The key driving factors of the market are rising demand from the construction industry for various purposes and energy efficacy regulations.
In order to slow the rate of heat transfer and air filtration in buildings or structures, foam insulators are used to fill in gaps or cracks. It is essentially a barrier material that is used to seal the areas around plugs, switchboards, and the walls where entryways and windows meet, as well as the roofs, floor holes, and walls. Foam insulation is a common choice for homes and other buildings, but its use in buildings is relatively new in comparison to its many other uses. In addition, it has many applications in aerospace and aircraft, automotive and other transportation applications like lightweight body panels, cushions, and filtration, and furniture applications like seating, mattresses, and pillows. Foam insulation can come in the form of spray-on foams, rigid foam panels, or custom pre-molded shapes. There are many types of foam insulation, which include closed-cell foams, open-cell foams, flexible foams, rigid foams, reticular foams, and syntactic foams. Furthermore, the rising expansion of buildings and the construction industry are further anticipated to propel the growth of the United States foam insulation market over the forecast period.
Rising demand from the construction industry for various purposes and energy efficiency regulations are primarily driving a rise in demand for foam insulation in the United States region. Additionally, increasing expansion of buildings and the construction industry, as well as increasing demand from various end-user industries, are anticipated to further propel the growth of the United States foam insulation market over the forecast period. Nowadays, the building and construction industry of the United States regions is following the building codes and green building certifications like LEED for commercial buildings, the US Green Building Council for Homes (LEED-H), and the US Environmental Protection Agency’s ENERGY STAR rating, which is driving the growth of the foam insulation market in the United States in the forecast period. Due to the increase in the number of residential buildings as a result of the growing population and the easy availability of low-interest home loans, the United States foam insulation market is anticipated to grow at the highest rate over the forecast period.
The market is expected to have new opportunities with technological advancements and ongoing R&D activities to develop quality foam insulation products. This is expected to provide ample new growth opportunities in the market during the forecast period. Increasing demand for bio-based polyurethane and polyisocyanurate foams offer numerous market opportunities in the future in the United States. According to the US Department of Energy, heating and cooling account for approximately 55% of the energy used in a typical US home, making it the largest energy expense for most homes. To maintain a uniform temperature and lower noise levels in homes and commercial properties, builders turn to rigid polyurethane and polyisocyanurate foams. These foams are effective insulation materials that can be used in roof and wall insulation, insulated windows and doors, and air barrier sealants. In addition, rising population and the easy availability of home loans at low interest rates have resulted in a rising number of residential buildings, which further increases the demand for foam insulation in the future.
Increasing concern regarding the high maintenance and overspray potential of foam insulation is likely to hamper market growth over the forecast period. Furthermore, increased competition from polypropylene foam and polystyrene is a major restraint on the expansion of the United States foam insulation market. In addition, improper handling leads to a bad smell, or more specifically, a fishy odour that seems to hang around for months after insulation, may affect the market's growth. These are the factors that restrain market growth over the foreseen period.
A key challenge that may affect the growth of the market is the rise in raw material prices. In addition, shifting consumer preferences in the event of an anticipated economic downturn, aligning industrial policies with growing environmental concerns, and significant fluctuations in raw material costs brought on by ongoing geopolitical tensions are also major challenges for market expansion. On the other hand, strict regulations governing the use of certain chemicals and materials and a lack of awareness about low- and middle-class economies also pose a major challenge for market expansion.
The report provides an in-depth analysis of United States foam insulation market, market size, and compound annual growth rate (CAGR) for the forecast period of 2023-2029, considering 2022 as the base year. A rise in demand for foam insulation in various applications is anticipated to stimulate the growth of the market and due to this factor, the market is expected to witness growth at a specific CAGR from 2023-2029.
The United States foam insulation market comprises of different market segments like, type, end-users.
By type, the United States foam insulation market includes key segments like
On the basis of type, the United States foam insulation market includes key segments such as polystyrene, polyurethane, and polyisocyanurate, as well as polyolefin, elastomeric, phenolic, and others. The polyurethane and polyisocyanurate foam segments are expected to hold the largest share in the United States market. This is due to the need for microporous insulation materials in the oil and gas sector and growth in the construction and automotive industries. It is widely used in residential construction, non-residential, oil & gas, and automotive.
The United States foam insulation market finds key end-users like
On the basis of end users, the United States foam insulation market finds key end users such as building and construction, transportation, consumer appliances, and others. The building and construction segment dominated the United States foam insulation market. The dominance of this segment is due to the increasing demand from end-user industries, the performance characteristics of foam insulation, as well as the increasing manufacturing and construction activities in the United States.
The outbreak of coronavirus has had a negative effect on the development of various industries, as government actions to stop the spread of the virus. The COVID-19 pandemic has disrupted the business of several industries. However, the beginning of the COVID-19 pandemic had a negative impact on the market due to the slowdown in the construction industry caused by the region's movement restrictions to prevent the virus from spreading. The COVID-19 pandemic has impacted numerous countries industrial operations. Demand, supply, price, vendor adoption, and sustainable outcomes were all affected by this COVID-19 outbreak. The restriction over transportation and labour availability is another factor that has affected the supply chain of foam insulation. During the peak of the COVID-19 shutdown, many manufacturers of building supplies reduced their capacity to support employee social distancing efforts. This has led to shortages in numerous supplies and ongoing supply chain issues. However, this is expected to resume the foam insulation market's growth during the forecast period in the United States. This is due to increasing opportunities in residential, commercial, and other areas.
The competitive landscape analysis of United States foam insulation market is primarily focused on expanding the United States foam insulation industry with new product innovation, business expansion, increasing presence of range of manufacturer operating in foam insulation sector has led the growing demand for the market. Besides, the market offers range of products in different application to fulfil the required demand of consumer which is further contributing healthy growth in the market.
The key players studied in market are
August 2020: Great Stuff, the industry leader in insulating foam sealant solutions, has announced three new licensing partnerships with National Adhesives Distributors LLC, Finish Line Technologies Inc., and M&P Export Management Corporation to introduce a variety of new home improvement products and application kits under the Great Stuff brand name.
August 2020: Owens Corning has announced the launch of a new line of extruded polystyrene (XPS) foam insulation products called Foamular NGX in the US and Canada. It claims that the products' proprietary blowing agent reduces global warming potential (GWP) by 90% without sacrificing product performance.
By type, the United States foam insulation market includes key segments like polystyrene, polyurethane and polyisocyanurate, polyolefin, elastomeric, phenolic, others. The polyurethane and polyisocyanurate foam segment are expected to hold the largest share and lead the market over the forecast period. By end users, the United States foam insulation market segments into such as building and construction, transportation, consumer appliances, and others. Building and construction segments are anticipated to lead the United States foam insulation market over the foreseen period.
Market
Sizing for Year: | 2019-2029 |
Base
Year: | 2022 |
Forecast
Period: | 2023-2029 |
Value: | USD million |
Market
Segment studied: | By Type |
Market
Players and its Competitors: | Lapolla Industries (US) Evonik Industries (US) Cajun Foam Insulation
(US) Johns Manville (US) Owens Corning (US) SAFCO Foam Insulation
(US) Pittsburgh Spray Foam
Professionals (US) Berkshire Hathaway Inc
(US) Huntsman International
LLC. (US) Dow (US) Harvest (US) Demilec Inc. (US) |
FREQUENTLY ASKED QUESTIONS
What are the drivers for United States foam insulation market?
The key driving factors of the market are rising demand from the construction industry for various purposes and energy efficacy regulations.
What would be the forecast period in this market report?
2023-2029 is the forecast period in this report.