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Geofoam Market Valuation to Exceed USD 1,156 Million by 2028 Witnessing a 6.3% CAGR - Report by Market Research Future (MRFR)

Geofoam Market Insights and Industry Analysis by End Use (Building & Construction, Road & Railways, Others), By Type (Extruded Polystyrene, Expanded Polystrene,) Regional (North America, Europe, Latin America, Asia-Pacific, and the Middle East and Africa) ), Competitive Market Size, Share, Trends, and Forecast to 2028

New York, US, May 02, 2022 (GLOBE NEWSWIRE) -- Geofoam Market Overview

According to a Comprehensive Research Report by Market Research Future (MRFR), “Geofoam Market Information by Type, End Use, and Region - Forecast till 2028”, the market is estimated to grow at a CAGR of 6.3 % CAGR to reach USD 1,156 Million by 2028.

Market Scope:

Geofoam is a compact filler that allows having complete control over a geotechnical project. Geofoam is designed to provide you complete control over any project application, from design and deadlines to materials and pricing, and, ultimately, control over the results. Geofoam and geocombs share concepts, resulting in a final product of multiple fully accessible tubes that are glued, fused, fused, and otherwise bundled together. Slope stabilization involves using geofoam to minimize mass and gravitational force in a region that could fail, such as a landslide. Geofoam is up to 50 times more lightweight than standard fillers with comparable compressive strengths. This enables geofoam to make the most of the existing right-of-way on an embankment. The super-light and ease of application of geofoam minimize building time and costs.

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Market Competitive Landscape:

The formidable contenders in the geofoam market are

  • Amvic Building Systems (Canada)
  • Atlas Roofing Corporation (US)
  • Insulation Company of America (US)
  • Foam Products Corporation (US)
  • Drew Foam (US)
  • Jablite (UK)
  • Beaver Plastics Ltd. (Canada)
  • Carlisle (US)
  • ThermaFoam, LLC (US)
  • Expol (New Zealand)
  • Pacific Allied Products, Ltd. (US)
  • Harbor Foam (US)
  • Airfoam (Canada)
  • Groupe Legerlite Inc. (Canada)
  • Plasti-Fab Ltd. (Canada)
  • Galaxy Polystyrene LLC (UAE)
  • Benchmark Foam Inc. (US)
  • Poly Molding LLC (US)
  • Mega Packaging Corporation (Philippines)
  • StarRFoam (US)
  • Foamex (Australia)
  • Technopol SA (South Africa)
  • Universal Foam Products (US)
  • Polyfoam XPS (UK)
  • Styro Insulations Mat. Ind. LCC. (UAE)

Market USP Covered:

Market Drivers:

Highways, bridges, earthworks, and parking lots are just a few of several uses for EPS geofoam blocks, but they also have many other uses. One of the primary advantages of using geofoam as embankment compaction is that it is up to 50 times lighter dense than other lightweight fills, allowing for lower labor expenses, less traffic congestion, and lower maintenance costs. As geofoam is a soil alternative, it may be covered to look like a wall or a natural slope, rendering it an eye-catching solution. This material's customization is especially appealing because it can be cut to almost any shape and molded on the job site.

Roads are routinely widened to reduce traffic congestion. Because of this condition, additional fill will be required to widen the road because the subsequent settling may cause damage to the major highways, which is also an expensive and time-consuming process if the soils around the present roadway are not sufficient to withstand traffic loads. EPS geofoam eliminates the need for longer construction time, compaction and fill testing, and reduces the impact on existing highways, nearby structures, and underground utilities.

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Market Restraints:

The polystyrene used in creating geofoam is petroleum-based, and price variations are a key market limitation. Short-term price volatility is intrinsically tied to the low reactivity or "inelasticity" of both market forces to price swings. Oil production capability and equipment that utilizes oil products as its principal energy source are fairly fixed in the short run.

COVID 19 Analysis

As the COVID-19 outbreak has slowed in various countries, the industry has seen a reduction in product sales, resulting in overcapacity. However, because geofoam may cut construction project costs while still being efficient, it has become a valuable commodity during the COVID-19 pandemic. Because EPS geofoam is so lightweight, it offers lower transportation costs than typical building materials, allowing builders to avoid spending money on expensive earth-moving equipment. By employing fewer laborers for a smaller length of time, geofoam can save expenditure on labor. However, projects are being executed as the world emerges from lockdowns. Geofoam is a lightweight fill option for road construction in Durban's Clairwood Logistics Park is a first in South Africa. In addition, top consulting engineering and construction advisory firm Zutari developed a one-of-a-kind geocell solution for the container yard's foundation and pavement design at Pocket 2B. Compared to the rigid inclusions used elsewhere on-site, this proved to be a more cost-effective and viable solution for the container terminals' infrastructure. The new road embankment would be in-fill, higher than the previous ground level above the pipeline, exerting a surcharge load on the sensitive pipeline to attain the final grade level.

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Market Segmentation

By Type

The ability of EPS geofoam to be used in various applications is expected to move the product along in the building industry.

By End Use

Geofoam is a superior heat insulator in the building and construction industry, and it can reduce the amount of money on bills. It is commonly used to fill walls and roofing and ground constructions in all types of the residential sector.

Geofoam Market Regional Insights

The five major regions studied in the global geofoam market are North America, Europe, Asia-Pacific, Latin America, the Middle East, and Africa. The Asia-Pacific region's population expansion is fueling the use of geofoam in rebuilding infrastructure during the projection period. The growing population puts strain on the existing network, which is also degrading due to the low-quality materials usage. These structures will require frequent maintenance shortly, increasing the demand for geofoam. North America is one of the world's biggest geofoam marketplaces. In recent years, the region has seen a growth in geofoam usage in the repair and improvement of current roadways, highways, and flyovers. This is mostly due to civil engineers' growing understanding of geofoams' use and extensive uses in building construction.

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