The geofoams market is expected to register a CAGR of more than 7.5%, during the forecast period. The major factors driving the growth of the market studied are rising demand for geofoams from roadways, better alternatives to traditional land stabilization materials, and increasing investments in the construction sector, especially in Asia-Pacific and Middle East & Africa. On the flip side, high vulnerability to petroleum solvents, and limited technical knowledge and expertise about geofoams in emerging economies are likely to hamper the growth of the market studied.
- The roadways segment dominated the market. It is likely to grow during the forecast period, with increasing infrastructure investments, especially in regions, like the Asia-Pacific, and the Middle East & Arica.
- An increase in the deployment of EPS bridge support technology in earthquake-prone areas is likely to provide opportunities for the market studied, during the forecast period.
- Asia-Pacific dominated the global market, with robust growth in residential and commercial construction, and growing public infrastructure projects in emerging economies, such as India, Vietnam, and Indonesia.
Key Market Trends
Roadways Segment to Dominate the Market Demand
- Roadways dominate the demand for geofoams. Geofoams are the most integral raw material used in roadways for construction over poor soils, road widening, foundation stabilization, airport runways and taxiways, bridge abutments, rail embankments, and underfill purposes.
- Geofoams are extensively used in road construction, in order to fill the void and provide structural support over poor soils. Thus, with the growth in road construction projects, the demand for geofoams is expected to increase during the forecast period.
- Asia-Pacific has been witnessing substantial roadways projects, along with growing commercial construction. Various foreign companies have been investing in countries, such as India, Indonesia, South Korea, China, and Vietnam, due to huge market demand and growth opportunities.
- Additionally, it has become important for the government to increase public infrastructure for promoting such foreign companies, by offering proper infrastructure. This may increase the demand for, and application of geofoams in the region.
- The increasing investments in Middle East & Africa, for the construction of highways and airports, may drive the demand for geofoams in the coming years. In addition, the Fifa World Cup 2022 in Qatar is one of the major events that has led to a boost in transportation projects in the region.
- Hence, the aforementioned infrastructure investments are projected to boost the geofoams market, during the forecast period.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific region dominated the global market share. Growing infrastructure spending by the governments and robust growth in residential and commercial construction are projected to drive the demand for geofoams in the region.
- The governments in countries, such as China, India, Indonesia, and South Korea, have already planned huge investments into public infrastructure, which may create a huge demand for geofoams in the region.
- Currently, there are several airport construction projects, either in the development or planning stage, in China. These include Beijing Capital International Airport, Chengdu Shuangliu International Airport, Guangzhou Baiyun International Airport, etc. Besides, the government rolled out massive construction plans, including making provision for the movement of 250 million people to its new megacities, over the next 10 years.
- Additionally, the Indian government announced its plans to build 100 airports before 2032, in order to meet the growing needs. An investment of about USD 60 billion is expected to flow for the aviation sector. Moreover, the government has a target of investing USD 120.5 billion for developing 27 industrial clusters, which may boost commercial construction in the country.
- In Indonesia, the government has planned to invest about USD 450 billion in the construction sector, by 2021, which may boost the residential construction in the country.
- Hence, all such projects are likely to boost the demand for geofoams in the region, during the forecast period.
The geofoams market is moderately fragmented in nature, with numerous players holding insignificant market share, to affect the market dynamics individually. Some of the noticeable players in the market include ACH Foam Technologies, Poly Molding LLC, AFM Corporation, Carlisle, and Atlas EPS, among others.
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