A recent industry research report confirms what many contractors and professionals in the building and spray foam industry already know: spray foam is becoming increasingly popular. As a result, spray foam usage is expanding considerably and the industry overall is booming.
The report, released by Transparency Market Research, says the global spray foam market is expected to grow from $1.135 million in 2012 to $1.823 million in 2019. That translates to growth at an annual compound rate of 7 percent.
As this story notes, the volume of spray foam consumption in 2012 was 475.5 kilotons. The story points out that spray foam has quickly become a popular alternative to other traditional insulation materials thanks to its high insulating properties and the trend toward more energy efficient building materials. A growing demand for spray foam to be used in residential applications in developed countries will play a big factor in the upward usage rates.
In addition, government incentives and regulations (depending on the location) further motivate builders and property owners to choose materials that can help reduce energy usage.
The highest demand for spray foam is found in North America, with the Asia Pacific market following in second place. However, the report predicts that Europe will have the biggest surge in demand for spray foam during the forecast period.
Contractors who are experiencing this boom in demand for spray foam installation services may find they need to add to their equipment quickly. Fortunately, they can find the spray foam equipment and other materials they need at Intech Equipment & Supply.