Selbyville, Delaware, April 17, 2018 (GLOBE NEWSWIRE) --
Semi-Rigid Spray Polyurethane Foam Market is set to exceed USD 1.1 billion by 2024; according to a new research report by Global Market Insights, Inc. Overheating of attics in the summers is a growing concern in the European countries due to the climate changes. Extensive insulation used in maintaining the indoor temperature, energy saving and storing heat in panels will escalate the semi-rigid SPF market growth in this region. Building and construction accounts for over 40% of the total energy consumption in Europe. According to UN Summit, energy conservation is the major challenge and Europe plays a pivotal role in this scenario. Increasing energy efficiency are the basic criteria for closing the gap between energy consumption and rising power demand. European Union has taken numerous measures such as energy efficient renovations for government properties, mandatory energy efficient certificates for residential and industrial buildings. This will drive the product market growth in next seven years down the line.
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Various health risks caused by the raw materials used in the production of semi-rigid spray polyurethane foam is the chief restraining factor for the growth of this market. Several agencies, such as EPA and NIOSH, have set standards related to the usage and handling of these products at the time of manufacturing. Health risks can be avoided through various precautions such as avoidance of direct contact with the materials, using quality assured protective equipment, etc. However, the residential market being the most dominant end-user segment, issues related to the health have become a key restraint for market growth. Industry players, such as Rhino Lining Corporation, have been focusing on the development of bio-based SPF due to these health hazards. Growing awareness about health threats has led to the growth in demand for bio-based semi-rigid SPFs. This has been one of the foremost restraining reason for isocyanates and polyol based semi-rigid spray polyurethane foam market.
Browse key industry insights spread across 250 pages with 392 market data tables & 29 figures & charts from the report, “Semi-Rigid Spray Polyurethane Foam Market Size By Application (Wall, Roof, Floor), By End-Use (Commercial, Residential, Industrial, Agricultural, Institutional), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, Russia, China, India, Japan, Australia, Indonesia, Malaysia, South Korea, Brazil, Mexico, South Africa, Saudi Arabia, UAE, Kuwait), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024” in detail along with the table of contents:
Semi-rigid spray polyurethane foam market is further segmented on the basis of application, end-use and region. According to the end-use, the global semi-rigid SPF market is segregated into commercial, residential, agricultural, institutional and industrial buildings. Among these, the residential buildings segment will account for more than 15% share of the overall segment in coming years due to the significant usage of the product for heat insulation and provide water & air resistant properties on the walls and roofs of personal homes as well as apartment buildings.
Based of application, the global semi-rigid spray polyurethane foam market is mainly divided into floor, walls and roofs. In terms of revenue, the floor application segment will likely generate over USD 18 million by 2024. Other applications segment includes attics, plumbing systems, ceilings, and will account for around a tenth of the entire semi-rigid SPF market in 2024.
Japan semi-rigid spray polyurethane foam market is likely to become a USD 40 million by 2024 driven by significant growth in construction industry coupled with increasing demand from cold storage sector. This will positively influence the Asia Pacific semi-rigid SPF market throughout the forecast timeframe.
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Rigid Spray Polyurethane Foam Market Growth, 2017 – 2024
The U.S. is a key contributor in rigid SPF market and accounting for over 70% of the entire share in 2016. The country is anticipated to witness a significant due to the supportive government protocols related to the energy efficient buildings and infrastructures. Positive demand for rigid SPF from commercial and residential end-use sector will likely enhance the rigid spray polyurethane foam market by 2024.
Spray Polyurethane Foam (SPF) Market Forecast, 2017 – 2024
Spray Polyurethane Foam (SPF) Market size was estimated over USD 1.4 billion in 2016 and the industry will grow by a CAGR more than 6.5% up to 2024. Growth in construction industry will propel the spray polyurethane foam market owing to rising demand for housing facilities, especially in emerging economies. Increasing consumer spending power accompanied with government initiatives towards boosting the public infrastructure will drive the construction industry in future.
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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