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Geofoam Market Size By Product Type (EPS Geofoam, XPS Geofoam), By Application (Void Fill, Slope Stabilization, Embankments, Retaining Structures, Insulation, and Others), By End Use (Road & Railways, Building & Construction, and Others), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027

  • Report ID: GMI4413
  • Published Date: Jun 2021
  • Report Format: PDF

Industry Overview

Geofoam market size was USD 630.3 million in 2020 and will grow at a CAGR of 7.3% from 2021 to 2027. Total market consumption will grow by 6.3% CAGR in terms of volume to reach 222 Kilo Tons by 2027. Geofoam materials possess a closed-cell structure that provides superior insulation to buildings & structures. The product finds applications in construction areas such as flooring, pavements, slabs, etc. Rising construction activities in emerging nations of Asia Pacific and the Middle East & Africa and the growing government focus to revamp its existing infrastructure are expected to drive product demand in the sector by 2027.

Another key growth enabling factor is the flourishing growth in the global transportation sector. The industry is gaining attention owing to the growing urbanization and increasing spending from public & private sectors. The U.S. reported an investment of USD 441 billion on its transportation and water infrastructure from the public sector in 2017, which is estimated to grow at a decent rate by 2027.

Geofoam Market Outlook

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Similarly, Canada also reported a government expenditure of USD 14.4 billion in 2016, which was aimed at providing funding for the development of rehabilitation, modernization, and repair activities of its existing infrastructure. Such trends will certainly enhance the global geofoam market share in North America by 2027.

The key restraining factor of the global geofoam market is its higher price as compared to sand or other alternatives, which is projected to slow down market development by 2027. The product will find it difficult to grow in price-sensitive countries such as India. However, growing efforts from governments to promote the usage of geofoam in the construction of roadways will gradually increase product penetration by 2027.

COVID-19 pandemic to marginally disrupt industry value chain of geofoam in 2020

The coronavirus pandemic is projected to slow down the geofoam market growth from 2021 to 2027. The shutdown of construction activities around the globe together with the non-availability of materials & labor has contracted the market size in 2020. The supply side of the market has also faced tremendous challenges owing to the shutdown of major petrochemical plants and delays in fulfilment of orders. Many manufacturers will face significant challenges in the procurement of construction materials from foreign markets depending on trade restrictions by the government.

Excellent versatility of EPS foam will be enhancing its usage in end-user sector

The EPS segment is estimated to grow at a significant rate in the global geofoam market from 2021 to 2027. Expandable polystyrene (EPS) foams are easy to cut, can be tapered, and lightweight in nature. This product is mainly used in slope stabilization, compensating foundation, roofs & rooftops gardens, bridge underfill, insulation of pavements, and road embankments. The ability of EPS geofoam to be used in a diverse range of applications is expected to drive the product in the building & construction industry by 2027.

Growing affinity for lightweight products will accelerate usage of void filling geofoam

  Geofoam Market by Application

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The void filling segment is estimated to hold a share of over 50% in the global geofoam market from 2021 to 2027. The product is extensively employed in the void filling of bridge abutment, road widening, theater seating, and under flooring due to its lightweight characteristics. The increasing remodeling & repair activities of buildings & structures around the globe will propagate product usage in the segment by 2027.

Enormous spending on construction projects to increase sales of geofoam in the APAC region

  Geofoam Market by End User

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The road & railways segment is projected to grow at a CAGR of 7.5% in the global geofoam sector over 2021 to 2027. This can be credited to the growing product demand in road construction associated with buildings in wetlands, existing utilities, and poor soil conditions. Asia Pacific is expected to denote tremendous growth in construction output over the coming years, further supporting the growth of road construction activities in the region.

Major countries are planning to approve and construct new road & rail transit projects to meet the growing consumer demand. Since 2018, China has recorded an investment of USD 215 billion in infrastructure activities related to rail transit systems. Similarly, the Ministry of Land, Infrastructure, Transport, and Tourism of Japan has requested an investment of USD 63 billion in 2020. Such trends are indicating a rise in construction projects in the region.

Asia Pacific will dominate geofoam consumption by 2027

  Geofoam Market by Region

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The Asia Pacific region will hold a share of over 30% in 2027, which can be attributed to the rising disposable income of people and growing population in India and China. The region has recorded a boost in repair & remodeling activities over the past few years as a part of governments’ initiative to enhance the local infrastructure. Major countries including, South Korea, the Philippines, and Thailand, are focusing on reducing their import volume for construction projects to support local companies. Such trends are expected to drive the geofoam market share in the regional construction sector by 2027.

Regulatory landscape and integrated value chain to pose challenges for new players in market

The geofoam industry is highly fragmented with the presence of a large number of small to medium-scale companies around the globe. New players are projected to face challenges from a regulatory framework of various government and integrated operations of top companies. The key manufacturers in the industry are DuPont de Nemours, Inc., Carlisle Construction Materials LLC, ACH Foam Technologies, and Cellofoam North America.

These companies adopt various strategic initiatives to remain competitive in the sector including mergers & acquisitions, production capacity expansion, new product launches, etc. In October 2018, Carlisle Construction Materials acquired Accella Performance Materials. The strategic aim of this agreement was to enhance Carlisle’s product portfolio and strengthen its position among other companies.

The geofoam market report includes in-depth coverage of the industry with estimates & forecast in terms of volume in Kilo Tons and revenue in USD million from 2017 to 2027 for the following segments:

By Product Type

  • EPS geofoam
  • XPS geofoam

By Application

  • Void fill
  • Sole stabilization
  • Embankments
  • Retaining structures
  • Insulation
  • Others

By End-use

  • Roadways & railways
  • Buildings & structure
  • Others

The above information is provided on a regional and country basis for the following:

By Region

  • North America
    • U.S.
    • Canada
  •  Europe
    • Germany
    • UK
    • France
    • Spain
    • Italy
    • Russia
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • Malaysia
    • South Korea
  •  LATAM
    • Mexico
    • Brazil
    • Argentina
  • MEA
    • UAE
    • Saudi Arabia
    • South Africa
Authors: Kiran Pulidindi, Sayan Mukherjee

Frequently Asked Questions (FAQ) :

Annual revenue from the geofoam industry was valued at USD 630.3 million in 2020 and is expected to rise at a CAGR of over 7.3% through 2027.

The market size from the EPS type segment will record a significant value up to 2027 driven by higher usage in slope stabilization, compensating foundation, roofs & rooftops gardens, bridge underfill, insulation of pavements, and road embankments.

The void filling application segment will record close to 50% of the global geofoam industry size through 2027 due to the surge in the remodeling & repair activities of buildings & structures.

The market share from the road & railways sector is poised to rise at a CAGR of 7.5% up to 2027 due to higher product demand in road construction.

Asia Pacific is anticipated to account for more than 30% share by 2027 owing to the higher consumer incomes and rising population in India and China.

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Premium Report Details

  • Base Year: 2020
  • Companies covered: 18
  • Tables & Figures: 259
  • Countries covered: 20
  • Pages: 239

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