Spray Polyurethane Foam Market Size, Share and Industry Analysis Report by Product (Open Cell, Closed Cell) and Application (Residential Walls, Residential Roofing, Commercial Walls, Commercial Roofing), Regional Outlook, Growth Potential, Competitive Mar

Spray Polyurethane Foam Market Size, Share and Industry Analysis Report by Product (Open Cell, Closed Cell) and Application (Residential Walls, Residential Roofing, Commercial Walls, Commercial Roofing), Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 - 2028

The spray polyurethane foam market is set to exhibit sturdy growth by 2028 on account of the rapidly expanding construction industry across key regions. In addition, strict government regulations regarding energy efficiency are likely to propel industry adoption over the forecast period.

Foam plastic building insulation, which generally consists of extruded and expanded polystyrene, polyisocyanurate, and polyurethane, is cost-effective, energy-efficient, and widely utilized in the construction industry. The use of various flame retardants in building insulation has been shown to have many adverse effects on human health, including compromised immunity, reproductive health, and cancer, which has urged industry leaders to develop safer alternatives.

Notably, spray foam polyurethane foam offers several functional benefits, such as a seamless surface, high durability, enhanced energy efficiency, and eco-friendly nature. Numerous functional and material product advantages have led to its extensive use in the construction industry, which has augmented market uptake in recent years. In addition, rising emphasis on constructing energy-efficient buildings around the world has fueled product demand over the past few years.

Furthermore, industry players have been adopting profitable strategies to accommodate the surging demand for spray polyurethane foam, which has favorably impacted the overall business scenario. For instance, in June 2021, BASF SE, a German chemicals company, signed a joint development agreement with Shanghai Harvest Insulation Engineering Co., Ltd, a leading manufacturer and installer of cryogenic insulation, to develop prefabricated insulation pipes. According to the deal, both firms agreed to co-develop prefabricated insulation pipers by leveraging Elastopor Cryo, which is a polyurethane rigid foam system developed by BASF.

The spray polyurethane foam market has been segregated in terms of application, product, and region. With respect to product, the market has further been classified into closed cell, open cell, and others. The others sub-segment is speculated to progress at a CAGR of about 6% over the assessment period and is poised to reach a substantial valuation by the end of 2028.

From the application point of view, the spray polyurethane foam market has been divided into commercial roofing, residential wall, commercial wall, and residential roofing. The residential wall sub-segment is anticipated to amass sizable gains by 2028, expanding at a CAGR of approximately 6.5% through the review timeline. Widespread application of spray polyurethane foam in residential walls are slated to boost segmental growth over the next few years.

On the regional spectrum, the Middle East & Africa spray polyurethane foam market is poised to gain a solid growth momentum by 2028, registering more than 3% CAGR over the study timeframe.