Geofoam Market: Industry Analysis and Forecast (2024-2030), Trends, Statistics, Dynamics, Segmentation

  • In 2023, the Geofoam Market was valued at USD 839.94 million and is expected to grow at a CAGR of 7.4 percent during the forecasting period (2024-2030)

  • Format : PDF | Report ID : SMR_1159

Geofoam Market Overview

The increase in demand for the building and construction industry is the driving force behind the market's rapid expansion. Rising demand for geofoams for a variety of industrial applications, such as slope stabilization, as well as the growth and expansion of numerous end-user verticals in emerging economies, will have a direct and beneficial impact on the market's growth rate.

 

Geofoam is made up of closed-cell expanded polystyrene (EPS). Geofoam is cost-effective because of its lighter weight than most fill materials. It does not often require surcharging, preloading, or staging, which are common in building applications. Geofoam is free of HCFCs and formaldehyde, making it environmentally friendly and 100 percent recyclable. It resists insects, mold, decomposition, and extreme weather conditions, including freeze-thaw cycles and moisture, thanks to its exceptional stability and long-term value. It's also increasingly being utilized to prevent ground freezing and heaving beneath refrigerated storage buildings, sports arenas, and storage tanks.

 

Geofoam Market

 

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Geofoam Market Dynamics

Transportation Sector

Economic growth, job creation, and linking people to important services like as healthcare and education are all dependent on transportation. The need for resilient transportation has been highlighted by global catastrophes like the COVID-19 pandemic and the crisis in Ukraine. The pandemic caused enormous disruptions in worldwide transportation and trade supply chains, putting air and urban transportation companies' financial sustainability in jeopardy. Despite these difficulties, the sector played an important role in getting necessary workers to work, keeping the economy afloat, and facilitating worldwide vaccine delivery.

 

Because EPS geofoam is naturally multi-functional, it can be used in a wide range of applications. When planning fill and embankment projects, the US Federal Highway Administration has recommended all states to examine alternative materials. EPS geofoam can be used to build railway embankments that aren't too heavy on the ground. In both major and small roadway construction, many states have employed EPS geofoam. Engineers at the Minnesota Department of Transportation (MnDOT) have gained considerable time and cost savings for a number of small and moderate-sized roadway embankment projects by employing geofoam as a lightweight fill over deep, soft, organic soil deposits found throughout the state.

 

Today's economy and society in Europe rely heavily on transportation, which has a significant impact on growth and jobs. Around 10 million people are employed directly in the transportation business, which contributes to around 5% of GDP. Effective transportation infrastructures are essential for European businesses to compete in the global economy. 100% FDI in the road and highway industry has been permitted to increase connectivity across India. The FDI quota in the aviation sector has been raised from 79% to 100%, with up to 49% available under the automatic method. In October 2021, India and Nepal signed a Memorandum of Understanding (MoU) for a proposed US$ 3.15 billion railway line connecting Kathmandu and Raxaul, India's border town. ? The Indian government intends to construct 65,000 kilometers of national highways by 2022 at a cost of $741.51 billion. ?

 

The greatest advantage of the geofoam feature is also its main disadvantage. Geofoam floats when submerged underwater because it is significantly lighter than water. An uplift force is created as a result of this. If the weight of the pavement is less than the uplift force, the pavement will be damaged. Geofoam can be anchored to offset the buoyancy force if it is planned to be below the flood level or water table. Petroleum is another drawback of geofoam. When geofoam is exposed to petroleum, it degrades into a liquid and loses its strength. 

 

The expense is another disadvantage. Traditional soil fill can be 2-4 times more expensive than geofoam. The extra cost is utilized to "purchase" time, as geofoam can reduce the need for ground repair. Because geofoam can be put in any weather condition, unlike soil fill, which cannot be compacted while wet, construction time can be significantly shortened. Geofoam installation does not necessitate the use of heavy machinery or equipment, thus lowering construction costs. The cost of materials, as well as the time and cost of construction, should be factored into the geofoam feasibility analysis.

 

Geofoam Market Segment Analysis

The Geofoam market is segmented by product type, application, by End-User Industry, and geographical region in this report. The Geofoam market by Product type is segmented into EPS geofoam and XPS geofoam. The Geofoam Market by application is divided into the Void fill, Sole stabilization, Embankments, Retaining structures, Insulation, and Others. The report also contains geographical segmentation of Europe, North America, Asia-Pacific, Middle East, and South America.

 

Geofoam is made up of huge lightweight blocks of expanded polystyrene (EPS) or extruded polystyrene (XPS). The blocks range in size from 2 m 0.75 m 0.75 m (6.6 ft 2.5 ft 2.5 ft) to 2 m 0.75 m 0.75 m (6.6 ft 2.5 ft 2.5 ft). Geofoam's main purpose is to fill voids beneath highways, bridge approaches, embankments, and parking lots using lightweight material. On subsurface utilities, EPS Geofoam reduces settlement. Lightweight fill, green roof fill, compressible inclusions, thermal insulation, and (when properly created) drainage are just a few of the applications for geofoam.

