Posted On: 2021-03-23
Wall insulation segment is expected to grow at the fastest pace in the overall North America spray foam insulation market during the forecast period – 6Wresearch.
Increase in construction activities along with government regulations enforcing people to use environment-friendly ways of insulation would drive the spray foam insulation market in North America over the coming years. 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 a CAGR of 5.5% during 2021-2027F. The United States is currently leading the market in terms of revenues due to the increasing adoption of energy-efficient insulation systems among people. Moreover, favourable 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.
According to Alpana Tyagi, Senior Research Analyst, Research and Consulting, 6Wresearch, “By applications, wall insulation is dominating the market and is expected to witness the fastest growth in the forecast period 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.”
According to Avantika Jain, Research Associate, Research and Consulting, 6Wresearch, “By end-users, 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.”
Some of the major companies in North America spray foam insulation market include Hunstman Corporation, Carlisle Companies Inc. and SWD Urethane.
“North America spray foam insulation market (2020-2026)” provides an in-depth analysis with 15 figures and 6 tables covered in 60 pages. The North America spray foam insulation market report comprehensively covers the market by applications, end-users and countries. The North America spray foam insulation market outlook report provides an unbiased and detailed analysis of the North America spray foam insulation market trends, opportunities, high growth areas, and market drivers which would help the stakeholders to device and align their market strategies according to the current and future market dynamics.