Global Geofoam Market size worth over $1bn by 2026
Published Date: November 11, 2019 Authors: Kiran Pulidindi, Hemant Pandey
Geofoam Market demand is set to exceed USD 1 billion by 2026; according to a new research report by Global Market Insights, Inc.
Geofoam is a rigid expandable polystyrene (EPS) or extruded polystyrene (XPS) manufactured in large blocks or planner boards to be used for geotechnical engineering applications around the world. Product is extensively used as lightweight void filling materials for the construction of highways, roads and bridges. Product’s market demand is likely to witness substantial growth owing to their impressive properties along with rising demand from end use sectors such as building & construction and roads & railways. Shifting economic power from west to east and rising penetration of product in developing nations shall have significant impact on the market growth and likely to among the driving forces for industry.
Rising infrastructure investment in Asia Pacific shall remain a key growth driver
Countries such as India and China are spending heavily on transport infrastructure to increase the trade and boost the economy. For instance, China has spent USD 327.77 billion past year on transport infrastructure projects and spending was up by 1.4 percent from year earlier. This trend is likely to continue in years to come. Same as China, Australia investing heavily in transport infrastructure. For instance, starting from 2019, Australian government is investing USD 100 billion dollars on transport infrastructure. As economy on a growth path and there is surge in immigration in the country hence, Australia is enhancing country’s infrastructure. Similar trend can be witnessed all over Asia Pacific. In order to allow rapid economic growth economies around the world specially in Asia Pacific.
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Geofoam is susceptible to petrochemicals. Petrochemicals can dissolve polystyrene, and this is a series threat in case of oil spill on highway. Additionally, market growth is highly influenced by the raw material prices. This could play major setback in price sensitive markets such as India or other developing economies. However, product can be recycled, and it has long life, due to this characteristic overall impletion cost of products is lower than other materials.
Browse key industry insights spread across 150 pages with 223 market data tables & 25 figures & charts from the report, “Geofoam Market Size By Product Type (EPS Geofoam , XPS Geofoam), By Application (Void Fill, Slope Stabilization, Embankments, Retaining Structures, Insulation), By End Use (Road & Railways, Building & Construction, Others), Industry Analysis Report, Regional Outlook, Application Potential, Price Trend, Competitive Market Share & Forecast, 2019 – 2026” in detail along with the table of contents:
EPS geofoams will witness strong growth
EPS geofoam is the market leader due to its excellent properties. XPS geofoam is witnessing surge in demand as more countries enforcing new regulation regarding thermal insulation. For instance, since 2014 Saudi Arabia tightened thermal insulation regulation and it is now mandatory to install insulation to residential, commercial and government buildings. This trend is likely to enhance product market demand during forecast period.
Road embankments will drive EPS Geofoam market value
Rising investment in road infrastructures around the world and increasing need for high speed highways shall boost the product demand for road embankments. For instance, according to annual highway report, U.S., there is urgent need for repair in highways and U.S. government pouring money to enhance highway quality. This trend can be witnessed in most of developed economies and increased investment on road repairs shall boost the product market demand.
Roadways construction will dominate the industry demand
Roadways and railways construction held the largest market share in 2018 and likely to be remain same during forecasted period. Owing to increased infrastructure spending by Latin American and Asian countries demand for the product is on rise. Roadways & railways held more than 60% market share in 2018. Building and construction sector also witnessing strong growth mainly due to wide range of product application in this sector.
Mexico is Likely to invest billions in new infrastructure projects
Asia Pacific held the largest geofoam market share in 2018. However, as infrastructure spending is on rise in Latin America, the region shall witness rapid growth in terms of revenue in coming years. For instance, to revive the economy, Mexican government is planning to spend billions into the infrastructure projects. Mexico and Brazil has planned new 59 new qualified projects including 14,500 kms of highway, 22 airports and six port terminals. Owing to these investment Latin America is one of the fastest growing market in the world.
Technology is leading new growth path in industry
Integration of new technology into a business in essential for growth. For instance, Amvic Inc partnered with partnered with Tandm Digital Agency to launch New Website and Digital Strategy. The new Amvic marketing strategy is based on the growing needs of the construction and building materials consumer. Key players involved in the market are ACH Foam Technologies, Airfoam Industries Ltd, Cellofaom North America Inc, National Polystyrene Packaging Factory L.C.C, Drew Foam Companies Inc, Carlisle Construction Materials, LLC, Poliestireno Alfa-Gamma S.A., Dupont de Nemours, Amvic Inc, Jablite and Jebsen & Jessen Packaging.