Geofoam Market Likely to Unfold Lucrative Business Opportunities during the Forecast Period (2021-2026)
The global market size for geofoam 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. Geofoams are gaining popularity as a preferred alternative to traditional fill materials such as sand, clay, and topsoil.
Based on type, the geofoams market is segmented into expanded polystyrene and extruded polystyrene. Expanded Polystyrene (EPS) was the largest segment in the geofoams market in 2020. Expanded polystyrene geofoam is used to repair slope failures, reduce lateral load behind retaining structures, accelerate construction on fill for approach embankments, and minimize differential settlements at bridge abutments.
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Based on end-use, the geofoams market is segmented into road & highway construction, building & infrastructure, airport runway & taxiways, and others. The others segment comprises railway embankments and green roof applications. Road & highway construction segment accounted for the largest share of the geofoams market in 2020. Road & highway construction is the largest application, of which the two major functions of geofoams in it are void filling and providing structural support for construction on soft ground.
Based on application, geofoams are used in various applications such as structure foundation, embankments, slope stabilization, insulation, retaining structures, and others. In 2020, structure foundation was the largest segment in the geofoams market. It is one of the most common applications of geofoam, owing to its structural integrity, thermal barrier, durability, and low cost.
Based on region, Asia Pacific is estimated to be the largest market in terms of value. It is majorly due to the increase in increasing investments in infrastructure in Asia Pacific region. Also, the growth can be attributed to growing end-use sectors such as residential & commercial buildings and transport infrastructure.
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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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