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Report Overview: Geofoams MarketThe global geofoams market size was valued at USD 674.7 million in 2020 and is expected to grow a compound annual growth rate (CAGR) of 2.7% from 2021 to 2027. Increasing product demand for a wide range of applications including the construction of soft ground, void filling, slope stabilization, and others is anticipated to promote market growth. The product helps in providing protection from earthquake shock, noise, and vibrations. This promotes adoption across the construction and infrastructural industry. In addition, it is increasingly used in rail track systems, below refrigerated storage buildings, sports arenas and storage tanks to prevent ground freezing and heaving. The U.S. market was valued at around USD 87 million in 2020 and is estimated to expand at a CAGR of over 1.9% from 2021 to 2027. Rising maintenance activities of the existing infrastructural construction is anticipated to boost the demand for geofoams, thereby driving the market growth. In addition, the product is increasingly used in rail embankment, which is likely to impact the growth positively. Factors such as lightweight, superior strength, ease in handling, and low construction cost are likely to promote the adoption of geofoams across the construction industry. In addition, the product can be customized into different shapes and sizes which further propels its demand over the forecast period, thereby driving the market growth. However, geofoams are highly susceptible to degradation caused due to exposure to UV radiations for a long time. In addition, the product changes to a glue-like substances when it comes in contact with petroleum. These factors are projected to limit product adoption across various constructions, thereby limiting the industry growth. Type Insights The extruded polystyrene geofoam product type accounted for over 60% revenue share in 2019 and is estimated to expand at a CAGR of 2.9% from 2021 to 2027. The product provides insulation and protection to the structures. Growing use of extruded polystyrene geofoam in building insulation is anticipated to promote the segment growth over the forecast period 2021-2027. The product is manufactured using recycled materials and can be shaped into various forms such as sheets and blocks. In addition, it offers higher insulation performance factors as compared to extruded polystyrene geofoams which is anticipated to promote its adoption across areas like walls, basements, and attics. Extruded polystyrene geofoams are increasingly used for roofing systems and below-grade waterproofing that require insulation to be placed over a roof membrane. In addition, the product is manufactured using recycled materials, which is projected to reduce its cost, thereby driving segmental growth. Geofoams exhibit high durability and resistance to damage which propels its demand across various construction and infrastructural projects. In addition, the product is environmentally friendly and is 100% recyclable. Moreover, the product saves the overall energy owing to its ultra-efficient thermal insulating properties, which is likely to promote its usage further driving the market growth.
Application Insights: Geofoams MarketThe roads and highway construction application segment held a revenue share of more than 38% in 2019 and is anticipated to expand at a CAGR of 3.4% from 2021 to 2027. Increasing infrastructural growth and rising demand for road connectivity across the globe is anticipated to promote the expansion of the segment thereby driving the segment growth. The high compressive resistance of the product propels its usage in bridge abutment. In addition, it offers support to the highways without over-stressing the underlying soils. Moreover, geofoams can be used to support bridges as it transfers the traffic load to the foundation of the underlying soil. The aforementioned benefit of the product is estimated to benefit growth. Rising demand for building and infrastructural constructions across the economies including China, India, Brazil, Mexico, and others is projected to promote the use of geofoams to fill voids, slope stabilization, and to avoid seasoning heating and cooling for buildings. This is projected to promote the adoption of geofoams in the building and infrastructural constructions over the forecast period. The product is increasingly used in tiered seating for movie theaters, auditoriums, churches, and gymnasiums. Factors such as lightweight and compressive resistance of the product promote its application across various construction and renovation projects. In addition, geofoams reduce vibrations and sound, which is expected to fuel industry growth.
Regional Insights: Geofoams MarketAsia Pacific market accounted for the highest market share in 2019 and is projected to expand at a CAGR of 3.2% from 2021 to 2027. Factors such as increasing population, rapid urbanization across the region are estimated to fuel the construction industry. This is projected to propel the demand for geofoams owing to its noteworthy properties and availability at a low cost. Increasing demand for road connectivity, road widening, ongoing construction activities owing to the rising number of manufacturing firms in the region is projected to benefit the demand for geofoams. In addition, rising government initiatives in order to improve the infrastructure of the region is likely to promote the demand for geofoams, thereby driving regional growth. Rising infrastructural spending in economies including Germany, Spain, Italy, and others is estimated to propel the demand for geofoams due to its lightweight, durability, and superior strength. In addition, increasing use of geofoams in rail and roadways in the European region as a low-cost construction material is projected to fuel the industry growth over the forecast period. The increasing number of residential and commercial construction activities in Central and South America is likely to boost the market growth. In addition, rising government spending to improve the infrastructure in the economies including Brazil, Argentina, Chile, Peru, and others is estimated to contribute towards the increased demand for the product in the region.
Key Companies & Market Share Insights: Geofoams MarketThe key players are increasingly investing in the development of novel geofoams with improved properties and efficiency. In addition, the manufacturers are collaborating with the research institutes to introduce products with advanced properties, thereby gaining a competitive advantage over the others. Some of the prominent players in the geofoams market include:
Key companies Profiled: Geofoams Market Report
This report forecasts revenue and volume growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. For the purpose of this study, Trusted Business Insights has segmented the global geofoams market report on the basis of type, application, and region:
- Carlisle Construction Materials
- ACH Foam Technologies, LLC
- Expol Ltd.
- Geofoam International LLC
- Amvic Building Systems
- Universal Foam Products
- Benchmark Foam Inc.
- Galaxy Polystyrene
- Polyfoam Xps
- Mega Packing Corporation
Type Outlook (Volume Thousand Meter Cube; Revenue, USD Million, 2016 - 2027)
- Extruded Polystyrene Geofoams
- Expanded Polystyrene Geofoams
Application Outlook (Volume Thousand Meter Cube; Revenue, USD Million, 2016 - 2027)
- Road & Highway Construction
- Building & Infrastructure
- Airport Runways & Taxiways
Table of Contents Chapter 1. Methodology and Scope 1.1. Market Segmentation & Scope 1.2. Market Definition 1.3. Information Procurement 1.3.1. Purchased Database(Statista, FactSet, Bloomberg, SDC Platinum) 1.3.2. IFF Internal Database 1.3.3. Secondary Sources & Third-Party Perspectives 1.3.4. Primary Research 1.4. Information Analysis 1.4.1. Data Analysis Models 1.5. Market | read more...