Malvern, Pennsylvania - Demand for spray polyurethane foam (SPF) insulation in North America is growing at over 15% per year and is expected to reach over $900 million by 2016, creating investment opportunities for industry participants, according to a study by Principia.
This strong growth is being driven not only by the recovery in building construction, but also because SPF is gaining share from other insulation materials and expanding its use into other applications such as unvented attics, crawlspaces and exterior walls, the report says.
"The SPF industry is in a great position to grow its total profit pool over the next three years," Ken Jacobson, partner with Principia, said in an 18 July news release. "Based on its overall value proposition to property owners including increased energy efficiency, payback on insulation, and more efficient HVAC (heating, ventilation, and air conditioning) systems and increased comfort in homes and office buildings, SPF growth will outpace the overall industry."
The report, titeled 'Spray Polyurethane Foam 2013', contains key market data, trends and strategic insights into all aspects of the business from supply through distribution to end-user demand.
Principia said it conducted discussions with over 150 industry participants including contractors, distributors, consultants and suppliers to compile a "comprehensive" assessment of the current state and future prospects for the industry.