Spray Polyurethane Foam (SPF) is produced by reacting isocyanates such as MDI (Methylene diphenyl diisocyanate) and polyols in the presence of catalysts, flame retardants and blowing agents. The foam is then sprayed or pumped on building substrates as an insulating material.
SPF exhibits higher energy conservation efficiency than its traditional substitutes such as glass and thus has a comparatively lower carbon footprint. Ecological benefits coupled with government regulation for energy efficient structures have been among the factors driving demand for SPF. Demand for SPF is profoundly dependent on the construction industry. Hence, expanding construction industry has been a major factor fuelling the market growth. Raw materials used in the production of these foams cause severe occupational health hazards such as asthma. This has been a major restraint for growth of the market. In addition, price volatility of raw materials is expected to hamper the market growth over the coming few years. Research and development activities to develop bio-based SPF are expected to offer huge growth opportunity for the market.
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The global SPF market can be segmented into three product segments, namely open cell SPF, closed cell SPF and others. In 2012, open cell and closed cell together constituted over 90% of the global demand for SPF and this high market share trend is expected to continue over the duration of the forecast period. Open cell SPF is primarily employed for residential applications and dominate the global demand for SPF. Demand for closed cell SPF is profoundly dependent on increasing industrial investments in a region. Other product segment comprise of one component foam and high density foam. One component SPF are employed for filling small cracks and holes whereas high density SPF are employed mainly for commercial applications such as machinery and geo thermal applications
On the basis of applications, the SPF market has been bifurcated into five major segments such as residential roofing, residential walls, commercial roofing, commercial walls and other niche applications including medical and transportation. Residential roofing was the largest application segment and the trend is expected to continue through 2019. Residential application of SPF is predominant in the developed economies of North America and Europe primarily owing to stringent regulations for energy efficient structures. Commercial walls application is expected to be the fastest growing segment in terms of revenue during the forecast period. Other applications include medical equipment, transportation, and telecom among others. Demand in other niche application segments is primarily driven by innovation and increased research and development activities.
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