The spray foam insulation market size has shown robust growth in recent years, forecasted to rise from $2.15 billion in 2023 to $2.30 billion in 2024, achieving a CAGR of 6.7%. This growth during the historical period is largely due to government incentives aimed at promoting energy-efficient building materials, an increased demand for zero-energy homes, urbanization, expanding renovation and retrofitting projects, new home constructions, and a rise in do-it-yourself (DIY) projects. Looking ahead, the spray foam insulation market is expected to reach $2.99 billion by 2028, growing at a CAGR of 6.8%. The anticipated growth is attributed to a rise in construction activities, heightened awareness regarding energy-efficient insulation, growing demand for eco-friendly insulation materials, and an increased regulatory focus on minimizing carbon emissions in construction. Significant trends in the forecast period include the integration of technology in application systems, the incorporation of smart sensors for quality control, innovations enhancing foam durability, and the synergy of spray foam with renewable energy systems.
Global Spray Foam Insulation Market Key Driver
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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Global Spray Foam Insulation Market Segments
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.
Major Spray Foam Insulation Industry Players
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.
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Spray Foam Insulation Market Overview
Spray foam insulation refers to a type of insulation material that is sprayed as a liquid and expands into a thick foam, creating an airtight seal. It is commonly used in buildings to improve energy efficiency by providing thermal insulation, reducing air leaks, and acting as a barrier against moisture and noise.
Spray Foam Insulation Global Market Report 2023 provides data on the global spray foam insulation market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The spray foam insulation market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
