The Global Geofoam Market is projected to grow at a CAGR of 6.8% in the forecast period of 2023-28, cites MarkNtel Advisors in the recent research report. The increasing focus of different governments on developing infrastructures with a renewable construction approach is aiding the market's growth. Besides, geofoam's light weightiness, superior strength, & ease of handling are fueling the demand for the material. On the other hand, the material's flexibility allowing it to be customized into different shapes and sizes like thin sheets and blocks widens its application and drives its requirement, propelling the overall growth of the industry, further states the research report, "Global Geofoam Market Analysis, 2023."
The market is broadly fragmented based on Product Type, Application, and End Use. Further classification of Product Type includes Expanded polystyrene and Extruded polystyrene. Based on Application, the industry is segmented into Structure Foundation, Embankments, Slope Stabilization, Insulation, Retaining Structures, and Others, including Void Filling, Theatre & Stadium Seating, Impact Protection, etc. Finally, on the basis of End Use, the market is distributed amongst Road & Highway Construction, Building & Infrastructure Construction, Airport Runway & Taxiways Construction, and Others, including Railway Embankments, Green roofs, etc.
Expanding Building & Infrastructure Construction to Favourably Foster the Industry
Building & Infrastructure Construction is anticipated to dominate the market in the End-Use segment of the industry during the forecasting period. The rapidly elevating infrastructures and construction activities around the globe are resulting in the promotion of the use of geofoams. Besides, geofoam is the ideal candidate for filling voids, slope stabilization, avoiding seasoning heating & cooling of buildings, further instigating the need for the material, and accelerating the geofoam market. Additionally, factors such as light-weightiness, compressive resistance, easy handling, and flexibility of the material are projected to create endless opportunities for the industry.
Geofoam Comes to Aid to Asia-Pacific’s Booming Construction Industry
The Asia-Pacific region is expected to experience significant growth during the forecasting period. The massive construction sectors across the region, with the presence of numerous upcoming and ongoing projects and the need to provide residential habitat to the booming population, are fueling the adoption of geofoam as a suitable construction material. In addition, its flexible applications like structure foundations, embankments, slope stabilization, insulation, retaining structures, and others like void-filling, theatre & stadium seating, impact protection, etc., push the subsequent rise of the geofoam market.
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including Atlas Roofing Corporation, Pacific Allied Products Ltd., Beaver Plastics Ltd., National Polystyrene Packaging Factory L.L.C, Airfoam Industries Ltd., Amvic, Inc., DuPont de Nemours., Drew Foam Companies, Inc., Poliestireno Alfa-Gamma S.A., Jebsen & Jessen Packaging, Cellofoam North America, Inc., Carlisle Construction Materials, LLC, ACH Foam Technologies, LLC, Harbour Foam Inc, Benchmark Foam Inc., Jablite, and Others are looking forward to strengthening their market position.
Key Questions Answered in the Research Report