Spray Foam Insulation Market Size, Share, Growth Report 2032

Spray Foam Insulation Market Size

The global spray foam insulation market size was worth around USD 1.39 billion in 2021 and is predicted to grow to around USD 2.71 billion by 2028 with a compound annual growth rate (CAGR) of roughly 6.35% between 2022 and 2028. The report analyzes the global spray foam insulation market drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the spray foam insulation market.

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Spray Foam Insulation Market: Overview

Insulation refers to the process of stopping the passage of heat, electricity, or sound from one medium to another. The covered spaces include light fixtures, electrical outlets, or points where windows or doors meet the wall. Spray foam can be applied to any open cavity for instance rim joints, crawl spaces, or new construction. Spray foams have become extremely popular in the last few years as they can be sprayed in commercial buildings, residential homes, or pole barns.

The only criteria to use spray foam insulation are an open cavity and the accessibility to reach the cavity. Spray foam insulation does not lose its original form, unlike traditional insulation methods. Even as time passes, the new method of restricting air movement does not sage or compress. There are more benefits attached to the use of spray foam insulation like controlling mold growth, sound dampening, and stopping cold floors or drafts by reducing airflow.

Key Insights

• As per the analysis shared by our research analyst, the global spray foam insulation market is estimated to grow annually at a CAGR of around 6.35% over the forecast period (2022-2028)
• In terms of revenue, the global spray foam insulation market size was valued at around USD 1.39 billion in 2021 and is projected to reach USD 2.71 billion, by 2028
• Due to a variety of driving factors, the market is predicted to rise at a significant rate. The global spray foam insulation market is projected to grow owing to the increasing demand to achieve energy efficiency in residential and commercial spaces.
• Based on end-use segmentation, the commercial segment was predicted to show maximum market share in the year 2021
• Based on product type segmentation, the closed cell was the leading type in 2021.
• On the basis of region, North America was the leading revenue generator in 2021

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Covid-19 Impact

The global market was substantially affected during the pandemic. One of the main reasons was the restriction on the movement of people. Spray foam insulation is applied by trainer professionals and cannot be sprayed without proper protective gear. Due to quarantine and policies of maintaining a safe distance, the service industry witnessed high losses. However, by the end of 2020, spray foam insulation service providers had adopted newer strategies to run the business.

Spray Foam Insulation Market: Growth Drivers

Increasing demand for energy efficiency to propel market growth

The global spray foam insulation market is projected to grow owing to the increasing demand to achieve energy efficiency in residential and commercial spaces. Due to poor infrastructure, most spaces are unable to maintain a constant room temperature due to small cavities in walls, floors, or other parts of the living space. These cavities generally go unnoticed but lead to wastage of energy over time since the space is unable to regulate the room temperature.

This is one of the main reasons why many end-users complain about high electricity bills. Due to the growing population, and industrialization, energy consumption levels have been at an all-time high leading to severe environmental impact. In a bid to reduce these effects, there is growing attention toward finding and adopting ways that can improve energy consumption patterns which may impact the demand for spray foam insulation.

Spray Foam Insulation Market: Restraints

Presence of high volatile organic compounds (VOC) to restrict the market growth

VOCs are compounds exhibiting high pressure while kept at room temperature. During the curing process, spray foam insulators emit VOCs that are known for negative health implications like chemical sensitivity, asthma, and sick building syndrome. Some of the VOCs are also known to be carcinogenic when used in high concentrations. Since this is a serious issue, it may restrict the global market growth.

Spray Foam Insulation Market: Opportunities

Growing research and development to open new doors for growth

Due to growing pressure on environmental sustainability, the global spray foam insulation market players have increased R & D efforts to garner a larger consumer database. For instance, Synthesia Technology, a manufacturer and commercialization of polyester polyols, chemical products, and polyurethane systems successfully sprayed a new polyurethane foam system called Superinsulation Eco with assistance from Honeywell. The new product is claimed to have exceeded expectations and is one step close to achieving environmental sustainability.

Spray Foam Insulation Market: Challenges

Presence of low-quality suppliers to challenge the market expansion

There is a growing number of low-grade spray foam insulation manufacturers that have given rise to unwanted incidents like off-gassing, which is the process of giving off harmful chemicals in the form of gas. There are concerns over the health effects of off-gassing resulting in a large section of end-consumers refraining from the use of spray foam insulation.

Spray Foam Insulation Market: Segmentation

The global spray foam insulation market is segmented based on end-use, product type, application, and region

Based on end-use, the global market segments are commercial, residential, and others. Currently, the global market generates more revenue from the commercial segment owing to the high application of the insulation method. Since energy consumption in commercial space is higher than in residential space, energy efficiency is highly regulated in the workspace. The cost of spray foam insulation may vary between USD 1283 to USD 3700 depending on the requirement.

Based on product type, the global market is segmented into an open cell and closed cell, with the latter leading the global market owing to its durability and non-permeability to vapor. The closed cells system does not hold water, making it an ideal choice in commercial settings. R-value, a thermal resistance unit used for comparing insulation properties of various materials, for spray foam insulation is R-6.5-7 per inch.

Based on application, the global market is segmented into concrete rehabilitation, roof insulation, and wall insulation. The global market generates the highest revenue from wall insulation as it is one of the easiest methods of insulation in existing structures. As per official reports, both forms of spray foam insulation can last between 80 to 100 years, with closed-cell systems exceeding open-cell systems.

Recent Developments:

• In April 2022, Profoam, a US-based supplier of spray foam and equipment, launched the new ProFill HD with a density of 0.75/LB. The newly launched product is an affordable substitute for closed-cell insulation. The company claimed that the contractors were reporting high yield along with the benefits that were offered in the previous closed cell system like rigidity and durability
• In September 2019, Demilic, Inc., America's leading open and closed-cell spray polyurethane foam (SPF) insulation and coatings manufacturer, launched a range of spray foam insulation products in the Middle East. The announcement was made at the inauguration of the company’s Spray Foam Technical Application and Training Center in Dubai

Spray Foam Insulation Market Report Scope:

Spray Foam Insulation Market: Regional Analysis

North America to lead market growth during the projection period

The global spray foam insulation market is projected to be dominated by North America with more than 43% of the global market share due to deep product penetration and the presence of multiple key players in the United States, a major revenue generator for the regional market growth. An increasing number of refurbishment and construction projects may also aid North America to witness a high CAGR.

The extreme weather conditions in Canada and USA around the year causes residents and lenders to deploy methods of insulating residential places along with increasing demand to improve energy consumption patterns and efficiency in commercial space. Asia-Pacific is projected to grow due to rampant industrialization and modernization of regions fueling the demand for more energy and a subsequent requirement for its management.

Spray Foam Insulation Market: Competitive Analysis

The global spray foam insulation market is led by players like EnergyGuard Foam Insulators, Huntsman International LLC., NCFI Polyurethanes, Covestro AG, BASF SE, LP, Lapolla Industries, and Recticel.

The global spray foam insulation market is segmented as follows:

By End-Use

• Commercial
• Residential
• Others

By Product Type

• Open Cell
• Closed Cell

By Application

• Concrete Rehabilitation
• Roof Insulation
• Wall Insulation

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa