The global geofoams market size is likely to attain over USD 1,000 million by the year 2028. Besides, it is likely to project a CAGR of more than 6% during the forecast years 2021-2028.
The market for geofoam is being driven by the large-scale building of infrastructure in emerging nations and the upkeep of existing infrastructure in established countries. When compared to traditional clay embankments, expanded polystyrene has numerous benefits, including quick construction and the use of prefabricated bridge and bridge support components. Such developments are providing chances for the geofoam industry to flourish.
Because geofoams are more commonly used for infrastructure construction in developed nations, civil engineers in these areas are better knowledgeable about geofoams. However, in emerging economies, awareness is limited, and geofoams are not included as a fundamental construction material in construction standards. The problem stems from engineers' lack of awareness. The use of geofoams in the building of roads, highways, bridges, housing, and commercial complexes should be included in civil construction design requirements.
The expanding number of manufacturing businesses in the Asia Pacific area is expected to boost demand for geofoams by increasing need for road connection, road expansion, and continuous construction activities. Furthermore, growing government measures to enhance the region's infrastructure are anticipated to boost demand for geofoams, resulting in regional development. Because of its lightweight, durability, and superior strength, geofoams are expected to see an increase in demand in economies such as Germany, Spain, Italy, and others.
The report also emphasizes several distinctiveness of the global geofoams industry by valuing the market from value chain breakdown. Moreover, the report encompasses numerous qualitative features of the geofoams industry which comprises market restraints, drivers, as well as key industry opportunities. Furthermore, the report offers an inclusive evaluation of the company profiling along with the market rivalry of local and global vendors.
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.
Key Segments of the Global Geofoams Market
Application Overview, 2019-2028 (USD Billion)
- Road & Highway Construction
- Building & Infrastructure
- Airport Runways & Taxiways
Type Overview, 2019-2028 (USD Billion)
- Expanded Polystyrene
- Extruded Polystyrene
Regional Overview, 2019-2028 (USD Billion)
- Rest of Europe
- Rest of Asia-Pacific
Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- Rest of South America