According to UnivDatos’ research report “Geofoam Market”, the market is expected to showcase a growth of around 5.2% during the forecast period. large base of application areas in the construction industry, growth in the construction industry, and low cost compared to traditional land stabilization materials are some of the key attributable factors to the growth of the market.
Geofoam has been used as a geotechnical material over the last couple of decades. It is just 1% of the weight of soil and less than 10% the weight of other lightweight fill alternatives. Thereby it is preferred among engineers as a soil substitute. Further, the use of EPS typically translates into benefits to construction schedules and lowers the overall cost of construction because it is easy to handle during construction, often without the need for special equipment, and is unaffected by occurring weather conditions. In addition, EPS geofoam can be easily cut and shaped on a project site, which further reduces job site challenges. Further, the material is resistant to alkalis, dilute inorganic acids, gypsum plaster, alcohols, Portland cement, silicone oil, and solvent-free bitumen. Therefore, as the world is building intricate civil engineering projects on soft ground and slopes, therefore geofoam is one of the typical materials that is gaining market stakeholders traction.
Based on the type, the market is categorized into EPS and XPS. Of both, EPS accounted for a significant share in the market owing to its increasing use in road and airfield pavements and railway track systems, beneath refrigerated storage buildings, sports arenas and storage tanks to prevent ground freezing and heaving, and in the below-ground building to reduce seasonal heating and cooling requirements. Further, in the case of XPS, hydrofluorocarbon (HFC-134a) gas is used as a blowing agent to create the pockets that give it its insulating properties. Since the HFC-134a is a potent greenhouse gas with a 100-year global warming potential (GWP) is 1430. Therefore, its demand is suffering due to stringent environmental regulations.
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Based on application, the market is categorized into structure foundation, embankments, slope stabilization, insulation, retaining structure, and others. Among these, structure foundation is among the leading category accounting for significant consumption of geofoam and is likely to maintain its position in the market during the foreseeable future. This can be ascribed to the properties of geofoam which suffice the requirements of structure foundation like maintaining structure integrity, thermal barrier, strength, and low cost.
North America accounted significant share of the market in 2020
North America accounted for a significant share in the global geofoam market and is likely to maintain a leading position during the forecast period owing to the high awareness among construction companies regarding the geofoam. Further, companies have vast experience in using geofoam materials in the projects thereby having the skill force to handle the materials at ease. Moreover, numerous manufacturers and suppliers of geofoams in the region like Carlisle Companies Incorporated, Atlas Roofing Corporation, and Insulation Company of America LLC, to name a few are continuously taking strategic decisions which further increase the penetration of geofoam in the regional construction activities. For instance, in June 2021, Airfoam launched FoamShield, its new exterior insulation wall assembly. The FoamShield wall assembly consists of rigid Korolite EPS insulation placed on the exterior of a conventional above-grade, uninsulated, 2×4 or 2×6 wood-frame wall with sheathing membrane.
According to UnivDatos, the key players with a considerable market share in the global geofoam market include Carlisle Companies Incorporated, Amvic Inc., Atlas Roofing Corporation, Insulation Company of America LLC, Foam Products Corporation, Jablite Ltd., ThermaFoam LLC, Expol, Pacific Allied Products Ltd., and Airfoam Industries Ltd. These companies are taking several strategic decisions to meet the growing demand and increase their market share.
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“Global Geofoam Market” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for the market players. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitors’ capabilities on different parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.
Market Segmentation:
1. By Type (EPS and XPS)
2. By Application (Structure Foundation, Embankments, Slope Stabilization, Insulation, Retaining Structure, and Others)
3. By End-Use (Road & Highway, Building & Infrastructure, Airport Runway & Taxiways, and Others)
4. By Region (North America (the United States, Canada, Rest of North America), Europe (Germany, the United Kingdom, France, Italy, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Rest of APAC), and Rest of World)
5. By Company (Carlisle Companies Incorporated, Amvic Inc., Atlas Roofing Corporation, Insulation Company of America LLC, Foam Products Corporation, Jablite Ltd., ThermaFoam LLC, Expol, Pacific Allied Products Ltd., and Airfoam Industries Ltd.)
Key questions answered in the study:
1. What are the current and future trends of the global geofoam industry?
2. How the industry has been evolving in terms of type, application, and end-use?
3. How the competition has been shaping across the countries followed by their comparative factorial indexing?
4. What are the key growth drivers and challenges for the global geofoam industry?
5. What are the customer orientation, purchase behavior, and expectations from the global geofoam suppliers across various region and countries?
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