Market Definition
Geofoams are lightweight blocks of Expanded Polystyrene (EPS) or Extruded Polystyrene (XPS), and are available in diverse sizes and forms, having a core purpose to fill voids, especially in areas like beneath highways, bridge approaches, dams, & parking lots, among others. It is a structural backfill and a lightweight foam plastic with low unit EPS geofoam density, making it a much lighter alternative to soil. These materials are also known for increasing building speed, building inclement weather, vertically facing right-of-way situations, reducing the need for large earthmoving machinery, and providing overall project savings, among others.
Market Insights
The Global Geofoam Market is expected to grow at a CAGR of around 6.8% during the forecast period, i.e., 2023-28. The growth of the market is projected to be propelled mainly by the increasing focus of the governments of different countries on developing their infrastructure, particularly to bringing the approach toward renewable construction projects, demonstrating high expenditure. It, in turn, is hinting toward lucrative opportunities for the industry participants to widen their product offerings in order to cater to the burgeoning demands for geofoams in construction activities.
| Report Coverage | Details |
|---|---|
| Study Period | Historical Data: 2018-21 |
| Base Year: 2022 | |
| Forecast Period: 2023-28 | |
| CAGR (2023-2028) | 6.8% |
| Regions Covered | North America: US, Canada, Mexico |
| Europe: Germany, The UK, France, Spain, Italy, Rest of Europe | |
| Asia-Pacific: China, India, Japan, South Korea, Rest of Asia-Pacific | |
| South America: Brazil, Argentina, Rest of South America | |
| Middle East & Africa: UAE, Saudi Arabia, South Africa, Rest of MEA | |
| Key Companies Profiled | 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, Others |
| Unit Denominations | USD Million/Billion |
Since these materials are used substantially in the construction of buildings & roadways and help companies cut costs & provide thermal insulation, their demand is soaring swiftly throughout the world. Besides, growing awareness among contractors about the perks of these materials, like their lightweight, superior strength, & ease of handling, among others, are also augmenting the demand for geofoams across regions.
In addition, these materials also offer customization into different shapes & size like sheets and blocks, which further widens its application & driving the requirement. In fact, their higher insulation performance and high resistance to damage are also promoting their adoption for walls, basements, & attics, thereby stimulating the overall expansion of the geofoam market globally.
Recent Developments in the Global Geofoam Market
Market Segmentation
Based on Product Type:
Between the two, Extruded Polystrene Geofoam dominated the Global Geofoam Market with the largest share and is anticipated to prevail in the same trend during the forecast period. This dominance attributes to the capabilities of the product to offer excellent insulation & protection to structures.
Additionally, backed by these properties, these materials find extensive application in building insulation purposes. It, in turn, is projected to drive the demand for extruded polystyrene and cater to the overall market growth during the forecast period.
Besides, Extruded Polystrene is produced using recycled materials & is a flexible material that can shape into diverse forms like sheets & blocks. In fact, it also offers higher insulation performance than its counterparts, which further demonstrates the higher popularity of these materials, particularly in areas like walls, basements, & attics, among others.
Based on End-Use:
Here, Building & Infrastructural Construction is anticipated to make a substantial contribution to the overall growth of the geofoam market and generate lucrative opportunities for the leading players during the forecast period. It owes to the rapidly elevating number of building and infrastructural construction activities throughout the world and is particularly observed high across economies like China, India, Brazil, and Mexico, among others, thereby promoting the use of geofoams.
These materials are largely used to fill voids, slope stabilization, & avoid seasoning heating & cooling for buildings, among others. On the back of such aspects, the adoption of geofoams in building & infrastructural activities is set to rise swiftly over the forecast period.
Besides, the demand for geofoam is also promulgating rapidly in the tiered seating for movie theaters, auditoriums, churches, & gymnasiums. Backed by factors like the lightweight and compressive resistance of the product promote its application across various construction and renovation projects. Nonetheless, its minimal vibrations & sound are an added perk that is also contributing to boosting its demand in diverse building & infrastructural activities globally & driving the overall market growth.
Regional Projection
Geographically, the Global Geofoam Market expands across:
Of all countries globally, Asia-Pacific is anticipated to dominate the Geofoam Market with the largest share during 2023-28. This dominance majorly attributes to the massive construction sectors across different countries and the region and the presence of numerous ongoing and upcoming projects, especially across countries like China & India, among others. Such parameters are opening opportunities to expand the utilization of materials like geofoam for applications like structure foundations, embankments, slope stabilization, insulation, retaining structures, and others like void-filling, theatre & stadium seating, impact protection, etc.
Besides, backed by the exponentially booming population across the region, the governments of different countries are taking swift steps and introducing projects for residential habitation, including smart city development, to bring sustainability, while habituating people. This is another prominent aspect augmenting the demand for geofoams and instigating the leading players to increase their production & distribution capacities, alongside addressing concerns like high production cost and curating the fundamentals underlying the market dynamics in Asia-Pacific through 2028.
Market Dynamics:
Possible Growth Restraint: High Cost Associated with the Development & utilization of Geofoams
While the approach toward sustainable alternatives in the construction industry is escalating rapidly, the high cost associated with these materials might strike the growth pace of the Global geofoam Market during 2023-28, especially across price-sensitive industries. The cost of geofoams is approximately three to four times more than their conventional substitutes like soil fills, which refrains contractors from investing in such materials, especially when different alternatives & price ranges are available easily, thereby hampering the market expansion globally.
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Frequently Asked Questions
A. The Geofoam Market is projected to grow at a CAGR of around 6.8% during 2023-28.
A. The burgeoning government focus on infrastructural developments, especially on renewable construction projects, i.e., demonstrating massive investments in the building & construction sector worldwide, is the prime aspect projected to drive the Geofoam Market during 2023-28.
A. Atlas Roofing Corporation, Pacific Allied Products Ltd., Beaver Plastics Ltd., National Polystyrene Packaging Factory LLC, 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., and Jablite are the key companies participating in the Geofoam Market.
A. Building & infrastructure construction would provide profitable opportunities to the Geofoam Market during 2023-28.
A. Globally, Asia-Pacific would generate remunerative prospects for the Geofoam Market during 2023-28.
