Expanding Applications of Geofoam Propel Market Growth and Efficiency in Construction| MarketsandMarkets™
Geofoam is a lightweight, engineered foam material made from expanded polystyrene (EPS). It is commonly used in civil engineering and construction projects, as it has superior insulation properties, is lightweight, and is an economical option for many applications. Geofoam is used in a variety of applications, including fill material in road embankments, foundation support, and slope stabilization. It can also be used in landscaping projects, such as in retaining walls, or in green roofs. The demand for geofoam is increasing as it provides a cost-effective solution for many construction and engineering projects.
According to a new report by MarketsandMarkets™, the global geofoam market is estimated at USD 755 million in 2021 and is projected to reach USD 1,037 million by 2026, at a CAGR of 6.5% between 2021 and 2026. This is attributed to the growing demand for geofoam in construction projects, such as the construction of roads, bridges, and buildings. Additionally, the rising demand for green construction and energy-efficient buildings, as well as the growing awareness of geofoam’s superior technical and economic benefits, is expected to drive market growth.
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By type, extruded polystyrene is expected to be the fastest-growing segment during the forecast period
Extruded polystyrene (XPS) is a type of rigid foam insulation that is widely used in building and construction applications due to its high insulation values, low thermal conductivity, and resistance to moisture. This type of foam also has an excellent strength-to-weight ratio, which makes it ideal for use in geofoam applications. In addition, XPS is easy to cut and shape, and is suitable for use in a variety of applications including ground stabilization, slope protection, and pavement insulation. The increasing use of XPS in geofoam applications is expected to drive the growth of the geofoam market during the forecast period.
The structure foundation segment revenue is expected to account for a large revenue share
During the forecast period, the structure foundation segment is expected to account for a significant revenue share in the geofoam market. Geofoam is used in a variety of structures, including road embankments, bridge abutments, retaining walls, and others. It is used in these structures to provide support, reduce settlement, and reduce structure weight. The increasing use of geofoam in these structures is expected to drive the structure foundation segment's market growth during the forecast period.
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By end-use, road & highway construction segment is expected to be the fastest-growing market during the forecast period
Geofoam is a lightweight material used in road and highway construction as a soil replacement and to provide insulation against extreme temperature variations. It is used to provide a stable foundation to roads and highways and also to reduce the load on the soil. Geofoam is also used to control the settlement of the road surface and reduce the risk of erosion. The increasing demand for road construction activities across the world is fueling the growth of the geofoam market. Additionally, the growing demand for lightweight materials in road construction activities is likely to further boost the growth of the geofoam market.
Asia Pacific was the largest region in the geofoams market, in terms of volume
The Asia Pacific region was the largest region in the geofoams market in 2020, in terms of volume. It was followed by North America and Europe. The Asia Pacific region is expected to continue to dominate the geofoams market over the forecast period due to the increased demand for geofoams in infrastructure and construction projects in the region. The growing population and rising disposable incomes in the region have also fueled the demand for geofoams.
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The key market players include Carlisle (US), Amvic Building Systems (Canada), Atlas Roofing Corporation (US), Insulation Company of America (US), Foam Products Corporation (US), Jablite (UK), ThermaFoam, LLC (US), Expol (New Zealand), Pacific Allied Products, Ltd. (US), Airfoam (Canada), Harbor Foam (US), Groupe Legerlite Inc. (Canada), Drew Foam (US), and Plasti-Fab Ltd. (Canada). These players have adopted product launches, acquisitions, expansions, partnerships as their growth strategies.
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