Some of the major players identified across the globe in the spray foam market are BASF SE, Bayer Material Science, Lapolla Industries Inc., Dow Chemical, Rhino Linings Corporation, CertainTeed Corporation, Premium Spray Products and NCFI Polyurethanes.
The construction industry has witness a continuous growth from last couple of decades. This is primarily owing to increasing industrial and residential construction activities and related product advancement. Spray foam is one of such advancement. Generally, these spray foam are a mixture of isocyanate and polyol resin, which when sprayed over a surface, can expand up to 30 -60 times its liquid volume. The introduction of spray foam has made a revolutionary change in the working of construction and packaging industry. Characteristics such as taking a form of insulation, air sticking on around corners, roofs, walls and on contoured surface has allowed spray foam to be used in variety of application including wall insulation, roofing, seal cracks and gaps containers. The growing use of spray foam in industrial and residential construction activity and packaging industry is expected to fuel the growth of global spray foam market over the forecast period.
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Spray Foam Market- Market Dynamics:
One of the significant factors contributing towards the growth of spray foam market is the strong demand from packaging Industry. Moreover, Spray foam is widely used in construction industry for its variety of application including insulation, sealing etc. Owing to the revival of global economy, the industrial construction industry is anticipated to witness a surge in demand over the forecast period. Furthermore, it is anticipated that global spray foam market will grow along with the growth of construction industry in near future. Apart from this, developing as well as developed countries have seen a rising demand of green building from last couple of decades, which are expected to further fuel the global demand in spray foam market.
However, fluctuation in raw material prices are expected to be a major concern for spray foam manufacturer. Adding to this, raw material such as MDI (Methylene diphenyl diisocyanate) and TDI (Toluene diisocyanate) that are used in production of spray foam, cause severe health related problem including asthma and skin irritation. This may hamper the growth of global spray foam market over the forecast period.
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Spray Foam Market- Regional Outlook:
Geographically, the spray foam market can be segmented into North America’s spray foam market, Latin America’s spray foam market, Europe’s spray foam market, Asia-Pacific’s spray foam market and Middle East & Africa’s spray foam market. The growth of global spray foam market is expected to witness a healthy CAGR over the forecast period of 2016-2024. Moreover, North America is expected to witness a high growth of spray foam market due to rising demand of green building. Europe is expected to follow North America. Asia pacific, with the growing industrial and residential construction activity is anticipated to follow both North America as well as Europe over the forecast period. Rest of the world is expected to show a steady growth in global spray foam market in coming years.