Spray Polyurethane Foam (SPF) Market Size, Growth, Forecast By 2024

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Spray Polyurethane Foam Market Growth Forecasts
to 2024 Growing Demand for Sustainable Packaging
Drives Market Growth
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Global Market Scenario of Spray Polyurethane Foam
Industry

• According to Global Market Insights, Inc., spray
  polyurethane foam market size is projected to
  exceed USD 2 billion by 2024.
• Growing construction activities across the globe
  on account of increased demand for housing,
  commercial spaces, industrial spaces, and
  infrastructure development is set to create a
  major impetus on spray polyurethane foam market
  trends in the ensuing years. This can be credited
  to the higher application of spray polyurethane
  foam to add structural strength, control
  moisture, offer thermal insulation, etc. With
  increasing expenditure on the repair and
  maintenance of old buildings and infrastructure
  across the developed economies, demand for
  polyurethane spray is propelling. This will
  enhance the overall business space over the
  foreseeable future.
• Another crucial factor influencing the industry
  growth is special initiatives by the governments
  in emerging economies towards infrastructure
  development. Various governments have established
  stringent regulations to conserve energy and
  improve the local economy. For instance,
  regulations for energy conservation in the U.S.
  and European countries offer tax benefits for
  green buildings. This will positively influence
  the development of spray polyurethane foam
  market.

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• How will the strategic initiatives by the key
  players contribute to the growth of spray
  polyurethane foam market?
• Prominent players operating in the spray
  polyurethane foam market are focusing on
  strategies like new product development, business
  expansion, collaborations, etc. to gain a strong
  foothold in the industry. For instance, in 2021,
  TECHNONICOL announced the launch of its
  polyurethane foams range to complement its
  portfolio of premium-quality construction
  materials. The new range includes sealing, gluing
  and fire-resistant foams, and high-performance
  spray foam insulation to fulfill the requirements
  of construction businesses.
• Why is open cell segment gaining massive traction
  across spray polyurethane foam market?
• Extensive product application in the building
  interiors is stimulating the popularity of open
  cell segment across the market. The segment is
  projected to record a notable valuation of over
  USD 1 billion by 2024. The increasing product
  usage is majorly due to the advantages offered by
  it such as high flexibility which combats air
  seepage or insulation. Besides, it is mold
  resistant and is cost-effective which is fueling
  its adoption across businesses like building
  contractors, roofers, HVAC contractors, plumbers,
  etc.

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360 Industry Analysis

• How will commercial roofing segment fare across
  spray polyurethane foam market?
• Commercial roofing segment is expected to record
  a robust CAGR of more than 8 through 2024 owing
  to the rising demand for office space in various
  cities across the world. This has urged the
  industry players to increase their production
  capacities and launch newer offerings to
  effectively serve the consumer demand. For
  instance, in 2021, Rhino Linings announced that
  its Rhino Foam brand is now the part of Rhino
  Construction Systems which comprises Rhino
  Flooring, Rhino Roofing and Rhino Foam.
  According to the company, Rhino Foam offers
  closed and open-cell spray foam insulation for
  commercial and industrial applications.
•  

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• Competitive Analysis
• Why is spray polyurethane foam market observing
  significant growth in North America?
• North America led by the U.S. is serving as a
  prominent region where spray polyurethane foam
  market is observing substantial growth. According
  to the report, North America spray polyurethane
  foam market is anticipated to record an
  appreciable valuation of more than USD 1 billion
  by 2024. This can be credited to the rising
  product demand driven by the thriving
  construction industry in the region. According to
  the U.S. Census Bureau statistics, during the
  first five months of 2021, the total expenditure
  on construction in the country amounted to USD
  594.8 billion, representing a 4.6 rise as
  compared to the same period in 2020.

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