The global spray foam insulation market, which is currently valued at $2.17 billion in 2024, is projected to reach $4.11 billion by 2034 with a compound annual growth rate (CAGR) of 6.6% over the next decade, according to a forecast by Future Markets Insight.
Commonly known as Spray Polyurethane Foam Insulation (SPFI), spray foam insulation complies with codes and completely fills the wall, saving energy and money. Spray foam insulation widely used in commercial and industrial roof and wall insulation, and it can be used in engineering solutions for foundations, buildings, roads, and concrete repair.
Among the key market growth drivers for this product are energy efficiency awareness, regulatory support, an increase in housing and infrastructure developments around the world, and technology advances in making spray foam insulation eco-friendly and user-friendly.
The report added that while the North American market is still the dominant center for this product, Asia-Pacific and Latin America are the future growth markets due to rapid urbanization.
“The spray foam insulation market is at a pivotal juncture, with growing environmental concerns and regulatory pressures aligning to propel its growth,” said Nikhil Kaitwade, associate vice president at Future Market Insights. “Innovations in bio-based formulations and application methods are not only reducing the carbon footprint but also expanding the product’s appeal to eco-conscious consumers. This sector is poised for sustained growth as governments worldwide incentivize energy-efficient building solutions.”
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