Spray Foam Market Size, Share & Trends Analysis Report By Product (Open Cell, Closed Cell), By Density (High, Low, Medium), By Application (Construction, Packaging), By Region, And Segment Forecasts, 2024 - 2030

Spray Foam Market Size, Share & Trends Analysis Report By Product (Open Cell, Closed Cell), By Density (High, Low, Medium), By Application (Construction, Packaging), By Region, And Segment Forecasts, 2024 - 2030

Spray Foam Market Growth & Trends

The global spray foam market size is anticipated to reach USD 3.63 billion by 2030, registering a CAGR of 6.5% from 2024 to 2030, according to a new report by Grand View Research, Inc. The growth is majorly attributed to the increasing adoption of insulation products in the building & construction industry. Moreover, growing residential & commercial sectors are expected to fuel the demand for spray foams. Increasing investments in housing units, industrial buildings, and infrastructure are propelling the growth of the construction industry, which fuels the demand for spray foam.

Increasing demand for green and safer buildings, owing to the presence of stringent government regulations and rising environmental concerns, is prominently fueling the market growth. This is expected to create lucrative growth opportunities for market players over the coming years. Europe is a prominent market for spray foams with the growing need for insulation due to the weather conditions. A strong economy and increasing government spending on infrastructural development are anticipated to fuel the construction industry, which is expected to propel the demand for spray foam in Germany and the UK over the forecast period.

The global market for spray foam displays a moderate level of fragmentation, characterized by the presence of numerous small and large players. This competitive landscape encourages firms to adopt various strategies, such as product differentiation, mergers, acquisitions, and research and development, to gain a competitive edge. For example, on November 14, 2023, DAP, a leader in construction products and home improvement industry, transformed spray foam application with the introduction of the first of its kind 1-Component broadcast spray foam: Wall & Cavity Foam with Wide Spray Applicator.

Spray Foam Market Report Highlights

• The open cell product segment dominated the market with the highest revenue share of 67.2% in 2023, owing to properties, such as flexibility and softness, which make them suitable for use in residential roofs & walls. They further improve soundproofing and are installed with minimal labor cost.
• Low-density spray foam insulation is commonly used for interior applications and other applications, including unvented attics, wall cavities, ducts, basement walls, roof decks, ceilings, and crawl spaces. Additionally, low-density spray foam insulation is frequently used during construction to fill wall cavities.
• North America dominated the market with a revenue share of 42.50% in 2023, which is attributed to increased product demand from countries, such as the U.S. and Canada.
• The construction sector in Asia Pacific is witnessing rapid expansion, driven by substantial infrastructural projects, focus on affordable housing units, and adoption of green building technology.

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