Construction industry growth to propel global rigid spray polyurethane foam market

6:44 AM, 25th January 2021

Rapid construction industry expansion in the Asia Pacific region is anticipated to give global rigid spray polyurethane foam market size a considerable boost in the forthcoming years. Likewise, high economic growth, rising development of the BRICS countries, and decline in the commodity & energy prices will further amplify industry expansion in the coming years.

Rigid PU foam spray finds widespread adoption for filling the crevices, voids, cracks, and gaps of buildings. The product adheres to the irregular surfaces and insulates the air sealing, owing to its expansion capabilities during the time of application. It is largely employed in the renovation and construction activities, with more than 90 percent of its demand stemming from the construction sector. These factors will significantly contribute to the rigid spray polyurethane foam market growth in the foreseeable future.

As per authentic reports, the global rigid spray polyurethane foam market size is expected to exceed $1.1 billion by 2024.

High infrastructural development in construction sector will impel market dynamics

Spray foam insulation is unlikely to pose health and environmental issues, thereby influencing its rapid acceptance in the construction sector. Escalating demand for rigid SPF can also be attributed to the growing infrastructural development in this sector.

In 2015, the APAC construction industry has recorded a hike in FDI inflow by nearly 5 percent, as a result of the ongoing government infrastructural projects. This rising foreign direct investment will provide an opportunity for the rigid spray polyurethane foam market share to grow exponentially in years to come.

For instance, in September 2019, Demilec Inc, a leading PSF company, announced the launch of various spray foam insulation products to cater to consumers in the Middle East. In addition, the company has opened a Spray Foam Technical Application & Training Center in Dubai, which will significantly aid in strengthening its global footprint.

Raw material price fluctuations to impede global market share through 2024

Rigid PU foam spray is manufactured from tolylene diisocyanate, methylene diphenyl diisocyanate, and other petroleum derivatives. Robust fluctuations of the raw material prices and health issues posed during the production process of rigid SPF will present roadblocks to steady market growth over the estimated timeline.

Price instability of crude oil, along with the presence of a small number of companies that are competing in the crude oil market, has significantly impacted the product prices. Therefore, the crude oil supply will become a key factor creating a hindrance to the rigid spray polyurethane foam market forecast across the globe.

Rising adoption of rigid PU foam spray in institutional buildings may stimulate market trends

In terms of segmentation by end-use, the global rigid spray polyurethane foam market from the industrial segment is poised to hold nearly 25 percent market share by 2024.

Furthermore, the institutional end-use segment is set to register remuneration worth over $270 million by 2024, which can be credited to the rising applications of rigid SPF in roofs, ceilings, and walls for sealing and insulation purposes.

With regards to the application spectrum, the roof segment is set to depict a CAGR of around 5 percent through 2024, due to the accelerating rate of construction in the emerging countries.

Escalating renovation activities in Canada to offer lucrative growth opportunities

On the regional front, the Canada rigid spray polyurethane foam market is projected to exhibit over 7.5 percent CAGR through 2024. The segmental growth is driven by the rising activities involved in the construction and renovation of the industrial & residential buildings.

Key rigid spray polyurethane foam market players include BASF, Mitex International, Rhino Linings and Henry Company, among others. These firms are focusing on gaining a competitive edge over their rivals through varied strategies such as M&A, product launches and R&D.

Request for a sample copy of this report @ https://www.gminsights.com/request-sample/detail/2464

© Worldofchemicals News

Contact Info:

Arun Hegde
Corporate Sales, USA
Global Market Insights Inc.
Phone: 1-302-846-7766
Toll Free: 1-888-689-0688
Email: sales@gminsights.com
Website: https://www.gminsights.com

0 Comments

Login

Your Comments (Up to 2000 characters)
Please respect our community and the integrity of its participants. WOC reserves the right to moderate and approve your comment.

Related News


Traction for petroleum wax to be more pronounced in wax market through 2024

A compelling growth in packaging and cosmetics application portfolios is touted to boost wax market share in the next four years. With a slew of upsid ...

Read more
Air Liquide, BASF sign air supply agreement in South Korea

PARIS, FRANCE: Air Liquide and BASF said they have signed a contract in South Korea’s Yeosu National Industrial Complex to extend the term of th ...

Read more
Ashland to acquire Schulke & Mayr's personal care business

WILMINGTON, US: Ashland Global Holdings Inc said it has signed a definitive agreement to acquire the personal care business from Schulke & Mayr Gm ...

Read more
Electronic protection device coating market to record significant proceeds from automotive sector

In today’s interconnected and digital world where electronic gadgets have efficiently permeated everyday lives, the electronic protection device ...

Read more
Marine coatings market to depict significant gains globally

The global marine coatings market has been witnessing substantial proceeds over the past few years owing to the mounting seaborne trade worldwide. Acc ...

Read more
Sustainability quotient in personal care ingredients—surfactants to thrive in the mix

The global personal care ingredients industry is changing robustly and creating a new playing field. Cosmetic preferences have transcended to green pr ...

Read more
www.worldofchemicals.com uses cookies to ensure that we give you the best experience on our website. By using this site, you agree to our Privacy Policy and our Terms of Use. X