Geofoams Market is forecast to reach $1,141.69 million by 2025, after growing at a CAGR of 6.8% during 2020-2025. The geofoams are used as substitute filler materials for a number of building projects. Moreover, these geofoams also find application as compensating foundations. Innovations in the field of geofoams for the production of low-cost and reliable geofoam products as well as the maintenance of existing infrastructure in developing countries are expected to increase and diversify the demand for geofoams.
Geofoams Market Segment Analysis - By Type
Expanded Polystyrene Geofoam (EPS) held the largest share in the geofoams market in 2019. EPS (Expanded Polystyrene) is gaining popularity as a generally appropriate and cost-effective building insulation material. It is widely used for structural filling materials, elevated slab applications, road building and much more. These geofoams are highly lightweight and can withstand harsh environments. The two main properties that make EPS geofoam so attractive in design and construction are its low density for stress and deformation-related construction problems and its thermal insulation properties that help to fight frost-related problems. EPS geofoam can be generated with higher densities in order to obtain higher R-values desired for insulation purposes, as well as to achieve lower deformation. EPS geofoam was used in road and air pavements and railway track networks, under refrigerated storage buildings, sports arenas and storage tanks to avoid the freezing and heating of the ground, and in underground building segments to eliminate seasonal heating and cooling requirements.
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Geofoams Market Segment Analysis - By End Use
Infrastructure has been the primary market for geofoams in 2019 growing at a CAGR of 7.3%. Increasing infrastructural growth and increasing demand for road connectivity across the globe are expected to encourage segment expansion, thereby driving segment growth. The high compressive resistance of the product encourages its use in the bridge abutment. In addition, it provides assistance to highways without overstressing the underlying soils. In addition, geofoams may be used to support bridges as they move traffic loads to the base of the underlying soil. The above benefit of the product is estimated to benefit development. Furthermore, rising demand for construction and infrastructure across economies, including China, India, Brazil, Mexico, and others, is projected to encourage the use of geofoams to fill voids, stabilize slopes, and prevent seasoning heat and cooling for buildings. It is expected to help the adoption of geofoams in building and infrastructural building over the forecast period.
Geofoams Market Segment Analysis - Geography
APAC dominated the geofoams market with a share of more than 42%, followed by North America and Europe. Asia Pacific is expected to account for a large share of the overall demand for geofoams due to an increase in road and rail infrastructure in the area. There is a tremendous need for increased infrastructure investment in many Asian countries, and potential population development, economic growth and climate change would contribute to increased demand for infrastructure. In addition to growing investment in infrastructure, policy makers would need to work to ensure the quality of these investments. Quality infrastructure is planned and implemented with a view to the life-cycle perspective, job growth, social and environmental effects, alignment with wider development objectives and the mobilization of capital. Quality infrastructure creates positive externalities that support economic growth and well-being. In APAC, the infrastructure development and companies have been exposed to coronavirus pandemic which have severely impacted the business and development in the region. Recent vulnerabilities in real estate and infrastructure markets, as well as rising unemployment, have taken their toll on this region of the world that has seen substantial economic expansion in recent years.
Geofoams Market Drivers
Wide application of Geofoams will drive the market
Globally, the market for geofoams has seen a robust rise in demand from a variety of applications over the last few years, and a similar pattern is expected to be followed in the coming years. The main reason behind the above-average increase in demand for geofoams is the growing acceptance of materials across a wide range of applications. Due to the global growth in urban population, the construction industry continues to thrive at a rapid rate, which has further helped fuel the market for geofoams in a variety of construction applications.
Low production cost of Geofoam will drive the market
In general, geofoams do not need any kind of mechanical fastening that helps to minimize overall construction costs. Generally, the average cost of manufacturing geofoams is much smaller than that of any of the other building materials. The ability of geofoams to exhibit resistance unaffected by weathering makes them the material of choice for a variety of challenging applications.
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Geofoams Market Challenges
Untreated Geofoams can restrict the market growth
Untreated geofoams pose a risk of fire and can lead to injury. Geofoams are vulnerable to such petroleum solvents. When these geofoams come into contact with such solvents, they are temporarily converted into aqueous glue-like material that degrades their load-bearing capacities.
Market Landscape
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Geofoams market. In 2019 the Geofoams market has been consolidated by the top five players accounting for xx% of the share. Major players in the Geofoams market rare ACH Foam Technologies, LLC, Carlisle Construction Materials, Expol Ltd., Geofoam International LLC, , and Others.
Acquisitions/Technology Launches/ Product Launches
In February 2017, ACH Foam Technologies, LLC, launched a new product Foam-Control Geofoam. It is a cellular plastic material which has a compressive resistance up to 18.6 psi at 1 percent deformation, which makes it an ideal in-fill solution for roadway improvements with settlement issues.
Key Takeaways
Asia-Pacific dominates the Geofoams market owing to increased demand for road connectivity, road expansion, ongoing construction activities due to a growing number of manufacturing firms in the area is projected to benefit demand for geofoams.
In addition, increasing government measures to develop the infrastructure of the region are likely to fuel demand for geofoams.
Moreover, the ongoing M&A activities among suppliers would further cater to the growth in Global Geofoams Market.
Surging R&D activities are some of the opportunities which are expected to fuel the market.
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