A recent report published by Infinium Global Research on the geofoam market provides an in-depth analysis of segments and sub-segments in the global as well as regional geofoam market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional geofoam market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast, and dollar values of the global geofoam market. According to the report, the global geofoam market is projected to grow at a CAGR of 7.0% over the forecast period of 2021-2027.
The global market size for geofoam is estimated at USD 756.0 million in 2021 and is projected to reach USD 1138.9 million by 2027, at a CAGR of 7.0% Geofoam is a multi-functional construction material. It is a go-to material for building different structures, because of its unique physical properties, flexibility, and great value it brings. From roadways, landscaping, and thermal insulation to stadiums and movie theatres, the possibilities are endless when it comes to geofoam. It can be used to easily and effectively widen roadways. It works as a reliable fill that helps reduce construction time and also creates less of an interruption to the existing infrastructure. Additionally, geofoam can reduce noise and vibration under railways and highways. This further makes it driving over a safer more stable environment.
One of the major applications for geofoam is within building construction. The material it is made from is able to withstand pressure, yet is lightweight and easy to manage, making it the perfect material to use for building foundational structures. It is ideal for thermal insulation and can help reduce overall heating and air conditioning costs. It is often used to fill building walls for all types of residential and commercial buildings. Hence, the growing construction activities are driving the growth of the geofoam market. Furthermore, Roadways continue to be the other major application segment for geofoams. The continuously improving road infrastructure and the lightweight material in emerging economies are driving the demand for the global geofoams market. In addition to construction and roadways, geofoams are also used for large industrial pipes and as compressible inclusions in tunnels. There is no real requirement of mechanical fastening when working with geofoams, which leads to various benefits and reduces the overall cost of the construction. Again, geofoams are quite immune to external environmental conditions and can be readily formulated at the construction site. This is fuelling the global geofoams market. As geofoams offer excellent dampening of noise and vibration, their application is now expanding beyond building construction and roadways to bridges, railway tracks, beneath refrigerated storage buildings, and storage tanks that help in preventing ground freezing. With this expanding application, the demand in the global market for geofoams is anticipated to grow during the forecast period. However, high vulnerability to petroleum solvents and limited technical knowledge and expertise about geofoams in emerging economies are likely to affect the growth of the market.
Asia-Pacific region dominated the global market share. Growing infrastructure spending by the governments and robust growth in residential and commercial construction is expected to drive the demand for geofoams in the Asia Pacific. The emerging economies such as China, India, Indonesia, and South Korea, have already planned huge investments into public infrastructure that may create a huge demand for geofoams in the region. In China, there are several airport construction projects, either in the development or planning stage. These include Chengdu Shuangliu International Airport, Guangzhou Baiyun International Airport, and Beijing Capital International Airport, etc. Besides, this government rolled out massive construction plans.
The report on the global geofoam market covers segments such as type, and end-user industry. On the basis of type, the sub-markets include expanded polystyrene. On the basis of end-user industry, the sub-markets include roadways.
The report provides profiles of the companies in the market such as Insulation Corporation of America, AFM Corporation, ACH Foam Technologies, Inc, Jablite, ThermaFoam, LLC, Mega Packaging, GALAXY POLYSTYRENE LLC, Benchmark Foam Inc, and Others.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the geofoam market. Moreover, the study highlights current market trends and provides forecast from 2021-2027. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.