Spray Polyurethane Foam Market to Witness a Pronounce Growth During 2019
A recently released report by Transparency Market Research (TMR) forecasts that the global spray polyurethane foam market will expand at a CAGR of 7% from 2013 to 2019. TMR, a market intelligence firm, states that by 2020, the global spray polyurethane foam market will reach US$1823 million by the end of the forecast period from US$1135.3 million in 2012. The report, titled ‘Spray Polyurethane Foam (Open Cell, Closed Cell and Others) Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 – 2019’, is available for sale on the company website.
According to this market research report, the global spray polyurethane foam market is mainly driven by rising demand from the rapidly expanding construction market, greater focus on energy efficiency, and the widespread implementation of stringent government regulations. Spray polyurethane foam is derived from the mixing of polyols and isocyanates in the presence of catalysts. This foam is generally used as an insulating material on building substrates. Unlike traditional substitutes such as glass, spray polyurethane foam possesses higher energy conservation qualities, and thus leaves a lower carbon footprint.
This TMR report segments the global spray polyurethane foam market on the basis of product, application, and geography. On the basis of product, this market is segmented into open cell, closed cell, and others. The open cell and closed cell segments taken together account for a whopping 90% of the global spray polyurethane foam market. Ongoing trends indicate that these two segments will expand rapidly in the forthcoming years as well.
Based on applications, the global spray polyurethane foam market is categorized into commercial roofing, residential walls, commercial walls, residential roofing, and others. The segment for residential roofing holds the highest share in the global spray polyurethane foam market. The rising demand for spray polyurethane foam can be attributed to the ecological benefits of the same and also government regulations emphasizing the importance of energy efficiency structures.
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Much of the demand for spray polyurethane foam comes from the construction industry, which is expanding rapidly. However, the occupational health hazards caused by the inputs used in the manufacturing of spray polyurethane foams is a serious restraint in the global spray polyurethane foam market.
Geographically, the market study segments the global spray polyurethane foam market is segmented into Asia Pacific, North America, Europe, and Rest of the World. In 2012, the global spray polyurethane foam market was dominated by North America with a share that exceeded 44% of the global market. The spray polyurethane foam markets in Europe and North America are mainly driven by stringent government regulations. High industrial investments in Asia Pacific will stimulate the demand for spray polyurethane foam in this region during the forecast period.
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Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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