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Geofoam Market Size By Product (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, 2023 - 2032

  • Report ID: GMI4413
  • Published Date: Nov 2022
  • Report Format: PDF

Industry Overview

Geofoam Market size was recorded at USD 900 million in revenue in 2022. Driven by a positive approach towards renewable construction projects, the industry is expected to grow at more than 7% CAGR from 2023 to 2032.
 

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Increasing infrastructural expenditure around the world is poised to offer several opportunities for product penetration. Geofoam is widely used in the construction of buildings and roadways, wherein it helps construction companies cut costs and provide thermal insulation.
 

Meanwhile, Europe’s construction industry is reviving from an economic slowdown and in some parts of the region, the sector is driving the regional economy. This revival of the economy is also accelerating product adoption in the domestic building & construction sector. For instance, in July 2022, the NextGenerationEU initiative is projected to aid Europe in recovering from the pandemic and working towards its Green Deal target to achieve carbon neutrality by 2050.
 

High prices of geofoam to restrain industry progression

High prices of geofoam are likely to hamper the market growth in price-sensitive industries. The cost of geofoam can be three or four times more than traditional soil fills, which has restricted product uptake in industries that have different alternatives and price ranges available. Nonetheless, various acquisition opportunities are slated to aid industry participants in expanding their product portfolio and reaching a wide customer base, overcoming this restraint.
 

Widespread availability to help EPS geofoam gain traction

  

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In terms of product, the geofoam market is categorized into EPS geofoam and XPS geofoam beet. The high availability of expanded polystyrene geofoam is foreseen to drive its demand in various end-use industries in the coming years. Driven by its properties, such as good thermal insulation, stiffness, lightweightness, and compression strength, the EPS geofoam segment is projected to be worth more than USD 1.4 billion by 2032.
 

Ability to cut cost & time to boost road & railways end-use segment statistics

  

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With respect to end use, the industry is divided into road & railways, building & construction, and others. The geofoam market share from the road & railways segment is likely to showcase around 7.5% CAGR over the next 10 years. Geofoam is beneficial in overcoming issues associated with building on poor soil, wetlands, or existing utilities while cutting the construction cost and time, which is augmenting the utilization of geofoam in the road & railway segment.
 

Prevalent usage for void filling in buildings & roadways to define the industry landscape

In terms of applications, the geofoam market is segregated into embankments, insulation, slope stabilization, void fill, retaining structures, and others. The void fill segment is set to reach a valuation of USD 1 billion by 2032. The segment growth can be attributed to the extensive utilization of geofoam as a lightweight void-fill material for bridge abutments, theater seating, road widening, and under flooring.
 

Growing population to help Asia Pacific emerge as a prominent revenue pocket

  

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Asia Pacific geofoam market is projected to depict a 7.5% CAGR between 2023 and 2032. The regional growth is backed by the expanding population, coupled with the increasing disposable income in the APAC region. These factors have bolstered investments in infrastructure projects in the region, boosting product penetration in various sectors such as transportation, energy, social, and so on.
 

Strategic acquisitions and mergers to propel the geofoam industry outlook

Atlas Roofing Corporation, Carlisle Construction Materials LLC, Cellofoam North America Inc., Jebsen & Jessen Packaging, Poliestireno Alfa-Gamma S.A., Drew Foam Companies Inc., DuPont de Nemours, Amvic Inc., Airfoam Industries Ltd, National Polystyrene Packaging Factory L.L.C, Beaver Plastics Ltd, Pacific Allied Products Ltd, Unipod Pty Ltd, ThermaFoam LLC, Benchmark Foam Inc, PFB Manufacturing, LLC, E-Pack Polymers Private Limited, and Branch River Plastics Inc. are some of the key geofoam market players.
 

Impact of COVID-19 on the geofoam market statistics

The COVID-19 outbreak had a negative impact on the construction industry, which impacted the geofoam demand. As a result of the slowdown in industrial operations, shortage of labor, limited access to construction tools & equipment, and stringent lockdown, the geofoam market witnessed a decline in sales. However, in the post-pandemic scenario, government emphasis on enhancing infrastructural development and establishing eco-friendly & renewable practices is set to offer huge opportunities for industry progress.
 

The geofoam market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in tons and revenue in USD thousand from 2018 to 2032 for the following segments:

By Product

  • EPS Geofoam
  • XPS Geofoam Beet

By Application

  • Void Fill
  • Slope Stabilization
  • Embankments
  • Retaining Structures
  • Insulation
  • Others

By End-user

  • Road & Railways
  • Building & Construction
  • Others

By Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Spain
    • Italy
    • Russia
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • Malaysia
    • South Korea
  • Latin America
    • Brazil
    • Mexico
    • Argentina
  • Middle East & Africa
    • South Africa
    • Saudi Arabia
    • UAE

 

Authors: Kiran Pulidindi, Hiralkumar Patel

Frequently Asked Questions (FAQ) :

Global Geofoam Industry was valued at USD 900 million in 2022 and is set to progress at over 7% CAGR over the next 10 years owing to a positive approach towards renewable construction projects and increasing infrastructural expenditure around the world.
The void fill application segment is set to reach a valuation of USD 1 billion by 2032 on account of high product utilization as a void-fill material for bridge abutments, theater seating, road widening, and under flooring.
The EPS geofoam segment is projected to be valued at more than USD 1.4 billion by 2032 as a result of its properties, such as good thermal insulation, lightweightness, stiffness, compression, and more.
Asia Pacific geofoam industry is projected to depict a 7.5% CAGR between 2023 and 2032 as a result of the expanding population, coupled with the increasing disposable income in the region.

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Premium Report Details

  • Base Year: 2022
  • Companies covered: 10
  • Tables & Figures: 481
  • Countries covered: 22
  • Pages: 240
  • Upcoming Report: Details can be customized to meet your information and data needs. Feel free to share your detailed research requirements via this form.

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