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Rigid Spray Polyurethane Foam Market Size

  • Report ID: GMI2464
  • Published Date: Mar 2018
  • Report Format: PDF

Rigid Spray Polyurethane Foam Market Size

Rigid Spray Polyurethane Foam Market size was estimated over USD 650 million in 2016 and the industry will grow by a CAGR more than 6.5% through 2024. The growth in the U.S. construction industry will be a chief driver for the market growth during the forecast timeframe.

 

The recovery from the economic slowdown coupled with a stable GDP growth rate in the U.S. will be a major reason behind the nation’s construction business growth. Rigid SPF is extensively used for insulation and sealing purposes in building roofs and walls. It helps in reducing buildings energy requirements for heating or cooling by sealing air gaps in walls and roofs and by resisting heat transfer.

 

The U.S. Department of Energy estimates that more than 50% of the energy used in homes is for heating or cooling purposes. The department further stated that more than 30% of the buildings’ energy is lost due to air infiltration. The U.S. Environment Protection Agency (EPA) estimates that using insulation and sealing air gaps could save up to 20% of the monthly energy bills. These findings along with the rising demand for green buildings and energy-efficient buildings in the U.S. will propel the rigid spray polyurethane foam market demand in building construction activities.
 

The International Energy Conservation Code (IECC) and Leadership in Energy and Environmental Design (LEED) are some of the major standards implemented to conserve energy in the U.S. The Building Technologies Office (BTO) is tasked with the development and implementation of building energy codes. These codes are developed to ensure increased energy savings in line with the IECC and Standard 90.1. SPF is an effective economic tool to comply with these norms and the energy efficiency standards and government regulations will drive the rigid spray polyurethane foam market share in the years to come.
 

Rigid SPFs are primarily synthesized from petroleum-derived feedstock such as MDI and TDI. These materials are derived from benzene, a derivative of crude oil. The crude oil market is highly concentrated and oligopolistic in nature. Hence, the supply of crude oil has been a key factor restraining the market growth.
 

There has been an oscillation in the prices of crude oil due to the supply-demand gap. This has resulted in the price fluctuations of its derivatives. Factors include civil unrest in the Middle East region and embargo on Iran led to the crude oil supply disruption, which has affected the prices of petrochemicals. Therefore, the volatility in prices of raw materials has been a key factor hindering the rigid spray polyurethane foam market growth.

Authors: Avinash Singh, Sunita Singh

Frequently Asked Questions (FAQ) :

According to report, rigid spray polyurethane foam market size is estimated to be pegged at 1.1 Billion (USD) by 2024.

Overall rigid spray polyurethane foam market would exhibit a crcr of 6.5% through 2024.

Strict government regulations regarding energy efficiency and the growing construction industries of the Asia Pacific as well as the U.S. are likely to drive the demand for rigid SPF over the coming years.

Challenges such as volatile raw material prices and the occupational hazards that are associated with using the product are expected to adversely affect the adoption of rigid SPF.

Rising demand for energy conservation and various product benefits like termite & moisture control, enhanced thermal performance, and fire protection makes walls segment the largest consumer of rigid SPF.

With rapidly growing population, technological advancements, and rising demand for permanent shelters and houses, the rigid SPF market in China is expected to flourish immensely over the forthcoming timeframe.

Rigid Spray Polyurethane Foam Market Scope

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Premium Report Details

  • Base Year: 2016
  • Companies covered: 15
  • Tables & Figures: 417
  • Countries covered: 21
  • Pages: 350
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