Semi-Rigid Spray Polyurethane Foam Market Future Challenges and Industry Growth Outlook 2024
Category: #headlines  By Partha Ray  Date: 2019-08-07
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Semi-Rigid Spray Polyurethane Foam Market Future Challenges and Industry Growth Outlook 2024

According to a new research report by Global Market Insights, Inc. Semi-Rigid Spray Polyurethane Foam Market to cross USD 1.1 billion by 2024. Driven by the rapid transformations in building regulations landscape, semi-rigid spray polyurethane foam market has gained immense recognition as a vital vertical of the advanced materials fraternity. The material is deemed to curb the energy costs by 30% p.a., which is indeed an appreciable figure addressing the rising demand for optimum energy utilization.
 
Driven by its high insulating properties, the end-use terrain of semi-rigid spray polyurethane foam industry has increased exponentially over the years ranging from commercial, residential to industrial sectors. In fact, the material has been claimed to successfully take over asbestos, which was widely used for its fireproof and insulting properties. However, on account of the risk factors associated with asbestos, polyurethane foam has captured a substantial share of the former’s commercialization portfolio.

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The new requirements focusing at increased thermal efficiency demand the deployment of incessant insulation in exterior wall constructions. In fact, wall as an application segment of semi-rigid spray polyurethane foam market accounted for nearly 50% of the global share in 2017.  The product in addition to being an excellent insulating material also provides high air barrier and enhances the water absorption by almost 40%. The commercial sector has been a major end-user of this product with major growth credits to wall applications. As per a report by Global Market Insights, Inc. the semi-rigid spray polyurethane foam industry size from commercial sector is forecast to register a 6.5% CAGR over 2017-2024.

In yet another turn of events across the North America Semi-rigid spray polyurethane foam industry, Icynene, the renowned Ontario based polyurethane market player and Lapolla industries Inc. announced their merger, focusing toward delivery of world class services to Canadian construction market. The two firms will reportedly operate as Icynene-Lapolla and will distribute & manufacture SPF products across the Canada market. Icynene, recently also unveiled its open-cell, high-performance, light density SPF products dubbed as Icynene Classic Ultra and Icynene Classic Ultra Select, further strengthening its foothold in spray polyurethane foam market.

Browse Complete Summary of this report @ https://www.gminsights.com/industry-analysis/semi-rigid-spray-polyurethane-foam-market

Elaborating further on the regional landscape, Europe stands as another major growth avenue for polyurethane foam market expansion, with UK and Germany standing as major revenue pockets. In 2017, both these regions held nearly 35% of the Europe business landscape. Speaking of the driving factors, the regulatory framework again bags a major credit, with the regional government putting appreciable efforts to realize an energy efficient infrastructure. 

Reportedly, in Europe, buildings account for nearly 40% of the overall energy consumption and produce 35% of the greenhouse emission. In response to this critical scenario of energy conservation, the European Union is constantly taking rigorous measures mandating energy efficient certifications for the residential and industrial infrastructure. Overtly, with such a strict government framework in place, Europe semi-rigid spray polyurethane foam market is slated to garner commendable proceeds in the ensuing timeframe.

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All in all, with incessant efforts of government and private sectors toward energy optimization, growth prospects of semi-rigid spray polyurethane foam market are anticipated to be substantially high in the coming years. In terms of commercialization, the overall industry share is slated to surpass USD 1 billion by 2024.

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About Author

Partha Ray    

Partha Ray

Partha is into digital marketing since the last 3 years and has worked on multiple projects across various industries. An Computer Science engineer by education, he has prior experience in software development. His other interests include playing cricket & Hockey.

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