Spray Polyurethane Foam (SPF) Market Expected To Grow At A Highest CAGR Over The Forecast Timeframe
The relentless proliferation of construction activities across major urbanized nations, undoubtedly has left an unparalleled impact on spray polyurethane foam market demand.
Selbyville, United States – July 29, 2019 /MarketersMedia/ —
The competitive hierarchy of spray polyurethane foam market is all inclusive of renowned giants who have been investing heavily in novel product developments and sustainability trends. For instance, Canada based Icynene U.S. Holding Corp. and Lapolla Industries Inc., two of the acclaimed biggies of SPF market have recently inked a definitive merger agreement, where the former is reported to acquire all the significant shares of Lapolla.
Reportedly the net financial transaction of the deal was valued at approx. USD 160 million, where the stakeholders of Lapolla are claimed to receive USD 1.03 in cash for each of their share. Allegedly, through the deal both the organizations are aiming to serve a wide variety of residential and commercial insulation projects across the globe with their collective product portfolio, comprised of innovative energy-conserving SPF insulation products.
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The relentless proliferation of construction activities across major urbanized nations, undoubtedly has left an unparalleled impact on spray polyurethane foam market demand. The massive surge in the construction spending in tandem with increasing focus on public infrastructure by governmental organizations are the factors providing a substantial push to the exponentially expanding construction industry. In fact, as per reliable estimates, the overall construction spending crossed USD 5 trillion in 2016, and is slated to reach over USD 8 trillion by 2024.
Spray polyurethane foam is basically a chemical composition, formed by two polymer based products isocyanate and polyol resins. This unique amalgamation scores them a competitive advantage over other traditional products in terms of insulation efficiency, making its application quite profound in residential and commercial construction sectors. Though still at a nascent stage, with increasing commercial popularity, spray polyurethane foam market is expected to be one of the most opportunistic business spheres of recent times.
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In this regard, North America has established itself as one of the most prominent avenues boosting SPF industry size. The regional growth is quite overt with the tax benefits promoting energy efficient infrastructure and supportive government regulations. In fact, standardization of several energy codes in U.S. like IECC (International Energy Conservation Code) makes it a major revenue pocket for the regional spray polyurethane foam market. Estimates depict that procuring almost 40% of the overall share, North America spray polyurethane foam industry size was almost USD 650 million in 2016.
Trailed by North America, Asia Pacific is another profound region where the growth prospect of SPF market is forecast to be positively high. High GDP growth across major economies like China and India has provided a significant push to construction activities in these regions, the driving factor enhancing the regional industry trends. In 2016, APAC spray polyurethane foam industry size held a valuation of USD 400 million and is likely to garner a sizable portion of the global business space over 2017-2024.
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One of the noteworthy transitions that SPF industry has been recently observing is growing consumer proclivity toward Low Global Warming Potential (GWP) blowing agents. Honeywell, one of the most renowned names in the spray polyurethane foam market, has already established strong grounds in the North America with the commercialization of LGWP products. With ongoing product innovations leading to a versatility in application matrix and the relentless efforts of the industry players to address the energy efficiency and sustainability trends, spray polyurethane foam market size is forecast to exceed a valuation of USD 2.5 billion by 2024.
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Organization: Global Market Insights, Inc.
Website: https://www.gminsights.com/industry-analysis/spray-polyurethane-foam-spf-market
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