Rigid Spray Polyurethane Foam Market is divided based on end-use, application and region. On the basis of end-use, the industry is divided into agricultural, commercial, institutional, residential, and industrial buildings. In terms of revenue, agricultural buildings will account for over USD 45 million in 2024 growing at substantial rate throughout the forecast spell owing to extensive product usage in insulation, water/moisture & thermal resistance on the floor, walls, ceilings and roof, decks of vegetable & fruits refrigeration warehouses, and cold storages. Significant agricultural activities and positive trend towards the cool storage of food products in Asia Countries such as India, China and Japan will further augment the rigid spray polyurethane foam market demand by 2024.
As energy conservation continues to acquire an imminent place across major business verticals, rigid spray polyurethane foam market share has gained laudable traction over the recent years. In order to conform to the stringent regulatory guidelines pertaining to constructing energy-efficient buildings, manufacturers of construction material appear to have focused on developing innovative products. As a consequence of which, rigid spray polyurethane foam industry has found widespread popularity, given that these polymers can be utilized to improve envelop insulation of buildings.
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Elaborating further, it has been observed that numerous rigid spray polyurethane foam market participants have been innovating consistently to unveil high-grade reflective roof coatings, insulation equipment, and other roofing applications. To cite an instance of the same, one of the leading rigid spray polyurethane foam industry giants Lapolla Industries, Inc., has recently released a fourth-generation polyurethane foam, named as FOAM-LOK™ 2800-4G. The latest product is being increasingly recognized as the first SPF insulation material that can assist in reducing two environmentally detrimental characteristics of the previous foam systems viz. ozone depletion potential and global warming potential. Apparently, the launch of new foam represents the persistent efforts being deployed by rigid spray polyurethane foam industry players to ramp up innovation to ensure the development of environment friendly products in the forthcoming years.
U.S. to sustain its position as the leading terrain for rigid spray polyurethane foam market progression
After gradually recovering from the 2008 economic slowdown, the U.S. construction sector has progressed at an exceptional pace over the past decade. It would be prudent to mention that the stable GDP growth rate has been the prominent factor to propel the construction industry in the nation. Owing to the swift rise of construction sector coupled with a steady GDP augmentation, the rigid spray polyurethane foam market has apparently benefited considerably over the past few years.
Moreover, various government agencies have drafted elaborate provisions to strictly enforce major energy efficiency standards such as Leadership in Energy and Environmental Design (LEED) and the International Energy Conservation Code (IECC) across the U.S. These regulations have necessitated the construction sector to readily embrace polymers like spray polyurethane foam as they provide resistance to heat transfer, reduce energy requirements of large buildings, and seal air gaps in roofs and walls to cool down the energy-guzzling residential and commercial structures.
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According to the estimates published by the U.S. Department of Energy, more than half of the energy utilized across households is for cooling or heating purposes. Moreover, a major portion of buildings’ energy, calculated to be around 30%, is lost due to air infiltration. Apparently, sealing and insulating air gaps is one of the most effective solutions in order to conserve and efficiently utilize energy. This trend would consequentially contribute toward expanding the U.S. rigid spray polyurethane foam industry share as these foams continue to find wide scale usage in the construction sector.
With SPF garnering immense popularity as an effective economic tool to comply with energy efficiency standards and regulatory norms, the global rigid spray polyurethane foam market would irrefutably accrue substantial gains in the immediate future. In addition to this, the rising inclination toward constructing green and energy-efficient buildings would act as a boon for the overall business space. In fact, as per a research report compiled by Global Market Insights, Inc., the rigid spray polyurethane foam industry share is forecast to exceed USD 1.1 billion by 2024.