 

By Application, the Void fill segment is projected to dominate the market with increasing usage in the construction of highways, railway embankments, and buildings. Geofoam is a geotechnical void filling material that can be used as a substitute for soil or other fill materials, as well as for soil stabilization and other engineered purposes. Geofoam is extremely lightweight and cost-effective, often eliminating the need for pilings, surcharging, preloading, and staging that other materials require. Geofoam is resistant to moisture, decomposition, and a variety of other factors, allowing for predictable stress-strain behavior over long periods of time. The following are the most often utilized EPS Geofoam small-strain functions: lightweight fill to reduce settlement and earth strains by up to 100 times under gravity and seismic loading, reduce heat flow via thermal insulation, and reduce the magnitude of oscillations via vibration and noise damping. The cellular structure of EPS foam also allows for extreme strain ranges of more than 10%. EPS Geofoam's major large-strain function is to reduce seismic loads on earth-retaining structures and utilities, as well as pressures on slabs/grade beams/utilities, by including compressible soils.

 

Geofoam Market

 

Geofoam Market Regional Analysis

The report contains an in-depth analysis of the Geofoam market by geographical region across North America, Asia-Pacific, South America, Middle East, and Africa. Infrastructure investment has long been a crucial driver of economic growth in China. Despite a substantial decrease in investment growth over the previous decade and the dual aims of raising spending and lowering government debt, the government is now optimistic that infrastructure development may continue to spur growth as it has in the past. Investment in fixed assets increased by 4.9 percent in 2021, up from 2.9 percent in 2020 but slower than the 5.1 percent increase in 2019. The Union Minister of Road Transport and Highways announced in August 2021 that the Bharatmala Pariyojana—the ambitious road and highways project that aims to build highways from Maharashtra, Gujarat, Rajasthan, Punjab, Haryana, and then cover the entire string of Himalayan territories—would launch 1,080-km (road construction) projects worth Rs. 25,370 crore (US$ 3.4 billion) in Gujarat. The Ministry of Road Transport and Highways set aside Rs. 165 crore (US$ 22 million) for FY22 under the Economic Importance and Inter State Connectivity Scheme (EIC&ISC) in July 2021. Thus, Asia-Pacific is projected to dominate the Geofoam Market during the projection period driven by developmental activities in India and China.

 

The $20 trillion US economy is supported by a vast infrastructure network that includes everything from roads and bridges to freight rail and ports, electrical grids and internet access. However, because the current systems were created decades ago, many analysts believe that investing in new infrastructure and current upkeep will boost the economy. It would increase long-term US competitiveness, cushion the economy from shocks, and create jobs by enhancing efficiency and reliability and cutting transportation costs. Due to construction and renovation in Europe, there is potential demand for geofoam utilization. With growing developments in the Middle East and Africa, the Geofoam market is projected to grow steadily in this region.

 

This report aims to analyze current market trends and potential opportunities to enhance growth to succeed in the industry. The report identifies factors influencing market dynamics and development of the Geofoam market and how this will control investment during the forecasting period. The report studies regional markets to provide valuable insights into revenue and predicted value; information also includes the competitive landscape of key industry players and their recent developments.

 

Through comprehensive research supported by qualitative and quantitative data, this report provides essential information on the market behavior during the projection period (2024-2030). It also recognizes dominant segments in the market, projects their development, and identifies new elements that will dominate with technological advancements.

 

Geofoam Market

 

The report contains detailed analyses through Porter's five forces model to determine the industry's structure and help devise a corporate strategy for the market. The model reports provide essential information about stakeholders' influence, product quality, substitute products, etc. The report also analyses whether the Geofoam market is accessible for new competitors to gain a foothold, whether they enter or exit the market regularly, and if a few players dominate it.

 

A measured approach is adopted through Pestel analysis to quantify factors including government policies, economic structure, and political situations that will affect the development of this sector. Economic variables aid in studying financial performance drivers that impact the Geofoam Market. The report also considers environmental and legal factors that may affect the progress in this industry.

 

Geofoam Market Scope

Geofoam Market

Market Size in 2023

USD 839.94 Mn.

Market Size in 2030

USD 1384.45 Mn.

CAGR (2024-2030)

7.4%

Historic Data

2018-2022

Base Year

2023

Forecast Period

2024-2022

Segment Scope

By Product type

  • EPS geofoam
  • XPS geofoam

By Application

  • Void fill
  • Sole stabilization
  • Embankments
  • Retaining structures
  • Insulation
  • Others

By End Use Industries

  • Roadways & railways
  • Buildings & structure
  • Others

Regional Scope

North America- United States, Canada, and Mexico

Europe – UK, France, Germany, Italy, Spain, Sweden, Austria, and Rest of Europe

Asia Pacific – China, India, Japan, South Korea, Australia, ASEAN, Rest of APAC

Middle East and Africa - South Africa, GCC, Egypt, Nigeria, Rest of the Middle East and Africa

South America – Brazil, Argentina, Rest of South America

 

Geofoam Major Competitors

The Geofoam Market demands innovation and progress in a continuously changing landscape with new government policies and development. Thus, significant players often opt for strategies to invest in research and more recent technologies to be market-ready. Details profiles about the competitors, including revenue, market size, analysis, and technological advancements, are covered in this report.

