Semi-Rigid Spray Polyurethane Foam Market will grow 6.5 % CAGR up to 2024
Date: 2018-10-03   Author: Rahul Varpe  Category: #technology

Semi-Rigid Spray Polyurethane Foam Market will grow 6.5 % CAGR  up to 2024

Driven by the rapid transformations in building regulations landscape, semi-rigid spray polyurethane foam market has gained immense recognition as a vital vertical of the advanced materials fraternity. The material is deemed to curb the energy costs by 30% p.a., which is indeed an appreciable figure addressing the rising demand for optimum energy utilization. 

Driven by its high insulating properties, the end-use terrain of semi-rigid spray polyurethane foam industry has increased exponentially over the years ranging from commercial, residential to industrial sectors. In fact, the material has been claimed to successfully take over asbestos, which was widely used for its fireproof and insulting properties. However, on account of the risk factors associated with asbestos, polyurethane foam has captured a substantial share of the former’s commercialization portfolio.

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Speaking of the profitability potential, the government’s role in augmenting the building performance optimization has significantly boosted semi-rigid spray polyurethane foam market trends. North America, in this regard, stands as one of the major recipients of this factor. The NECB (National Energy Code of Canada for Buildings) and Energy Standard for Buildings Except Low-rise Residential Buildings have reportedly increased the minimum criteria for levels pertaining to exterior wall insulation.

The new requirements focusing at increased thermal efficiency demand the deployment of incessant insulation in exterior wall constructions. In fact, wall as an application segment of semi-rigid spray polyurethane foam market accounted for nearly 50% of the global share in 2017.  The product in addition to being an excellent insulating material also provides high air barrier and enhances the water absorption by almost 40%. 

The commercial sector has been a major end-user of this product with major growth credits to wall applications. As per a report by Global Market Insights, Inc. the semi-rigid spray polyurethane foam industry size from commercial sector is forecast to register a 6.5% CAGR over 2017-2024.

In tandem with the government efforts, the private sector has also contributed profusely toward augmenting NA semi-rigid spray polyurethane foam industry. The regional competitive and strategic landscape speaks volume regarding this dynamically-charged and high potential fraternity. Recently, Huntsman Corporation, the renowned U.S. chemical multinational announced its purchase of Demilec, an acclaimed NA spray polyurethane foam insulation manufacturer. The deal worth USD 350 million is a part of Huntsman strategy to proliferate its downstream polyurethane business along with expanding Demilec’s SPF formulation portfolio in the international markets.

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In yet another turn of events across the North America Semi-rigid spray polyurethane foam industry, Icynene, the renowned Ontario based polyurethane market player and Lapolla industries Inc. announced their merger, focusing toward delivery of world class services to Canadian construction market. The two firms will reportedly operate as Icynene-Lapolla and will distribute & manufacture SPF products across the Canada market. Icynene, recently also unveiled its open-cell, high-performance, light density SPF products dubbed as Icynene Classic Ultra and Icynene Classic Ultra Select, further strengthening its foothold in spray polyurethane foam market.

Elaborating further on the regional landscape, Europe stands as another major growth avenue for polyurethane foam market expansion, with UK and Germany standing as major revenue pockets. In 2017, both these regions held nearly 35% of the Europe business landscape. Speaking of the driving factors, the regulatory framework again bags a major credit, with the regional government putting appreciable efforts to realize an energy efficient infrastructure. 

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All in all, with incessant efforts of government and private sectors toward energy optimization, growth prospects of semi-rigid spray polyurethane foam market are anticipated to be substantially high in the coming years. In terms of commercialization, the overall industry share is slated to surpass USD 1 billion by 2024.
 



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Rahul Varpe

Rahul Varpe

Rahul Varpe currently writes for AlgosOnline. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products online. ...

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