Yahoo Finance Global Geofoam Market Size and Share is Poised for Consistent Growth—Projected to Grow at a CAGR of 6.9% by 2027 | BlueWeave
Noida, Oct. 19, 2021 (GLOBE NEWSWIRE) -- A growing number of end-user industries are driving the global geofoam market because of their superior properties. Additionally, the easy availability of geofoams as an alternative to traditional land stabilization materials favors market growth.
A study recently conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the global geofoam market was worth USD 698.3 million in 2020 and is further projected to reach USD 1,105.4 million by 2027, at a CAGR of 6.9 % during the forecast period (2021-2027). The market for geofoam has grown due to the increasing demand for its excellent and superior properties from end-user industries. Additionally, the growing number of construction projects across various industries like transportation, renewables, oil & gas, commercial, and other sectors is also fuelling the demand for geofoams. Also, geofoams are an easy alternative to traditional land stabilization materials due to their cost-effective nature. The development of infrastructure and the adoption of modern technology are likely to create new opportunities for the geofoams market during the forecast period.
Geofoams' cost-effectiveness is propelling the market growth.
Geofoams' familiarity, pervasiveness, and low cost have made them the favored option for the construction industry. Geofoam's strength and flexibility make it the ideal material for construction projects. It may be installed using basic hand tools, reducing construction labor, investment, and operating costs. For instance, Foamshield, a new product from Airfoam launched in June 2021, can significantly reduce the cost of insulating a home. FoamShield is a rigid EPS insulation that can be installed around an uninsulated wood-frame wall with a sheathing membrane. Furthermore, geofoams can be used easily in high complexity projects where large machines cannot work, and materials like shotcrete, gunite, or soil can be placed easily against geofoam. It eliminates the need for expensive forming and reduces the cost of the project. Moreover, geofoam saves transportation costs, construction traffic costs, and import costs as one flatbed truck of geofoam is equal to approximately 12 dump truck loads of traditional filling material like soil or gunite. By employing geofoam in construction projects, maintenance costs, settlement time, and project construction time are also reduced. Hence, geofoams’ benefits as an alternative to traditional materials for land stabilization contribute to the market’s growth.
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Growing infrastructural activities and technological advancement are expected to drive the geofoam market.
The large-scale growth of infrastructure in emerging countries and the upkeep and maintenance of existing infrastructure in developed countries drive the demand for geofoam. According to the Department for Promotion of Industry and Internal Trade, FDIs (Foreign Direct Investments) in the construction development sector (townships, housing, built-up infrastructure, and construction development projects) and construction (infrastructure) activities totaled USD 26.08 billion and USD 24.72 billion, respectively, in India between April 2000 and March 2021. (DPI). In FY21, FDI inflows totaled USD 81.72 billion, or 13% of the overall inflows. Various state transportation departments in the United States use geofoam for construction projects in bridges, railroads, and other applications. For instance, in August 2021, the Colorado Department of Transportation (CDOT) used high-strength geofoam to reconstruct a portion of US 36 near Church Ranch Boulevard in Westminster, which collapsed in July 2019. The reconstruction project took 3 months to complete with a total cost of USD 17.5 million. Additionally, expanded polystyrene also has various advantages over conventional earthen dams, including quick construction and the use of prefabricated bridge and bridge support components. As construction actitives and investment in infrastructural activities increases, these advancements in geofoam are expected to help grow the geofoam industry in the upcoming years.
Global Geofoam Market: By Type
Based on types, the global geofoam market is categorized into expanded polystyrene geofoams (EPS) and extruded polystyrene geofoam (XPS). Out of these, the extruded polystyrene geofoam segment accounted for a significant market share in 2020 and is likely to dominate the segment during the forecast period. The segment’s growth can be attributed to its properties as it provides insulation and protection to the structures. Furthermore, the product is made of recycled materials and can be shaped into various forms, including sheets and blocks. Additionally, it has higher insulation properties than extruded polystyrene geofoams, which encourages its use in areas such as walls, basements, and attics.
On the other hand, due to its multi-functionality, diverse applications for soft ground construction, greater strength, flexibility, and low cost, expanded polystyrene is likely to grow at the fastest CAGR during the forecast period.
Impact of COVID-19
The pandemic affected several aspects of the geofoam value chain. The COVID-19 affected several financial and industrial sectors, including travel and tourism, manufacturing, construction, and aviation. Geofoam end-use industries, such as road building and paving, and airport construction, were also severely affected. The construction industry was one of the most severely affected industries as most nations imposed strict lockdowns and curfews to prevent the spread of Coronavirus, which led to construction activities being halted. Airports worldwide have also been affected by the global ban on international and domestic flights, negatively impacting the global geofoam market.
North America Leads the Global Geofoam Market
North America held a significant market share in 2020 and is likely to dominate the global geofoam market during the forecast period. Geofoams are becoming increasingly popular in North America due to the growing awareness among civil engineers regarding their use in infrastructure and construction. Additionally, the region has seen a growth in the use of geofoams in maintaining and rehabilitating existing roads, highways, and flyovers. For instance, between 2016 and 2020, the Fixing America's Surface Transportation (FAST) Act and the Highway Trust Fund approved a fund of more than USD 300 billion, emphasizing infrastructure safety and structural highway programs.
Competitive Landscape
Due to the presence of numerous players in the market, the global geofoam market is moderately fragmented. New product launches and expansion enable the market players to remain competitive. Also, some of the leading players in the market are increasing their global footprint by acquiring overseas companies.
Some key players in the global geofoam market are Carlisle, Amvic Inc., Atlas Roofing Corporation, Insulation Company of America, LLC, Foam Products Corporation, Jablite, Thermafoam, LLC, Expol, Pacific Allied Products, Ltd., Airfoam, Harbor Foam, Groupe Legerlite Inc., Drew Foam, Plasti-Fab Ltd., and other prominent players.
In May 2021, it was announced that the Indiana Department of Transportation (INDOT) is using geofoam to stabilize the soil around future Ind. 252 interchange. INDOT further announced that high-strength geofoam is used as part of the fill for the new I-69 bridges and the foam will allow for the construction timeline to be completed more quickly and safely.
In August 2020, Envirostrap, a rigid foam insulation with integrated strapping, was introduced by Amvic Inc. Envirostrap comprises closed-cell expanded polystyrene (EPS) and can be used for frost walls, outside foundation walls, and other purposes.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global geofoam market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the global geofoam market, along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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