In Spray Foam Insulation Market
• Innovative Developments In Spray Polyurethane Foam Insulation
• North America was the largest region in the spray foam insulation market in 2023

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