The construction industry has witness a continuous growth from last couple of decades. This is primarily owing to increasing industrial and residential construction activities and related product advancement. Spray foam is one of such advancement. Generally, these spray foam are a mixture of isocyanate and polyol resin, which when sprayed over a surface, can expand up to 30 -60 times its liquid volume. The introduction of spray foam has made a revolutionary change in the working of construction and packaging industry. Characteristics such as taking a form of insulation, air sticking on around corners, roofs, walls and on contoured surface has allowed spray foam to be used in variety of application including wall insulation, roofing, seal cracks and gaps containers. The growing use of spray foam in industrial and residential construction activity and packaging industry is expected to fuel the growth of global spray foam market over the forecast period.
Spray Foam Market- Market Dynamics:
One of the significant factors contributing towards the growth of spray foam market is the strong demand from packaging Industry. Moreover, Spray foam is widely used in construction industry for its variety of application including insulation, sealing etc. Owing to the revival of global economy, the industrial construction industry is anticipated to witness a surge in demand over the forecast period. Furthermore, it is anticipated that global spray foam market will grow along with the growth of construction industry in near future. Apart from this, developing as well as developed countries have seen a rising demand of green building from last couple of decades, which are expected to further fuel the global demand in spray foam market.
However, fluctuation in raw material prices are expected to be a major concern for spray foam manufacturer. Adding to this, raw material such as MDI (Methylene diphenyl diisocyanate) and TDI (Toluene diisocyanate) that are used in production of spray foam, cause severe health related problem including asthma and skin irritation. This may hamper the growth of global spray foam market over the forecast period.
Spray Foam Market- Market Segmentation:
The spray foam market can be segmented on the basis of product type and application. On the basis of product type, spray foam market can be segmented into medium density closed-cell spray foam (CCSPF) and light density open cell spray foam (OCSPF). Light density open cell spray foam are generally used for construction activity due to its ability to expand, fill cracks, crevices and adhere to irregular surfaces to form an air sealing insulation. On the basis of application, spray foam market can be segmented into building application and Packaging application, furthermore, building application can be subdivided into residential walls, residential roofing, commercial walls and commercial roofing.
Spray Foam Market- Regional Outlook:
Geographically, the spray foam market can be segmented into North America’s spray foam market, Latin America’s spray foam market, Europe’s spray foam market, Asia-Pacific’s spray foam market and Middle East & Africa’s spray foam market. The growth of global spray foam market is expected to witness a healthy CAGR over the forecast period of 2016-2024. Moreover, North America is expected to witness a high growth of spray foam market due to rising demand of green building. Europe is expected to follow North America. Asia pacific, with the growing industrial and residential construction activity is anticipated to follow both North America as well as Europe over the forecast period. Rest of the world is expected to show a steady growth in global spray foam market in coming years.
Spray Foam Market- Major Players:
Some of the major players identified across the globe in the spray foam market are BASF SE, Bayer Material Science, Lapolla Industries Inc., Dow Chemical, Rhino Linings Corporation, CertainTeed Corporation, Premium Spray Products and NCFI Polyurethanes.
The spray foam market research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The spray foam market research report provides analysis and information according to market segments such as geography, technology, and applications.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.