Spray Polyurethane Foam Market worth USD 4.6 billion by 2030 - Exclusive Report by MarketsandMarkets™

CHICAGO  , Oct. 25, 2022 /PRNewswire/ -- According to the new market report "Spray Polyurethane Foam Market by Type (Open-cell, and closed-cell), Product, Application (Insulation, Waterproofing, Roofing, Asbestos Encapsulation, Sealant, and Others), and Region - Global Forecast to 2030", size is projected to grow from USD 2.4 billion in 2022 to USD 4.6 billion by 2030, at a CAGR of 8.3% during the forecast period. Growth in the construction sector along with economic developments in emerging economies is expected to drive the spray polyurethane foam market.

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The insulation segment, by application, is expected to account for the largest market share during the forecast period

Based on application, the spray polyurethane foam market is segmented into insulation, waterproofing, roofing, asbestos encapsulation, sealant, and others. Insulation accounted for the largest share in the spray polyurethane foam market in 2021. Spray polyurethane foam systems is an effective way to meet stringent insulation requirements while also controlling excessive air leakage and preventing condensation. Since the foam seals all holes and molds to all contours, the insulation performance is among the highest accessible. Hence, spray polyurethane foam market is expected to grow in the forecast period with the rising demand for spray polyurethane foam for insulation applications.

Open-cell segment, by type, is expected to account for the largest share of the spray polyurethane foam market, during the forecast period

Based on type, the spray polyurethane foam market is segmented into open-cell and closed-cell. Open-cell spray polyurethane foam accounted for the largest market segment based on type. Open-cell spray polyurethane foam is cost-effective, flexible, and offers higher moisture resistance than closed-cell spray polyurethane foam. This makes it ideal for use in residential & commercial interior applications, thus directly propelling the industry growth by 2030.

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Asia Pacific region is expected to be the fastest growing spray polyurethane foam market.

Asia Pacific is expected to lead the spray polyurethane foam market during the forecast period by value. This demand can be attributed to the rapidly growing construction sector in emerging economies such as China and India, that has made Asia Pacific a huge market for spray polyurethane foam. China is one of the largest markets for spray polyurethane foam across the globe and is expected to contribute a major portion to the overall regional demand for spray polyurethane foam during the forecast period.

Some of the leading players in this market include BASF SE (Germany), Saint-Gobain (France), Johns Manville (US), Honeywell International Inc. (US), and Covestro AG (Germany), among others.

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