Global Market Insights in its freshly compiled research report, has projected semi-rigid spray polyurethane foam market size to surpass US$1.1 bn by 2024.
Offering higher thermal resistance and protecting the building from infiltration of cold air, hot air, sound and moisture, semi-rigid spray polyurethane foams have been gaining impetus in recent years. semi-rigid spray polyurethane foam market has become a lucrative insulation product for commercial, residential, industrial and agriculture end-markets.
Notably, SPF has the ability of lowering utility costs, reducing energy losses and intercepting unwanted pollen, dust and allergens from entering into the building. Considering that the use of semi-rigid spray polyurethane foam can play its role towards effecting green building certification, bullish growth is expected in the next four years.
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Trends in residential building
Trend for semi-rigid spray polyurethane foam market in residential sector is expected to be more apparent as it creates thermally effective envelope and reduces energy loss owing to air infiltration. DOE claims that air infiltration can lead to around 40% of home’s heating and cooling costs.
Residential building sector is projected to register double digit growth rate, accounting for over 15% of the market. Strikingly, smart residential homes have become trendy among millennial and gen Z population. The trend for smart home with thermal efficiency and air seal upsides will stimulate growth in semi-rigid SPF landscape.
Growth drivers stem from floor application
When it comes to being in line with LEED credits for green construction and reducing structural damage caused by high winds, industry players are likely to up their investments in spray polyurethane foam.
Rising traction for semi-rigid SPF in floor application has furthered the revenue stream. Prominently, floor application may garner revenue of more than US$ 18 million by 2024-end. Tremendous insulation efficiency that can reduce heating and cooling usage has augured well for the flooring application portfolio.
Use of semi-rigid SPF for walls and roof will also attract major revenue for it can reduce mold growth and moisture condensation.
Opportunities lie in expanding penetration in APAC
Semi-rigid spray polyurethane foam has become a lucrative portfolio to boost the balance sheet for end-markets. Stakeholders may want to boost investment in Asia Pacific, spearheaded by India, Japan and China. Not only have the construction activities surged, technologically sophisticated architectural designs have also picked pace in the region. Besides, soaring number of cold storages and warehouses in emerging economies in Asia is likely to trigger growth in the region.
In what has come as a major booster for semi-rigid spray polyurethane foam industry share, Japan semi-rigid SPF market has been projected to surpass US$40 million in 2024. It is worth mentioning that APAC may register over 20% of the global share, making it a happy hunting ground.
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Potential challenges: Rigorous environmental regulations
Rigorous environmental regulations implemented by watchdogs such as EPA and NIOSH may not go well with the semi-rigid SPF business outlook. These bodies have put forth the regulations to reduce or ward-off the risk of chemical exposure at the time of production of raw materials, including methylene diphenyl diisocyanate (MDI).
Research and development activities and innovations may be more noticeable in the ensuing period. Flooring will continue to be the principal consumer of semi-rigid spray polyurethane foam market, with building and construction activities underpinning the industry growth.
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