Geofoam Market to Reach USD 1230.2 Million by 2030 - Developing Road Connections & Rising Infrastructural Growth Leading to Market Expansion, The Brainy Insights
The Brainy Insights
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The Brainy Insights
The expanding acceptability of materials across a broad range of applications is the primary factor driving the above-average increase in demand for geofoams. Asia Pacific is predicted to account for a sizable portion of the global market for geofoams during the forecasted period.
Newark, Jan. 05, 2023 (GLOBE NEWSWIRE) -- The geofoam market was estimated at around USD 760.5 million in 2021, growing at a CAGR of nearly 5.5% during 2022-2030. The market is projected to reach approximately USD 1230.2 million by 2030.
Extruded or expanded polystyrene is made into big, lightweight blocks known as geofoam. Thermoplastic geofoam is excellent for thermal insulation and can save overall heating and cooling costs. For all kinds of residential and commercial constructions, it is frequently utilized as filler in building walls, roofs, and foundations. Globally rising infrastructure spending is expected to present a number of chances for product uptake. A common building and road construction material, geofoam lowers costs and offers thermal insulation for construction enterprises.
The low price of geofoams in comparison to traditional land stabilizing solutions is one of the main factors driving the market's rise. Geofoams can be used in high-complexity projects where heavy machinery cannot be used, and materials like shotcrete or soil can be simply applied atop geofoam. Getting rid of the need for expensive shaping reduces project expenses. Furthermore, geofoam decreases transportation costs, traffic costs associated with construction, and import costs because one flatbed truck of the material is comparable to around 12 dump truck loads of typical filler material, such as earth. Geofoam is a material that can be used in construction to reduce maintenance costs, settlement times, and project building timeframes. Because of this, the benefits of employing geofoams for land stabilization rather than traditional materials are a component in the predicted growth of the global geofoams market.
The general lack of mechanical fastening requirements for geofoams helps to reduce overall building costs. In general, manufacturing geofoams has substantially lower average costs than producing any other building materials. Geofoams are the preferred material for a range of difficult applications because of their ability to display resistance that is unaffected by weathering. According to the research, there will be a significant demand for geofoam in building and construction projects through 2030. The segment's expansion is attributable to an increase in interstate movement, particularly in developing nations. Future product penetration will be boosted by the population's rapid growth and the construction industry's recovery. By 2030, the building and construction end use segment is anticipated to generate 600 million dollars in revenue.
The market for geofoam market is segmented into the type, and end use. The type predicts that the expanded polystyrene segment will grow at the fastest rate. This is due to its application in underground constructions to lessen seasonal heating and cooling requirements as well as beneath sports arenas, railway track systems, and refrigerated storage buildings to minimize ground freezing and heaving.
The XPS geofoam category is anticipated to see significant demand until 2030 because of its affordability. The light weight and low contamination of XPS geofoam, a natural insulator. As a result, it is employed in a variety of contexts, including highways and runways at airports.
The infrastructure segment is anticipated to hold major share in the geofoam market by end use during the forecast period. The expansion of segments is anticipated to encourage segment growth because of rising infrastructural development and rising need for global road connection. Because of the product's excellent compressive resistance, bridge abutments frequently employ it. Additionally, it supports highways while not placing an undue strain on the soils below. Geofoams may also be utilized to support bridges as they transfer traffic loads to the soil's subsurface. According to estimates, the product's aforementioned benefit will help development. Additionally, geofoams are expected to be used more frequently to fill voids, stabilize slopes, and stop buildings from leaking heat and cooling as a result of growing need for infrastructure across economies, including China, India, Brazil, Mexico, and others. Over the forecast period, it is anticipated to aid in the usage of geofoams in building and infrastructure construction.
Regional Overview
The biggest market share of the total market was held by the Asia-Pacific in the geofoam market. The growing population in the APAC region, along with rising disposable income, is supporting regional growth. These factors have increased the amount of money invested in infrastructure improvements in the area, which has increased product penetration across a number of industries, including transportation, energy, social, and more.
North America had a sizeable portion of the market and is anticipated to have considerable expansion over the forecast period. This is explained by the fact that there are many geofoam manufacturers in the area and that construction companies are quite aware of the advantages of geofoam. A growing government emphasis on sustainable development has also contributed to a large growth in geofoam demand in the region over the past few of years.
Report Scope
Base Year
2021
Forecast period
2022-2030
Report Coverage
Revenue estimation and forecast, company profile, competitive landscape, growth factors, and recent trends
Regional scope
North America, Europe, Asia Pacific, Middle East & Africa, and Latin America
The global geofoam market is analyzed on the basis of value (USD million). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, and competitor position grid analysis.
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