The global geofoams market size is expected to reach USD 972.6 million by 2027, expanding at a CAGR of 2.7%, according to a new report by Grand View Research, Inc. Factors such as availability of geofoams at low cost coupled with its superior strength and durability are projected to fuel the market growth. Expansion of the construction industry across the globe coupled with the infrastructural developments in economies such as India, China, Brazil, Mexico, Saudi Arabia, and others is expected to propel the demand for geofoams over the forecast period. In addition, maintenance of the existing infrastructure in developed nations is likely to drive the growth of the market.
Geofoams Market Report Highlights
- The expanded polystyrene geofoams segment accounted for USD 508.2 million in 2019 and is projected to expand at a CAGR of 3.1% from 2020 to 2027. The compatibility of the product has resulted in its increasing adoption for applications including roads and highway construction, building and infrastructure, and others
- The road and highway construction application segment accounted for 38.07% of the total market and is projected to expand at a CAGR of 3.4% from 2020 to 2027 on account of the rising infrastructural growth across the developing economies including China, India, Brazil, UAE, Saudi Arabia, and others
- Asia-Pacific accounted for USD 278.5 million in 2019 and is estimated to expand at a CAGR of 3.2% from 2020 to 2027 owing to the rising demand for road pavement, which is anticipated to further benefit the growth
- China accounted for the highest market share in Asia Pacific on account of the rapidly expanding construction industry in the country
- Europe market is estimated to expand at a CAGR of 2.8% owing to the rising number of construction and infrastructural activities in economies including Spain, Italy, and others
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Geofoams are increasingly used in the construction industry as it helps in suppressing the noise and vibrations. In addition, it is easy to handle and does not require any special equipment for installation. The product is increasingly used in the railway track systems, below the refrigerated storage buildings, storage tanks, and others to avoid ground freezing.
The geofoams undergo chemical changes when it comes in contact with petroleum solvents. It turns into a glue-type substance, thereby losing its strength. This factor is projected to limit the use of geofoams in the construction industry which is projected to restrict the industry growth over the forecast period.
Application Segment Analysis
The product is increasingly used in tiered seating for movie theaters, auditoriums, churches, and gymnasiums. Factors such as lightweight and compressive resistance of the product promote its application across various construction and renovation projects. Increasing infrastructural growth and rising demand for road connectivity across the globe is anticipated to promote the expansion of the roads and highway construction application segment thereby driving the segment growth. It offers support to the highways without over-stressing the underlying soils. They can be used to support bridges as it transfers the traffic load to the foundation of the underlying soil.
Product Type Segment Analysis
The extruded polystyrene geofoam provides insulation and protection to the structures. Growing use of extruded polystyrene geofoam in building insulation is anticipated to promote the segment growth. it offers higher insulation performance factors as compared to extruded polystyrene geofoams which is anticipated to promote its adoption across areas like walls, basements, and attics. Extruded polystyrene geofoams are increasingly used for roofing systems and below-grade waterproofing that require insulation to be placed over a roof membrane. It is manufactured using recycled materials, which is projected to reduce its cost, thereby driving segmental growth.
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Regional Analysis
Asia Pacific market is projected to expand at a CAGR. Factors such as increasing population, rapid urbanization across the region are estimated to fuel the construction industry. In addition, rising government initiatives in order to improve the infrastructure of the region is likely to promote the demand for geofoams. Increasing use of geofoams in rail and roadways in the European region as a low-cost construction material is projected to fuel the industry growth. The increasing number of residential and commercial construction activities in Central and South America is likely to boost the market growth.
Major Companies in the Geofoams Market
- Carlisle Construction Materials
- ACH Foam Technologies, LLC
- Expol Ltd.
- Geofoam International LLC
- Jablite
- Amvic Building Systems
- Universal Foam Products
- Benchmark Foam Inc.
- Foamex
- Galaxy Polystyrene
- Technopol
- Polyfoam Xps
- Mega Packing Corporation
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Segmented the global geofoams market on the basis of type, application, and region.
Table of Contents
Fig. 1 Geofoams market - Market segmentation
Fig. 2 Information procurement
Fig. 3 Primary research pattern
Fig. 4 Primary research process
Fig. 5 Primary research approaches
Fig. 6 Global geofoams market - Penetration & growth prospect mapping (USD Million)
Fig. 7 Geofoams market -Value chain analysis
Fig. 8 PORTER'S Analysis
Fig. 9 PESTEL Analysis
Fig. 10 Geofoams Market - Type Movement Analysis, 2019 & 2027
Fig. 11 Geofoams Market - Application Movement Analysis, 2019 & 2027
Fig. 12 Geofoams Market - Regional Movement Analysis, 2019 & 2027
The Polystyrene (PS) and Expanded Polystyrene (EPS) report includes specific segments by region (country), by manufacturers, by Type and by Application.
Each type provides information about the production during the forecast period of 2016 to 2027. by Application segment also provides consumption during the forecast period of 2016 to 2027.
Understanding the segments helps in identifying the importance of different factors that aid the market growth.
Download FREE Sample of this Report @ https://www.24chemicalresearch.com/download-sample/71128/global-polystyrene-exped-polystyrene-2021-427Polystyrene (PS) and Expanded Polystyrene (EPS) Segment by Type: PolystyreneExpanded Polystyrene (EPS)Polystyrene (PS) and Expanded Polystyrene (EPS) Segment by Application: Building and ConstructionElectrical and ElectronicsPackagingOthersPolystyrene (PS) and Expanded Polystyrene (EPS) By Company: ACH Foam TechnologiesFlint Hills ResourcesStyroChemNOVA ChemicalsAlpekB.
de C.V.Sunpor KunststoffSynbra Holding bvTotalBrodr.
SundeTrinseoDowDuPontKumho PetrochemicalSABICKaneka CorporationPolystyrene (PS) and Expanded Polystyrene (EPS) Production by Region: North AmericaEuropeChinaJapanPolystyrene (PS) and Expanded Polystyrene (EPS) Consumption by Region: North AmericaU.S.CanadaEuropeGermanyFranceU.K.ItalyRussiaAsia-PacificChinaJapanSouth KoreaIndiaAustraliaTaiwanIndonesiaThailandMalaysiaPhilippinesVietnamLatin AmericaMexicoBrazilArgentinaMiddle East & AfricaTurkeySaudi ArabiaU.A.EGet the Complete Report & TOC @ https://www.24chemicalresearch.com/reports/71128/global-polystyrene-exped-polystyrene-2021-427CONTACT US:North Main Road Koregaon Park, Pune, India - 411001.International: +1(646)-781-7170Asia: +91 9169162030Email: [email protected] Us On linkedin :- https://www.linkedin.com/company/24chemicalresearch/
