Global Spray Foam Market Size To Exceed USD 4.17 Billion By 2033: Market Statistics Report

Global Spray Foam Market Size To Exceed USD 4.17 Billion By 2033          

According to a research report published by Spherical Insights & Consulting, The Global Spray Foam Market Size is Expected to Grow from USD 2.26 Billion in 2023 to USD 4.17 Billion by 2033, at a CAGR of 6.32% during the forecast period 2023-2033. 

 

Browse 210 Market Data Tables And 45 Figures Spread Through 190 Pages and In-Depth TOC On The Global Spray Foam Market Size, Share, and COVID-19 Impact Analysis, By Product (Open-Cell and Closed-Cell), By Density (High, Low and Medium), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 - 2033.

 

The term spray foam market describes the worldwide market for sprayable polyurethane and polyisocyanurate foam products, which are mostly utilized in automotive, construction, and other industrial settings for sealing, waterproofing, and insulation. Along with associated services like installation and maintenance, it includes the manufacturing, marketing, and distribution of these materials. Usually composed of polyurethane, spray foam is a kind of insulation that is applied in liquid form and expands to fill gaps, forming a tight, airtight barrier. It is utilized in the construction of buildings to reduce air penetration, increase thermal insulation, and provide structural support and soundproofing. Furthermore, growing building activity, especially in developing countries, along with growing sustainability concerns and energy efficiency rules, are driving the spray foam market.  The need for airtight and long-lasting insulation, declining heating and cooling expenses, and technology developments are further factors driving this. However, the market has difficulties, chief among them being the volatility of raw material prices, high manufacturing costs, and environmental issues.

 

The open-cell segment dominated the largest share in 2023 and is anticipated to grow at a significant CAGR during the forecast period.

Based on the product, the global spray foam market is divided into open-cell and closed-cell. Among these, the open-cell segment dominated the largest share in 2023 and is anticipated to grow at a significant CAGR during the forecast period. Open-cell foam is appropriate for residential walls and roofing because of its softness and flexibility.  In addition to improving soundproofing, this kind of spray foam requires little labor to apply. 

 

The high segment held the highest share in 2023 and is anticipated to grow at a significant CAGR during the forecast period.

Based on the density, the global spray foam market is divided into high, low, and medium. Among these, the high segment held the highest share in 2023 and is anticipated to grow at a significant CAGR during the forecast period. This is because of its exceptionally high R-value; high-density spray foam is frequently used in exterior and roofing applications in commercial and industrial buildings. The most popular kind of spray foam insulation in new buildings is medium-density spray foam, which can withstand high tension without breaking. 

 

North America is anticipated to hold the highest share of the global spray foam market over the projected period.

North America is anticipated to hold the highest share of the global spray foam market over the projected period. The largest share of the market was ascribed to rising product demand from nations like Canada and the United States. This is because of its benefits for the environment, zero hazardous emissions, and supportive laws and regulations, the product is widely used in both residential and commercial settings throughout North America.

 

Asia Pacific is estimated to grow at the fastest CAGR of the global spray foam market during the forecast period. This is because of the region's growing middle class's disposable income and population.  The majority of the demand for spray foam comes from nations like China and India.  Spray foams are used in construction applications to fill up concrete gaps and seal cracks.  One of the main factors propelling the use of spray foams in construction applications is the increase in expenditure on infrastructure development projects in developing nations like China and India.

 

Company Profiling

Major vendors in the global spray foam market are CertainTeed, LLC (Saint-Gobain), Covestro AG, Honeywell International Inc., NCFI Polyurethanes, Henry Company, RHH Foam Systems, Rhino Linings Corporation, BASF SE, Huntsman International LLC, Johns Manville, and Dow, and others. 

 

Key Target Audience

·        Market Players

·        Investors

·        End-users

·        Government Authorities 

·        Consulting and Research Firm

·        Venture capitalists

·        Value-Added Resellers (VARs) 

 

Recent Development 

·        In September 2024, Great Stuff Wide Spray Foam Sealant, a new broad-coverage spray foam that is perfect for air sealing joints, seams, wide gaps, uneven surfaces, and difficult-to-reach areas, was recently introduced by DuPont Performance Building Solutions. 

 

Market Segment

This study forecasts revenue at the global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the global spray foam market based on the below-mentioned segments: 

 

Global Spray Foam Market, By Product    

·        Open-Cell

·        Closed-Cell

 

Global Spray Foam Market, By Density    

·        High

·        Low

·        Medium

 

Global Spray Foam Market, By Regional 

·        North America 

o   US

o   Canada

o   Mexico

·        Europe 

o   Germany

o   UK

o   France

o   Italy

o   Spain

o   Russia

o   Rest of Europe

·        Asia Pacific 

o   China

o   Japan

o   India

o   South Korea

o   Australia

o   Rest of Asia Pacific

·        South America 

o   Brazil

o   Argentina

o   Rest of South America

·        Middle East & Africa 

o   UAE

o   Saudi Arabia

o   Qatar

o   South Africa

o   Rest of the Middle East & Africa