North America Spray Polyurethane Foam for Building & Construction Market revenue would exceed $990 million by 2027, says Global Market Insights Inc.
The growth of the North America spray polyurethane foam for building & construction market is propelled by the expanding commercial and residential sectors, the proliferating regional construction industry, and the emerging trend of renovation among urban and suburban homeowners in the U.S.
SELBYVILLE, Del., Oct. 19, 2021 /PRNewswire/ -- According to the recent report by Global Market Insights Inc., the North America Spray Polyurethane Foam For Building & Construction Market was estimated at $687 million in 2020 and is slated to exceed USD 990 million by 2027, registering a CAGR of 5.4% from 2021 to 2027. The report provides a detailed analysis of drivers & opportunities, top winning strategies, competitive scenario, wavering market trends, market size & estimations, and major investment pockets.
Spray polyurethane foam (SPF) finds extensive usage in sealing and insulation of building roofs and walls. It can reduce the energy requirements of buildings for heating and cooling by sealing air gaps in the roofs and walls and preventing heat transfer. The U.S. Environment Protection Agency (EPA) estimates that sealing air gaps and insulating building structures can reduce monthly energy bills by up to 20%. Notably, mounting demand for novel residential housing is set to drive market growth through the forecast period.
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Open cell SPF products offer various benefits like superior air permeability and good insulation characteristics, among others, which has made them a popular choice for indoor wall applications. Fueled by these advantages, the North America spray polyurethane foam for building & construction market from the open cell product segment is projected to grow at approximately 5% CAGR over the analysis period. However, rising availability of a wide range of alternatives to open cell SPFs, such as wool, fiberglass, and others, at more economical prices is anticipated to hinder the growth of the segment in the coming years.
Key reasons for North America spray polyurethane foam for building & construction market growth:
1. Surging demand for effective insulation materials.
2. Growing consumer emphasis on minimizing building energy costs.
3. Escalating product prominence in renovation and construction projects.
4. Increasing adoption of advanced insulation materials for home walls and roofs.
2027 forecasts show 'up to 55 gallons' segment retaining its dominance:
Based on container size, the up to 55 gallons segment held the lion's share in the North America spray polyurethane foam for building & construction market in 2020 and is slated to generate a demand of over 265 kilotons by 2027. In order to apply SPF, special training is needed, and these types of gallons are typically used for commercial and residential applications. Development of novel products, coupled with easy availability of a broad array of products, are speculated to support segmental expansion through the assessment timeframe. Most manufacturers offer 55-gallon and five-gallon cans as a standard packaging form of these products, which is likely to further facilitate segmental growth in the forthcoming years.
U.S. to maintain top status in terms of revenue:
The U.S. spray polyurethane foam for building & construction market was valued at about USD 500 million in 2020 and is calculated to progress at a robust pace over 2021-2027. High economic growth of the country is expected to boost the U.S. market expansion through the study timeline. Rising awareness pertaining to the environmental benefits of using SPF in buildings and advantages of green building concepts are set to further propel market development over the forecast period.
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Impact of COVID-19 pandemic on North America spray polyurethane foam for building & construction market:
The COVID-19 outbreak disrupted the global supply chain massively, causing a shortage of raw materials across North America. However, successful vaccination drives, lucrative strategic initiatives adopted by manufacturers to enhance their market presence, and increased inclination of homeowners towards remodeling have been favorable for market penetration in recent years. For instance, industry leader Huntsman Corporation completed the acquisition of Icynene-Lapolla, a major manufacturer and distributor of SPF insulation systems for commercial and residential applications in North America, with the aim to augment its polyurethanes business. Moreover, the onset of COVID-19 bolstered climate consciousness, prompting consumers to utilize more energy-efficient materials for residential heating and cooling requirements. Subsequently, this has also played a vital role in product uptake during the pandemic.
Leading market players:
Some key companies operating in the North America spray polyurethane foam for building & construction industry include CertainTeed, Johns Manville, BASF, NCFI Polyurethanes, Lapolla Industries, Inc., and Demilec, among others. They have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to heighten their stand in the industry.
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
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SOURCE Global Market Insights Inc.
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