Dublin, June 25, 2019 (GLOBE NEWSWIRE) -- The "Geofoams Market - Growth, Trends, and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.
The geofoams market is expected to grow at a CAGR of around 7.8% during the forecast period of 2019-2024.
The major factors driving the growth of market studied are rising demand for geofoams from roadways, better alternative to traditional land stabilization materials, and increasing investments in the construction sector, especially in Asia-Pacific& Middle East & Africa.
On the flipside, high vulnerability to petroleum solvents, and limited technical knowledge & expertise about geofoams in emerging economies are likely to hamper the growth of the studied market.
Key Highlights
- Roadways segment dominated the market in 2018 and is likely to grow during the forecast period, with growing infrastructure investments, especially in regions, like Asia-Pacific & Middle East & Africa.
- Increase in deployment of EPS bridge support technology in earthquake-prone areas is likely to provide opportunities for the studied market during the forecast period.
- Asia-Pacific dominated the market across the globe, with robust growth in the residential & commercial construction, and growing public infrastructure projects in the emerging economies, such as India, Vietnam, and Indonesia, in the region.
Key Market Trends
Roadways Segment to Dominate Market Demand
- Roadways dominate the demand for geofoams. Geofoams are the most integral raw material used in roadways for construction over poor soils, road widening, foundation stabilization, airport runways & taxiways, bridge abutments, rail embankments, and underfill purposes.
- Geofoams are extensively used in road construction in order to fill void and provide structure support over poor soils. Thus, with growth in road construction projects the demand for geofoams is expected to increase during the forecast period.
- Asia-Pacific has been witnessing substantial roadways projects, along with growing commercial construction. Various foreign companies have been investing in countries, such as India, Indonesia, South Korea, China, and Vietnam, due to huge market demand and growth opportunities in such countries.
- With this, it has become important for the government to increase public infrastructure for promoting such foreign companies by offering proper infrastructure, which is expected to increase the demand and application of geofoams in the region.
- The increasing investments in Middle-East & Africa for construction of highways & airports is further likely to drive the demand of geofoams in the coming years. In addition, Fifa World Cup 2022 in Qatar is one of the major event which has led to boost in transportation projects in the region.
- Hence, all such growing infrastructure investments are projected to drive the growth of geofoams market during the forecast period.
Asia-Pacific to Dominate the Global Market
- Asia-Pacific region dominated the global market share in 2018. Growing infrastructure spending by the governments, and robust growth in residential & commercial construction in the region is projected to drive the demand for geofoams in the region.
- The governments in countries, such as China, India, Indonesia, and South Korea have already planned huge investments into public infrastructure, which is likely to create huge demand for geofoams in the region.
- China currently has numerous airport construction projects, such as, which are either in development or planning stage. These include - Beijing Capital International Airport, Chengdu Shuangliu International Airport, Guangzhou Baiyun International Airport, etc. Besides, the government rolled out massive construction plans, including making provision for the movement of 250 million people to its new megacities over the next ten years.
- Additionally, the Indian government has announced its plans to build 100 airports before 2032, to meet the growing needs. An investment of about USD 60 billion is expected to flow for the aviation sector. Besides, the government has an investment target of USD 120.5 billion for developing 27 industrial clusters, which is expected to boost commercial construction in the country.
- In Indonesia, the government planned to invest in construction sector about USD 450 billion by 2021, which is expected to provide boost to residential construction in the country.
- Hence, all such projects are likely to boost the demand for geofoams in the region during the forecast period.
Competitive Landscape
The geofoams market is a moderately fragmented market, where numerous players holds insignificant share of the market demand to affect the market dynamics individually. Some of the noticeable players in the market include ACH Foam Technologies, Poly Molding LLC, AFM Corporation, Carlisle, and Atlas EPS, amongst others.
Key Topics Covered
1 INTRODUCTION
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Drivers
4.1.1 Rising Demand for Geofoams from Roadways
4.1.2 Better Alternative to Traditional Land Stabilization Materials
4.1.3 Increasing Investments in the Construction Sector of Asia-Pacific
4.2 Restraints
4.2.1 High Vulnerability to Petroleum Solvents
4.2.2 Limited Technical Knowledge and Expertise about Geofoams in Emerging Economies
4.3 Industry Value-Chain Analysis
4.4 Porters 5 Force Analysis
5 MARKET SEGMENTATION
5.1 Type
5.1.1 Expanded Polystyrene (EPS)
5.1.2 Extruded Polystyrene (XPS)
5.2 End-user Industry
5.2.1 Roadways
5.2.2 Buildings
5.3 Geography
5.3.1 Asia-Pacific
5.3.2 North America
5.3.3 Europe
5.3.4 South America
5.3.5 Middle East & Africa
6 COMPETITIVE LANDSCAPE
6.1 Mergers & Acquisitions, Joint Ventures, Collaborations and Agreements
6.2 Market Share Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 ACH Foam Technologies
6.4.2 AFM Corporation
6.4.3 Atlas EPS
6.4.4 Beaver Plastics
6.4.5 Carlisle
6.4.6 Drew Foam (Branford Castle)
6.4.7 FMI-EPS LLC
6.4.8 Harbor Foam Inc.
6.4.9 Insulation Corporation of America
6.4.10 NOVA Chemicals Corp.
6.4.11 Plasti-Fab Ltd.
6.4.12 Poly Molding LLC
6.4.13 Styro Ltd.
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Deployment of EPS Bridge Support Technology in Earthquake-prone Areas
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