High economic growth in BRICS countries to foster global Rigid Spray Polyurethane Foam Market share over 2020-2024
Selbyville, Delaware, United States, October 13 2020 (Wiredrelease) Global Market Insights, Inc –: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% 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.
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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%, 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.
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% market share by 2024.
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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% 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% 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.
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