Spray Polyurethane Foam Market Size By Product (Open cell, Closed cell), By Application (Residential walls, Residential roofing, Commercial walls, Commercial roofing), COVID-19 Impact Analysis, Industry Analysis Report, Regional Outlook, Growth Potential,

Spray Polyurethane Foam Market Size By Product (Open cell, Closed cell), By Application (Residential walls, Residential roofing, Commercial walls, Commercial roofing), COVID-19 Impact Analysis, Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2023 - 2032

The global spray polyurethane foam industry is slated to propel significantly through 2032 owing to the rising remodeling activities and building construction across the world.

Spray polyurethanes are used in building walls, roofs, attics, and basements to reduce air loss and keep the building insulated. Over the past two decades, the building insulation market has grown because of increased knowledge of the energy-saving advantages of insulating buildings, particularly in regions with colder climates.

Leading companies in the industry are vying for overseas partnership and acquisition deals to grow their business portfolio and increase revenue. For instance, in August 2022, Owens Corning announced that it will buy Natural Polymers, LLC. The firm's spray polyurethane foam insulation portfolio for applications in the construction industry is anticipated to be strengthened by the acquisition.

The spray polyurethane foam market has been divided on the basis of product, application, and region.

Based on product, the industry is classified into open-cell, closed-cell, and others. The others segment is expected to grow at more than 5.5% CAGR through the review timeline. The other product category primarily consists of one-component foam and high-density foam. Homeowners and other end users typically utilize one-component foam products to seal air gaps around windows and doors, which will help boost the market growth in the coming years.

With respect to application, the commercial roofing segment is anticipated to expand at nearly 4% CAGR from 2023 to 2032 since SPF applications in commercial buildings will dramatically increase demand for roofing-related products. Due to its ease of application huge areas can be covered within nominal timescales without any hassle. Meanwhile, the others segment is speculated to witness approximately 3.5% CAGR over the forthcoming years credited to the growing public knowledge of this insulation and the long-term financial benefits these uses provide.

From the regional perspective, the Middle East & Africa spray polyurethane foam industry is poised to augment at around 3% CAGR by the end of the estimated timeframe attributed to the increase in demand for thermal insulation because of the building and construction industries as well as from the electronics and appliance industries.

In the meantime, the Latin America spray polyurethane foam market is set to witness robust CAGR through the projected timeline owing to the rising demand for residential homes due to the boost in the local population and disposable income. Leading countries like Brazil and Mexico have recently displayed considerable economic growth. Significant global athletic events that have happened previously in LATAM have expanded the use of spray polyurethane foams, which is anticipated to encourage regional market expansion.