At a compound annual growth rate of 6%, the size of the worldwide Geofoams market is projected to reach US$ 1,285 million in 2030.
.jpg "The Global Geofoams Market 2020-2030 (USD Million)")
Increased product demand for a variety of applications, such as soft ground construction, void filling, slope stabilisation, and others, is expected to drive market expansion. The product aids in providing earthquake shock, noise, and vibration protection. This encourages widespread use in the building and infrastructure industries. It's also increasingly being utilised to avoid ground freezing and heaving beneath refrigerated storage facilities, sports stadiums, and storage tanks.
Rising maintenance activities of existing infrastructure are expected to drive demand for geofoams, propelling the market forward. Furthermore, the product is increasingly being utilised in rail embankments, which is expected to boost growth. Lightweight, better strength, simplicity of handling, and inexpensive building costs are all anticipated to drive geofoam usage in the construction sector. Furthermore, the product may be modified into a variety of forms and sizes, boosting demand and driving market expansion throughout the projection period. Geofoams, on the other hand, are particularly vulnerable to UV deterioration when exposed to UV light over an extended period of time. When the product comes into touch with petroleum, it transforms into a glue-like material. These limitations are expected to hinder product acceptance over a wide range of structures, limiting market development.
Geofoams Market Scope
| Metrics | Details |
| Base Year | 2023 |
| Historic Data | 2018-2022 |
| Forecast Period | 2024-2030 |
| Study Period | 2018-2030 |
| Forecast Unit | Value (USD) |
| Revenue forecast in 2030 | US$ 1,285 million |
| Growth Rate | CAGR of 6% during 2020-2030 |
| Segment Covered | Type, Application, Regions |
| Regions Covered | North America, Europe, Asia Pacific, South America, Middle East and Africa |
| Key Players Profiled | Insulfoam,Insulation Company of America, LLC,Jablite,ThermaFoam, LLC |
Key Segments of the Global Geofoams Market
Application Overview (USD Million)
- Road & Highway Construction
- Building & Infrastructure
- Airport Runways & Taxiways
Type Overview, (USD Million)
- Expanded Polystyrene
- Extruded Polystyrene
Regional Overview, (USD Million)
North America
- U.S.
- Canada
- Mexico
Europe
- UK
- Germany
- Denmark
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- Rest of Asia-Pacific
Middle East and Africa
- GCC
- South Africa
- Rest of Middle East and Africa
South America
- Brazil
- Mexico
- Rest of South America
Reasons for the study
- The purpose of the study is to give an exhaustive outlook of the global geofoams market. Benchmark yourself against the rest of the market.
- Ensure you remain competitive as innovations by existing key players to boost the market.
What does the report include?
- The study on the global geofoams market includes qualitative factors such as drivers, restraints, and opportunities
- The study covers the competitive landscape of existing/prospective players in the geofoams industry and their strategic initiatives for product development.
- The study covers a qualitative and quantitative analysis of the market segmented based on type, application, and end user. Moreover, the study provides similar information for the key geographies.
- Actual market sizes and forecasts have been provided for all the above-mentioned segments.
Who should buy this report?
- This study is suitable for industry participants and stakeholders in the global geofoams market. The report will benefit Every stakeholder involved in the geofoams market.
- Managers within the geofoams industry looking to publish recent and forecasted statistics about the global geofoams market.
- Government organizations, regulatory authorities, policymakers, and organizations looking for investments in trends of the global geofoams market.
- Analysts, researchers, educators, strategy managers, and government institutions looking for insights into the market to determine future strategies.
Frequently Asked Questions (FAQ) :
The global market size for geofoam is projected to reach US$ 1,285 million by 2030.
Geofoam market applications include - Road & Highway Construction, Building & Infrastructure, Airport Runways & Taxiways.
Asia Pacific is one of the major geofoam markets in the world.
Geofoams are a popular alternative to traditional fill materials because they provide good physical characteristics at a cheap cost, allowing engineers to complete projects on time and on budget. Geofoams may be placed by hand using simple hand tools, reducing the amount of manpower required for construction and thereby lowering the investment and operational costs. These are some of the characteristics of geofoams that make them a better choice for land stabilisation than conventional materials.
Although the use of geofoams saves money and time in building projects, flammability and sensitivity to chemical changes are the main problems preventing geofoams from becoming widely accepted on a worldwide scale. If left alone, untreated geofoams are prone to catch fire. If open flame activities, such as welding and cutting, are done at a project site, appropriate safeguards must be taken. Furthermore, geofoams are vulnerable to chemical alterations. When geofoams come into contact with petroleum solvents, their characteristics alter and a glue-like material forms. Their capacity to support high weights is impaired as a result of this. Apart from UV light, buoyancy, and insect infestation, geofoams are also negatively impacted by UV light, which may cause deterioration and eventually lead to the collapse of buildings if exposed for an extended period of time.
Type Segment
In 2020, the extruded polystyrene geofoam product accounted for more than 60% of revenue. The product offers buildings with insulation and protection. Over the projected period, the growing usage of extruded polystyrene geofoam in building insulation is expected to drive segment development. The product is made from recycled materials and comes in a variety of shapes, including sheets and blocks. Furthermore, it has greater insulation performance characteristics than extruded polystyrene geofoams, which is expected to encourage its use in places such as walls, basements, and attics.
Application Segment
In 2020, the roads and highway construction application segment had a revenue share of above 35%. Increasing infrastructure development and growing need for road connections around the globe are expected to support segment expansion, resulting in segment growth. The product's strong compressive resistance encourages its use as a bridge abutment. Furthermore, it provides roadway support without overstressing the underlying soils. Furthermore, geofoams can be utilised to sustain bridges by transferring traffic loads to the underlying soil's foundation. The product's aforementioned benefit is expected to boost growth.
In 2020, the Asia Pacific market had the largest market share. The construction sector is expected to be fueled by factors such as rising population and growing urbanisation across the area. The market for geofoams is expected to increase as a result of its outstanding features and inexpensive cost. The expanding number of manufacturing businesses in the region is expected to boost demand for geofoams by increasing need for road connection, road expansion, and ongoing construction activities. Furthermore, growing government measures to enhance the region's infrastructure are anticipated to boost demand for geofoams, resulting in regional development.
.png "Asia Pacific Geofoams Market 2019-2028 (USD Million)")
The major players of the global geofoams market are Amvic Building Systems, Foam Products Corporation, ACH Foam Technologies, LLC, Jablite, Thermafoam LLC, Expol Ltd., Airfoam Industries Ltd., Foamex, Technopol, and Geofoam International LLC. The major players are investing more in the development of new geofoams with better characteristics and efficiency. Furthermore, manufacturers are cooperating with research institutions to create products with enhanced characteristics, giving them a competitive edge over their competitors.