Spray Foam Insulation Market Report 2024

This Spray Foam Insulation market report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

The spray foam insulation market size has grown strongly in recent years. It will grow from $2.15 billion in 2023 to $2.3 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. The growth during the historic period can be attributed to government incentives promoting energy-efficient building materials, increasing demand for zero-energy homes, rising urbanization, the expansion of renovation and retrofitting projects, the construction of new homes, and the growing popularity of DIY projects.

The spray foam insulation market size is expected to see strong growth in the next few years. It will grow to $2.99 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%. The projected growth during the forecast period can be attributed to the increase in construction activities, heightened awareness of energy-efficient insulation, rising demand for eco-friendly insulation materials, and greater regulatory emphasis on reducing carbon emissions in construction. Key trends expected during this period include the integration of technology in application systems, the use of smart sensors for quality control, innovations in foam durability, and the incorporation of spray foam with renewable energy systems.

The growth of the spray foam insulation market is expected to be driven by the rise in construction activities. Construction refers to the process of building or assembling infrastructure such as buildings, roads, and bridges, and involves planning, designing, and executing these projects. The surge in construction activities is being propelled by rapid urbanization, which increases the need for housing and infrastructure, along with government initiatives that invest in large-scale infrastructure projects to stimulate economic growth. Spray foam insulation enhances energy efficiency in buildings by providing effective thermal insulation and air sealing, leading to reduced energy costs and improved indoor air quality by preventing drafts and moisture infiltration. For instance, in May 2024, the UK-based Office for National Statistics reported that in Quarter 1 2024, new construction orders rose by 15.9%, an increase of £1.43 billion ($1,920 million) compared to Quarter 4 2023. As a result, rising construction activities are boosting the spray foam insulation market.

Key players in the spray foam insulation market are focusing on developing innovative products, such as spray polyurethane foam insulation, to improve energy efficiency and sustainability in construction. Spray polyurethane foam insulation is a lightweight, rigid foam created by mixing polyol resin and isocyanate, which expands upon application to offer superior thermal resistance, air sealing, and moisture protection in various building applications. For example, in June 2024, Huntsman Building Solutions (HBS), a US-based manufacturer of polyurethane spray foam products, introduced Icynene Xpress 55, a new open-cell spray polyurethane foam insulation for unventilated attics and crawl spaces. This low-density product provides excellent thermal performance, with an R-value of R-3.7 at 1 inch and R-13 at 3.5 inches, along with strong adhesion to different substrates and noise reduction. Icynene Xpress 55 also meets strict fire safety standards set by the International Building Code and complies with AC-377 Appendix X, eliminating the need for an ignition barrier in utility-only attics.

In May 2024, Spray Foam Holdings LLC, a US-based manufacturer and distributor of spray polyurethane foam (SPF) products, acquired Thermoseal USA for an undisclosed amount. With this acquisition, Spray Foam Holdings aims to revitalize the Thermoseal brand by enhancing its research and development and manufacturing capabilities, making it more competitive in the insulation market with cutting-edge, energy-efficient spray foam insulation products. Thermoseal USA is a US-based manufacturer and distributor of eco-friendly spray foam insulation for commercial and residential buildings.

Major companies operating in the spray foam insulation market are BASF SE, Dow Inc., Honeywell International Inc., 3M Company, Covestro AG, DuPont de Nemours Inc., Sika AG, Owens Corning, Kingspan Group plc, Huntsman Corporation, RPM International, Sealed Air Corporation, CertainTeed, Tremco Incorporated, ArmorThane, Assured Insulation Solutions, Everchem Specialty Chemicals, FOAMETIX, Green Insulation, Lapolla Industries, Pacific Avenue Capital Partners LLC, Shakun Industries, Weatherization Services Inc.

North America was the largest region in the spray foam insulation market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the spray foam insulation marker report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the spray foam insulation marker report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Spray foam insulation is a type of insulating material that is applied as a liquid and expands into a thick foam, forming an airtight seal. It is widely used in buildings to enhance energy efficiency by providing thermal insulation, minimizing air leaks, and serving as a barrier against moisture and sound.

The primary types of foams in spray foam insulation are closed-cell and open-cell. Closed-cell foam consists of tightly packed, unbroken cells, making it denser and more rigid. It is available in various densities, including high, medium, and low, and is used for applications such as wall insulation, attic insulation, roof insulation, and concrete rehabilitation. These foams cater to a variety of end-user industries, including packaging, construction, automotive and transportation, electrical and electronics, consumer goods, medical, and more.

The spray foam insulation market research report is one of a series of new reports that provides spray foam insulation market statistics, including spray foam insulation industry global market size, regional shares, competitors with a spray foam insulation market share, detailed spray foam insulation market segments, market trends and opportunities, and any further data you may need to thrive in the spray foam insulation industry. This spray foam insulation market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The spray foam insulation market consists of sales of moisture barriers, wall insulation panels, roof insulation systems, soundproofing foam panels, and foundation insulation systems. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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