 

Geofoam Market Key Players:-

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


Frequently Asked Questions

Infrastructural development in developed and developing country is the primary driver of the Geofoam market.

  1. Scope of the Report
  2. Research Methodology
    • Research Process
    • Global Geofoam Market: Target Audience
    • Global Geofoam Market: Primary Research (As per Client Requirement)
    • Global Geofoam Market: Secondary Research
  3. Executive Summary
  4. Competitive Landscape
    • Market Share Analysis by Region in 2023 (%)
      • North America
      • Europe
      • Asia Pacific
      • Middle East
      • South America
    • Stellar Competition matrix
      • Global Stellar Competition Matrix
      • North America Stellar Competition Matrix
      • Europe Stellar Competition Matrix
      • Asia Pacific Stellar Competition Matrix
      • Middle East Stellar Competition Matrix
      • South America Stellar Competition Matrix
    • Key Players Benchmarking: by Product, Pricing, Investments, Expansion Plans, Physical Presence, and Presence in the Market.
    • Mergers and Acquisitions in Industry: M&A by Region, Value, and Strategic Intent
    • Market Dynamics
      • Market Drivers
      • Market Restraints
      • Market Opportunities
      • Market Challenges
      • PESTLE Analysis
      • PORTERS Five Force Analysis
      • Value Chain Analysis
  5. Global Geofoam Market Segmentation
    • Global Geofoam Market, by Region (2023-2030)
      • North America
      • Europe
      • Asia-Pacific
      • Middle East
      • South America
    • Global Geofoam Market, by Product Type (2023-2030)
      • EPS geofoam
      • XPS geofoam
    • Global Geofoam Market, by Application (2023-2030)
      • Void fill
      • Sole stabilization
      • Embankments
      • Retaining structures
      • Insulation
      • Others
    • Global Geofoam Market, by End Use Industries (2023-2030)
      • Roadways & railways
      • Buildings & structure
      • Others
  6. North America Geofoam Market Segmentation
    • North America Geofoam Market, by Product Type (2023-2030)
      • EPS geofoam
      • XPS geofoam
    • North America Geofoam Market, by Application (2023-2030)
      • Void fill
      • Sole stabilization
      • Embankments
      • Retaining structures
      • Insulation
      • Others
    • North America Geofoam Market, by End Use Industries (2023-2030)
      • Roadways & railways
      • Buildings & structure
      • Others
    • North America Geofoam Market, by Country (2023-2030)
      • United States
      • Canada
      • Mexico
  7. Europe Geofoam Market Segmentation
    • Europe Geofoam Market, by Product Type (2023-2030)
    • Europe Geofoam Market, by Application (2023-2030)
    • Europe Geofoam Market, by End Use Industries (2023-2030)
    • Europe Geofoam Market, by Country (2023-2030)
  8. Asia Pacific Geofoam Market Segmentation
    • Asia Pacific Geofoam Market, by Product Type (2023-2030)
    • Asia Pacific Geofoam Market, by Application (2023-2030)
    • Asia Pacific Geofoam Market, by End Use Industries (2023-2030)
    • Asia Pacific Geofoam Market, by Country (2023-2030)
  9. Middle East Geofoam Market Segmentation
    • Middle East Geofoam Market, by Product Type (2023-2030)
    • Middle East Geofoam Market, by Application (2023-2030)
    • Middle East Geofoam Market, by End Use Industries (2023-2030)
    • Middle East Geofoam Market, by Country (2023-2030)
  10. South America Geofoam Market Segmentation
    • South America Geofoam Market, by Product Type (2023-2030)
    • South America Geofoam Market, by Application (2023-2030)
    • South America Geofoam Market, by End Use Industries (2023-2030)
    • South America Geofoam Market, by Country (2023-2030)
  11. Company Profiles
    • Key Players
      • Airfoam (Canada)
        • Company Overview
        • Product Portfolio
        • Financial Overview
        • Business Strategy
        • Key Developments
      • Amvic Building Systems (Canada)
      • Atlas Roofing Corporation (US)
      • Beaver Plastics Ltd. (Canada)
      • Benchmark Foam Inc. (US)
      • Carlisle (US)
      • Drew Foam (US)
      • Expol (New Zealand)
      • Foam Products Corporation (US)
      • Foamex (Australia)
      • Galaxy Polystyrene LLC (UAE)
      • Groupe Legerlite Inc. (Canada)
      • Harbor Foam (US)
      • Insulation Company of America (US)
      • Jablite (UK)
      • Mega Packaging Corporation (Philippines)
      • Pacific Allied Products, Ltd. (US)
      • Plasti-Fab Ltd. (Canada)
      • Poly Molding LLC (US)
      • Polyfoam XPS (UK)
      • StarRFoam (US)
      • Styro Insulations Mat. Ind. LCC. (UAE)
      • Technopol SA (South Africa)
      • ThermaFoam, LLC (US)
      • Universal Foam Products (US)
  12. Key Findings
  13. Recommendations

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