The spray foam insulation market is projected to grow from $2.15 billion in 2023 to $2.30 billion in 2024, reflecting a 6.7% CAGR. Factors driving this growth include government incentives for energy-efficient building materials, rising demand for zero-energy homes, urbanization, expanding renovation projects, new home construction, and growing DIY adoption.
The spray foam insulation market is expected to expand to $2.99 billion by 2028, at a CAGR of 6.8%. Factors contributing to this growth include increased construction activities, heightened awareness of energy-efficient insulation, a rising demand for eco-friendly materials, and stricter regulations on carbon emissions. Key trends involve technology integration in application systems, the use of smart sensors for quality control, improved foam durability, and the integration of spray foam with renewable energy systems.
Major Driver In The Spray Foam Insulation Market
Rising construction activities are anticipated to boost the spray foam insulation market. Construction encompasses building infrastructure, driven by rapid urbanization that increases housing demand and government investments in large-scale projects. Spray foam insulation enhances energy efficiency by providing effective thermal insulation and air sealing, thereby reducing energy costs and improving indoor air quality. For instance, in May 2024, the Office for National Statistics reported a 15.9% increase in new construction orders in Quarter 1 of 2024, amounting to £1,436 million ($1,920 million) compared to Quarter 4 of 2023. Therefore, increased construction activity is promoting growth in the spray foam insulation market.
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Spray Foam Insulation Market Competitive Landscape
BASF SE, Dow Inc., Honeywell International Inc., 3M Company, Covestro AG, DuPont de Nemours Inc., Sika AG, Owens Corning, Kingspan Group plc, Huntsman Corporation, RPM International, Sealed Air Corporation, CertainTeed, Tremco Incorporated, ArmorThane, Assured Insulation Solutions, Everchem Specialty Chemicals, FOAMETIX, Green Insulation, Lapolla Industries, Pacific Avenue Capital Partners LLC, Shakun Industries, Weatherization Services Inc.
Key Spray Foam Insulation Market Trend
Companies in the spray foam insulation market are focusing on developing solutions such as spray polyurethane foam insulation to improve energy efficiency and sustainability in construction. Spray polyurethane foam provides superior thermal resistance, air sealing, and moisture protection. In June 2024, Huntsman Building Solutions launched Icynene Xpress 55, an open-cell spray polyurethane foam insulation ideal for unventilated attics and crawl spaces. This product offers excellent thermal performance, superior adhesion, and meets fire safety requirements, providing both energy efficiency and noise reduction benefits.
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Global Spray Foam Insulation Market Segmentation
The spray foam insulation market covered in this report is segmented –
1) By Foam Type: Closed-Cell, Open-Cell
2) By Density: High, Medium, Low
3) By Application: Wall Insulation, Attic Insulation, Roof Insulation, Concrete Rehabilitation, Other Applications
4) By End-Use Industry: Packaging, Building And Construction, Automotive And Transportation, Electrical And Electronics, Consumer Goods, Medical, Other End-Use Industries
By Geography:The regions covered in the spray foam insulation marker report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the spray foam insulation market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The Spray Foam Insulation Global Market Report 2024 furnishes information about the global spray foam insulation market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
