Growing Construction Industry to Propel Global Spray Polyurethane Foam Market at 7% CAGR by 2019
ALBANY, NY – February 23, 2015 – According to a recently published research report by Transparency Market Research (TMR), the global spray polyurethane foam market is anticipated to grow at a 7% CAGR between 2013 and 2019. TMR, a U.S.-based market intelligence company, states in its report that the global spray polyurethane foam market, which was valued at US$1135.3 million in 2012, will report a market value worth US$1823 million by 2019. The report, titled ‘Spray Polyurethane Foam Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019’, is available for sale on the company website.
This market research report states that the global spray polyurethane foam market is mainly driven by the expanding construction industry. The reaction of isocyanates such as polyols and methylene diphenyl diisocyanate in the presence of blowing agents, catalysts, and flame retardants produces spray polyurethane foam. As the name suggests, it is foam that is either pumped or sprayed on building substrates. Spray polyurethane foam acts as an insulating substance. Unlike other conventional substitutes (Example: glass), spray polyurethane foam ensures greater efficiency with regard to energy conservation. Spray polyurethane foam also exhibits a lower carbon footprint than other conventional modes of insulation. The other prominent factors fuelling the global spray polyurethane foam market are greater ecological concerns and government regulations that advocate the construction of structures that are energy-efficient.
The global spray polyurethane foam market is segmented on the basis of type of product, application, and geography. Based on type of product, this market is classified into closed cell spray polyurethane foam, open cell spray polyurethane foam, and others. In 2012, more than 90% of the share in the global spray polyurethane foam market was jointly held by the open cell and closed cell spray polyurethane foam segments. These two product segments are expected to retain their leading position in the global spray polyurethane foam market during the forecast period as well. Based on application, the global spray polyurethane foam market is categorized into residential walls, commercial walls, residential roofing, commercial roofing, and others.
Geographically, this market research report categorizes the global spray polyurethane market into Asia Pacific, North America, Europe, and Rest of the World. In terms of consumption, North America holds the largest share in the global spray polyurethane foam market, and is also expected to retain its leading position in the forthcoming years as well. It is, however, anticipated that the Europe market for spray polyurethane foam will witness robust growth during the forecast period. The spray polyurethane foam markets in Europe and North America are propelled by stringent government regulations that pertain to the reconstruction of structures. Some of the challenges facing the global spray polyurethane foam market are volatile input prices and occupational health hazards associated with certain raw materials used in the production of spray polyurethane foam.
The key companies in the global spray polyurethane foam market are The Dow Chemical Company, Icynene Inc., CertainTeed Corporation, NCFI Polyurethanes, and Premium Spray Products, Inc.
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