“The geofoams market is projected to grow at a CAGR of 6.3% from 2019 to 2024, in terms of value.”
The geofoams market is projected to grow from USD 786 million in 2019 to USD 1,069 million by 2024, at a CAGR of 6.3% from 2019 to 2024. The rising demand from varying sectors such as road construction, road widening, in bridges, as buried structures, embankments, and others have led to the extensive use of geofoams in the geofoams market. The factors such as flammability and intolerance to petroleum solvents are the major restraints into the widespread acceptance of geofoams at a global level.
“The road & highway construction segment is projected to lead the geofoams market in terms of both value and volume during the forecast period.”
Based on application, the road & highway construction segment led the geofoams market in 2019 in terms of both value and volume. The growth of this segment can be attributed to incessant infrastructural growth in emerging economies, such as China, India, Brazil, Saudi Arabia, UAE, and Mexico, which is driving the growth of the road & highway construction segment. Furthermore, factors such as better road connectivity in the regions such as Asia Pacific, Europe, and Middle East are resulting in the hike in demand for road & highway construction segment and thus propelling the demand for geofoams as well.
“The expanded polystyrene (EPS) geofoam type segment is projected to lead the geofoams market in terms of both value and volume from 2019 to 2024.”
Based on type, the expanded polystyrene (EPS) geofoam segment accounted for the largest share of the geofoams market in 2018. The expanded polystyrene (EPS) geofoam segment is projected to lead the market in terms of both value and volume during the forecast period. The expanded polystyrene (EPS) geofoams are compatible with a multitude of geofoam construction applications such as roads, foundations, highways, and others in road & highway construction industry. The growth in this market is mainly attributed to extensive usage of increasing use of expanded polystyrene (EPS) geofoam in infrastructural applications such as roads, highways, railways, foundations, and others.
“Asia Pacific is projected to lead the geofoams market during the forecast period, in terms of both value and volume.”
The Asia Pacific region is projected to lead the geofoams market from 2019 to 2024, in terms of both value and volume. The demand for geofoams is increasing in Asia Pacific owing to growth in road & highway construction in the region. Also, the rising economies such as China and India in the region is expected to fuel the demand for new road pavements and consecutively for the geofoams in the region. The market in this region is also projected to continue its market dominance in terms of both value and volume, from 2019 to 2024, owing to the increased demand for geofoams from countries such as China, Japan, South Korea, and India.
Profile break-up of primary participants for the report:
- By Company Type: Tier 1 – 45%, Tier 2 – 30%, and Tier 3 – 25%
- By Designation: CXO – 55%, Directors – 20% and Others – 25%
- By Region: North America – 35%, Europe – 20%, Asia Pacific – 15%, Middle East & Africa – 25%, and South America – 5%
Furthermore, as a part of the qualitative analysis of the geofoams market, the research provides a comprehensive review of drivers, restraints, opportunities, and challenges influencing the growth of the market across the globe. It also discusses competitive strategies adopted by the leading market players such as Carlisle Construction Materials (CCM) (US), Amvic Building Systems (Canada), ACH Foam Technologies, LLC (US), Jablite (UK), Expol Ltd. (New Zealand), Foam Products Corporation (US), Harbor Foam (US), Airfoam Industries Ltd. (Canada), Pacific Allied Products Ltd. (US), Thermafoam LLC (US), Groupe Legerlite Inc. (Canada), and Insulation Corporation of America (US) are some of the leading players operating in the geofoams market.
The report defines, segments, and projects the size of the geofoams market based on type, application, and region. It strategically profiles the key players and comprehensively analyzes their market share and core competencies. It also tracks and analyzes competitive developments such as expansions, acquisitions, new product launches, and investments undertaken by them in the market.
Reasons To Buy the Report:
The report is expected to help the market leaders/new entrants in the market by providing them the closest approximations of revenue numbers of the geofoams market and its segments. This report is also expected to help stakeholders obtain an improved understanding of the competitive landscape of the market, gain insights to improve the position of their businesses, and make suitable go-to-market strategies. It also enables stakeholders to understand the pulse of the market and provide them information on key market drivers, restraints, challenges, and opportunities.