Global Spray Polyurethane Foam Market Is Expected to Reach USD 1,823 Million in 2019: Transparency Market Research
Online, June 17, 2014 (Newswire.com) - According to a new market report published by Transparency Market Research "Spray Polyurethane Foam (Open Cell, Closed Cell and Others) Market for Residential Walls, Residential Roofing, Commercial Walls, Commercial Roofing and Other Applications - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019,"the global spray polyurethane foam market was valued at USD 1,135.3 million in 2012 and is expected to reach USD 1,823 million by 2019, growing at a CAGR of 7.0% from 2013 to 2019. In terms of volume spray polyurethane foam consumption was 473.5 kilo tons in 2012.
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Spray polyurethane foam (SPF) is an effective substitute for traditional insulation materials such as glass and metal. Higher efficiency and lower carbon footprint during production have been major factors driving the SPF market. In addition, increasing threat of energy crisis leading to stringent government regulations for energy efficient structures is expected to further augment the market growth. Isocyanates employed in the production of SPF cause severe occupational health hazards including asthma which has been a major factor restraining growth of the SPF market. Volatility of raw material prices has also restrained the demand for SPF. Developing low cost bio-based SPF is expected to offer huge growth opportunities in the market.
Open cell and closed cell SPF together constitute over 90% of the global demand for SPF and the trend is expected to continue during the forecast period. Growing demand for residential applications in developed countries is expected to fuel demand for open cell SPF. Other application segments include one component foam and high density SPF. Demand in other segment is driven by innovation and higher degree of customization.
Demand for SPF can be segregated into five major application segments: residential roofing, residential walls, commercial roofing commercial wall and other niche applications. Residential roofing application dominates the global demand for SPF. Other application segments include medical equipment and transportation among others.
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