Geofoam Market to reach USD 1.02 billion by 2027
Published Date: July 2, 2021 Authors: Kiran Pulidindi, Hemant Pandey
According to a new research report by Global Market Insights Inc., the Geofoam Market size to reach USD 1.02 billion by 2027. The rising construction expenditure in Latin America and Asia Pacific will foster the global market growth over the projected timeframe. This is mainly attributed to the increasing use of geofoam in the road construction sector.
The developing countries of Asia Pacific will require over USD 26 trillions of investment to maintain their economic growth from 2016 to 2030. The infrastructure sector will be a priority for major nations in Asia Pacific owing to the growth in urbanization and rise in the income of middle-class people. India has planned to finance over USD 20 billion in road infrastructure in the country’s Northeast region from 2018 - 2020. The growing economic growth and rise in construction expenditure by developing economies will propel the geofoam market growth rate over the forecast timeframe.
Although the industry is gaining significant attention from end-users, the challenges associated with high susceptibility to fire & solvents will decline potential growth for the global geofoam industry in the assessment timeframe. When the product comes in contact with petroleum solvent, it instantly changes its form into a glue-type substance. This effect will lead to a catastrophic effect due to the blockage of foam during an accidental spillage of petroleum/solvent on the road. Moreover, untreated geofoams are fire hazardous, which will again hinder the overall market demand over the projected timeframe.
Browse key industry insights spread across 239 pages with 218 market data tables & 42 figures & charts from the report, “Geofoam Market By Product Type (EPS Geofoam, XPS Geofoam), By Application (Void Fill, Slope Stabilization, Embankments, Retaining Structures, Insulation, Others), By End Use (Road & Railways, Building & Construction, Others), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
XPS will expand at a rate of 6.6% over the forecast timeframe owing to its superior insulation power & unmatchable capabilities to withstand freeze-thaw cycles. Major countries are imposing new regulations on thermal insulation on residential & non-residential buildings. For instance, Saudi Arabia has mandated the use of thermal insulation on residential, government, and commercial buildings since 2014, which will augment the segment’s growth over the forecast timeframe.
Growing concerns over slope stabilization issue will accelerate geofoam’s demand
The slope stabilization segment will hold a considerable share of the global geofoam market over the forecast timeframe. Slope stabilization problems occur when the soil cannot sustain loads of surcharge & soil weight, seismic loading, and high groundwater conditions. This further leads to disruptions in economic activities or hazards to property & life. To prevent this effect, construction companies utilize product in civil construction or surface transportation facilities, which also retains the geometry of the structure.
The building & construction segment will accelerate at a significant CAGR in the global geofoam market over the projected timeframe. This is majorly contributed to the rapidly growing construction activities in the Asia Pacific and European countries. The shifting government focus on revamping aging infrastructure in major parts of Europe is estimated to drive the popularity of the global geofoam market.
North America will generate over USD 200 million by 2027. The positive outlook for the construction industry in the U.S. will boost the geofoam market growth over the forecast timeframe. For instance, the Fixing America’s Surface Transportation (FAST) Act and the Highway Trust Fund approved a fund of over USD 300 billion between 2016 and 2020 with a focus on highway safety and structural highway programs.
Major players include in the geofoam industry are ACH Foam Technologies, 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.