North America Spray Foam Insulation Market (2021-2027) | Share, Value, Industry, Companies, Forecast, Revenue, Analysis, COVID-19 IMPACT, Outlook, Trends, Growth & Size

North America Spray Foam Insulation Market report thoroughly covers the market by applications, end-users, and countries. The market report provides an unbiased and detailed analysis of the ongoing market trends, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.

North America Spray Foam Insulation Market Synopsis

The North America Spray Foam Insulation Market grew at a considerable rate during the period 2017-19 on the back of increasing construction activities in the region. Government regulations enforcing people to use environmentally friendly and efficient ways of heat insulation were the key catalyzers for the overall growth of the spray foam insulation market in North America. The onset of the novel Covid-19 virus had a negative impact on the economy of North America which left a devastating impact on numerous sectors, thus, refraining from growth, the spray foam insulation market during the year 2020. The economy of North America is slowly but surely recovering, and the market for spray foam insulation is expected to revive in 2021 and grow further in the coming years.

However, the onset of COVID-19 pandemic had a negative impact on the market in 2020 as a result of the slowdown in the construction sector due to the movement restrictions imposed over the region to curtail the spread of the virus. However, the market is expected to recover in the forecast period with the reopening of the construction sector along with growing awareness for environmentally friendly ways of construction.

According to 6Wresearch, North America Spray Foam Insulation Market size is projected to grow at CAGR of 5.5% during 2021-27.  Efforts to reduce the dependence of the country on the oil sector are expected to bolster the country’s spending on infrastructure development during the forecast period. The ambitious Saudi Vision 2030 plans to improve the economy through a series of measures including infrastructural development, thereby driving the Spray Foam Insulation Market, especially in residential and commercial sectors, which extensively use centralized cooling. Moreover, high energy efficiency requirements, increasing concerns about the cost of electricity, and sustainability in the country would further drive the demand for sustainable building designs which in turn, would augment the demand for air ducts since they minimize leakages and reduce energy losses.

Market Analysis by End users

By end-users, residential segment and commercial segment account for cumulative market share of around 70% of the total market revenues in 2020. Out of the total market segments, residential segment is currently at the top of the market and is anticipated to grow in the forecast period on account of increase in residential construction along with government’s effort to build affordable homes. The Canada Mortgage and Housing Corporation (CMHC) also provides financial assistance to first time home buyers. Many of the new homeowners are interested in using efficient and eco-friendly ways of insulating their homes.

Market Analysis by Applications

By applications, the spray foam insulation market is segmented into wall insulation, ceiling insulation, and basement insulation. Wall insulation and Ceiling Insulation applications are holding a cumulative share of more than 60% dominance over the market revenues in 2020 as it reduces heat loss by filling the wall cavity with spray foam and turns out to be one of the most cost-effective insulation methods. It also provides the additional benefit of soundproofing walls.

Market Analysis by Geography

By geography, the United States Spray Foam Insulation Market is currently leading the market in terms of revenues in 2020 due to the increasing adoption of energy-efficient insulation systems among people. Moreover, favorable building regulations by Leadership in Energy and Environmental Design (LEED) and U.S. Green Building Council (USGBC) would also supplement the growing demand for spray foam insulation. Furthermore, re-insulation and modernization of traditional homes and properties would also play an important role in driving the market for spray foam insulation in the region during the forecast period. In addition, Canada is projected to register higher growth during the forecast period as the government of Canada is enforcing stringent regulations towards the limitation of greenhouse gas emission and increasing energy efficiency in homes and buildings.

Key Attractiveness of the Report

• COVID-19 Impact on the Market.
• 10 Years Market Numbers.
• Historical Data Starting from 2017 to 2020.
• Base Year: 2020
• Forecast Data until 2027.
• Key Performance Indicators Impacting the Market.
• Major Upcoming Developments and Projects.

Key Highlights of the Report

• North America Spray Foam Insulation Market Overview
• North America Spray Foam Insulation Market Outlook
• North America Spray Foam Insulation Market Forecast
• Historical Data and Forecast of North America Spray Foam Insulation Market Revenues, for the Period 2017-2027
• Historical Data and Forecast of Revenues, By Applications, for the Period 2017-2027
• Historical Data and Forecast Revenues, By End Users, for the Period 2017-2027
• Historical Data and Forecast of Revenues, By Countries, for the Period 2017-2027
• Historical Data and Forecast of United States Spray Foam Insulation Market Revenues, for the Period 2017-2027
• Historical Data and Forecast of United States Spray Foam Insulation Market Revenues, By Applications, for the Period 2017-2027
• Historical Data and Forecast of United States Spray Foam Insulation Market Revenues, By End Users, for the Period 2017-2027
• Historical Data and Forecast of Canada Spray Foam Insulation Market Revenues, for the Period 2017-2027
• Historical Data and Forecast of Canada Spray Foam Insulation Market Revenues, By Applications, for the Period 2017-2027
• Historical Data and Forecast of Canada Spray Foam Insulation Market Revenues, By End Users, for the Period 2017-2027
• North America spray foam insulation market share, by companies
• North America spray foam insulation market trends
• Drivers and Restraints
• Industry Life Cycle
• Porter’s Five Forces Analysis
• Market Opportunity Assessment
• Company Profiles

Market Scope and Segmentation

The report provides a detailed analysis of the following market segments:

• By Applications
• Wall Insulation
• Ceiling Insulation
• Basement Insulation
• By End Users
• Residential
• Commercial
• Industrial
• By Countries
• United States
• Canada

Other Key Reports Available:

• United States Spray Foam Insulation Market (2017-2027F)
• Canada Spray Foam Insulation Market (2017-2027F)