The spray foam market is anticipated to register exponential growth by 2027 on account of increasing urbanization across developing nations. In addition, strict government policies and regulations pertaining to energy efficiency are set to foster market growth over the forecast period.

Spray foam refers to a material that is applied using spray and is commonly used to insulate buildings and cover cracks and gaps in order to make them more comfortable and energy efficient. This type of insulation is renowned for its ability to resist heat transfer and provides a highly effective solution for limiting undesired air penetration through cracks, seams, and joints.

Spray foam can be sprayed into open cavities, such as those found in new buildings, attics, crawl spaces, and rim joists. It is also suitable for use in existing residences, commercial buildings, and pole barns. Spray foam can be applied as long as the cavities are accessible. Unlike traditional insulating materials, it retains its shape indefinitely. It fills crevices, fractures, and gaps during installation and is known to remain intact without any compression or sagging over time.

Notably, the booming construction and infrastructure sectors across the globe have augmented industry expansion in recent years. Moreover, industry players have been actively engaging in lucrative strategies to accommodate the surging demand for energy-efficient buildings, which has positively impacted overall business dynamics.

For instance, in June 2021, BASF, a major chemicals company, inked a Joint Development Agreement (JDA) with Shanghai Harvest Insulation Engineering Co., Ltd, a leading manufacturer of cryogenic insulation for LNG systems. With the agreement, both firms intended to develop prefabricated cryogenic pipes using BASF’s Elastopor?(R) Cryo, which is a polyurethane rigid foam system used for thermal insulation.

The spray foam market has been segregated on the basis of application, product, density, and region. In terms of application, the market has further been classified into packaging and construction. Under construction, the spray foam market has been divided into commercial and residential. The commercial segment is set to attain a notable valuation by 2027, progressing at a CAGR of approximately 7.3% over the analysis period.

From the regional point of view, the Europe spray foam market was valued at around USD 481.9 million in 2020 and is anticipated to gain considerable traction through the review timeline. The Latin America spray foam market is projected to garner significant gains by 2027, developing at more than 5.9% CAGR over the assessment period. Meanwhile, the Middle East & Africa spray foam market is expected to showcase a solid growth trajectory, registering a growth rate of above 5.8% over the forecast timeframe.