Pune, April 04, 2023 (GLOBE NEWSWIRE) -- As per SNS Insider, the Geofoam Market was worth USD 880.51 million in 2022, and it is anticipated to expand to USD 1468.23 million by 2030, with a projected Compound Annual Growth Rate (CAGR) of 6.6% during the forecast period from 2023 to 2030.
Download PDF Brochure: https://www.snsinsider.com/sample-request/2486
Geofoam is a lightweight, high-strength fill material used in various construction applications. It is a type of expanded polystyrene (EPS) foam that is produced by expanding polystyrene beads in a mold under heat and pressure. The result is a rigid, closed-cell foam that is lightweight, strong, and easy to handle. Geofoam is used as a fill material in a variety of construction applications, including roadways, railways, airports, embankments, and retaining walls.
Geofoam Market Report Scope
| Report Attributes | Details |
| Market Size in 2022 | US$ 880.51 Million |
| Market Size by 2030 | US$ 1468.23 Million |
| CAGR From 2023 to 2030 | 6.6% |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| Key Segments | • By type (Expanded Polystyrene, Extruded Polystyrene) • By end-use (Road & Highway Construction, Building & Infrastructure, Airport Runway & Taxiways, Others (railway embankments and green roofs)) • By application (Structure Foundation, Embankments, Slope Stabilization, Insulation, Retaining Structures, Others) |
| Company Profiles | ThermaFoam, LLC, ACH Foam Technologies, LLC, Harbor Foam Inc., Amvic Building Systems, Insulation Corporation of America, Big Sky Insulations, Inc., Carlisle Construction Materials, Beaver Plastics, Groupe Legerlite Inc., Expol Ltd. |
| Market Drivers | • Utilization of geofoam blocks in infrastructure construction. • High demand resulting from the development of roads. • Cheaper than conventional land stabilisation materials in price. |
Market Analysis
The growth of the geofoam market can be attributed to several factors, including the increasing demand for lightweight fill materials in construction applications, the growing need for cost-effective and time-efficient construction solutions, and the rising adoption of eco-friendly materials in the construction industry. Additionally, the superior properties of Geofoam, such as its high strength-to-weight ratio, excellent insulation capabilities, and resistance to moisture, make it a preferred choice over traditional construction materials like concrete and soil. The expanding infrastructure development activities, particularly in emerging economies, also provide a significant growth opportunity for the market.
Impact of Recession
While a recession can have a negative impact on the Geofoam market due to a slowdown in construction activity and a shift towards cheaper fill materials, there are still opportunities for growth, particularly through government infrastructure spending programs and the increasing demand for eco-friendly construction materials.
Ask For Customized Report As Per Your Business Requirement: https://www.snsinsider.com/enquiry/2486
Key Regional Development
The Asia Pacific region, in particular, has seen a surge in demand for geofoams due to the growing number of manufacturing firms and the need for improved road connectivity. Governments in the region have also recognized the importance of investing in infrastructure, leading to a further boost in demand for geofoam market. In Europe, countries such as Germany, Spain, and Italy have also increased their spending on infrastructure projects. Geofoams have become a popular choice for these projects due to their durability, strength, and low cost.
Key Takeaway from Geofoam Market Study
- The expanded polystyrene segment is expected to dominate the market due to the increasing demand for lightweight, cost-effective, and efficient construction materials. EPS geofoam is expected to continue to be the preferred choice for infrastructure projects, with its unique properties offering a range of benefits to the construction industry.
- The structure foundation segment is expected to witness significant growth due to the increasing adoption of geofoam materials in the construction industry. The demand for high-performance and cost-effective construction solutions has led to the widespread use of geofoam materials in foundation construction.
Recent Developments Related to Geofoam Market
- Foam Holdings, a leading manufacturer of foam-based construction products, has recently announced the acquisition of two companies in the insulation industry - Amvic and Concrete Block Insulating Systems. This move is expected to strengthen the company's position in the North American market and expand its product offerings. The acquisition of these two companies is part of Foam Holdings' broader strategy to expand its presence in the construction industry and offer a wider range of innovative and sustainable products to its customers.
- Wynnchurch Capital, a private equity firm based in the United States, has recently announced the acquisition of Drew Foam Companies, a leading manufacturer of foam-based products for a range of industries. This move is expected to strengthen Drew Foam's position in the market and expand its product offerings. The acquisition of Drew Foam Companies is also part of Wynnchurch Capital's broader strategy to invest in companies that offer innovative and sustainable products.
Buy Exclusive PDF Copy of Geofoam Market Along With ME Sheet: https://www.snsinsider.com/checkout/2486
Table Of Contents
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
5. Value Chain Analysis
6. Porter’s 5 Forces Model
7. PEST Analysis
8.Geofoam Market Segment, By Type
9.Geofoam Market Segment, By End-Use
10.Geofoam Market Segment, By Application
11. Regional Analysis
12. Company Profile
13.Competitive Landscape
14. Conclusion
About SNS Insider
At SNS Insider, we believe that businesses should have access to the best market intelligence and insights, regardless of their size or industry. That's why we offer a range of solutions tailored to meet the unique needs of each client, from startups to big corporations. With a passion for our work and an unwavering commitment to delivering value, we are dedicated to helping our clients achieve their full potential.
