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Rigid Spray Polyurethane Foam Market is expected to grow at a highest CAGR by 2024

Author : Rahul Varpe | Published Date : 2019-04-30 

Global Market Insights provides a detailed overview of Rigid Spray Polyurethane Foam market with respect to the pivotal drivers influencing the revenue graph of this business sphere. The current trends of Rigid Spray Polyurethane Foam market in conjunction with the geographical landscape, demand spectrum, remuneration scale, and growth graph of this vertical have also been included in this report.

Expansion in Asia Pacific construction industry will positively influence the rigid SPF market growth in coming years due to economic growth, decline in prices of commodities & energy and growth in BRICS nations. The usage of the product to fill the gaps, cracks, voids, crevices of buildings and adheres to irregular surfaces to form an air sealing insulation owing to its ability to expand at the time of application process. Product demand is largely dependent on the construction industry as more than 90% of the entire rigid SPF production is employed in construction and renovation activities, including interior and exterior of buildings.

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Expansion in Asia Pacific construction industry will positively influence the rigid spray polyurethane foam market growth in coming years due to economic growth, decline in prices of commodities & energy and growth in BRICS nations. The usage of the product to fill the gaps, cracks, voids, crevices of buildings and adheres to irregular surfaces to form an air sealing insulation owing to its ability to expand at the time of application process. Product demand is largely dependent on the construction industry as more than 90% of the entire rigid SPF production is employed in construction and renovation activities, including interior and exterior of buildings.

Oscillation in the prices of raw materials and health related issues generated during production process are the key restraining factors for the rigid spray polyurethane foam market growth in forecast timeframe. The product is manufactured from petroleum derivatives such as methylene diphenyl diisocyanate and tolylene diisocyanate. Volatility in crude oil prices due to oligopolistic nature of the crude oil market has caused significant product price fluctuation. Hence, the supply of crude oil will be the key factor that is restraining the market growth throughout the forecast spell.

The end-use segment of the rigid spray polyurethane foam market is segregated into industrial, agricultural, residential, commercial and institutional buildings. Among these, industrial buildings will likely capture around 25% share of the total end-use segment in rigid SPF market over forecast period. In terms of value, institutional buildings segment is likely to generate around USD 270 million by 2024. This is all due to excessive usage of the foams in buildings walls, ceilings and roofs for insulation and sealing purpose.

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The roof application segment is said to grow over 5% CAGR throughout the forecast timeframe owing to excessive construction activities in emerging economies.

Based on value, Canada rigid spray polyurethane foam market is said to grow around 7.5% CAGR in the near future due to the significant residential & industrial buildings renovation and construction activities.

Few producers in the rigid spray polyurethane foam market include Henry Company, Rhino Linings, Mitex International, BASF and others. These companies are involved in development of the product, R&D, expansion and merger ventures. In June 2017, Henry Company acquired TQ3 North America which is in the fluid applied waterproofing systems technology. This move will help the company to reinforce their core business area.

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About Author

Rahul Varpe

Rahul Varpe

Rahul Varpe currently writes for fractovia. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products online. Apart from being an avid reader, his other hobbies include music and sketching. He can be contacted at- [email protected] | https://twitter.com/varperahul

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