Oct 17, 2019   SOURCE: BusinessWire

World Geofoams Market Forecast to 2024 - Increasing Infrastructural Activities & Technological Developments Presents Opportunities - ResearchAndMarkets.com

The "Geofoams Market by Type (Expanded Polystyrene (EPS) Geofoam, and Extruded Polystyrene (XPS) Geofoam), Application (Road & Highway Construction, Building & Infrastructure, Airport Runways & Taxiways), Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.

The global market for geofoams is estimated to be USD 0.8 billion in 2019 and is projected to reach USD 1.1 billion by 2024, growing at a CAGR of 6.3% between 2019 and 2024.

  • This report defines, segments, and projects the size of the geofoams market based on type, application, and region.
  • It strategically profiles the key players and comprehensively analyzes their market share and core competencies.
  • It also tracks and analyzes competitive developments such as expansions, acquisitions, new product launches, and investments undertaken by them in the market.

The rising demand from varying sectors such as road construction, road widening, in bridges, as buried structures, embankments, and others have led to the extensive use of geofoams in the geofoams market. The factors such as flammability and intolerance to petroleum solvents are the major restraints into the widespread acceptance of geofoams at a global level.

The geofoams market is diversified and competitive, with a large number of global players as well as regional and local players. The key players in this market are ACH Foam Technologies, LLC (US), Carlisle Construction Materials (US), Amvic Building Systems (Canada), Expol Ltd. (New Zealand), Groupe Legerlite, Inc. (Canada), and Pacific Allied Products Ltd. (US).

The road & highway construction segment is projected to lead the geofoams market in terms of both value and volume during the forecast period

Based on application, the road & highway construction segment led the geofoams market in 2019 in terms of both value and volume. The growth of this segment can be attributed to incessant infrastructural growth in emerging economies, such as China, India, Brazil, Saudi Arabia, UAE, and Mexico, which is driving the growth of the road & highway construction segment. Furthermore, factors such as better road connectivity in regions such as Asia Pacific, Europe, and Middle East are resulting in the hike in demand for road & highway construction segment and thus propelling the demand for geofoams as well.

The expanded polystyrene (EPS) geofoam type segment is projected to lead the geofoams market in terms of both value and volume from 2019 to 2024

Based on type, the expanded polystyrene (EPS) geofoam segment accounted for the largest share of the geofoams market in 2018. The expanded polystyrene (EPS) geofoam segment is projected to lead the market in terms of both value and volume during the forecast period. The expanded polystyrene (EPS) geofoams are compatible with a multitude of geofoam construction applications such as roads, foundations, highways, and others in road & highway construction industry. The growth in this market is mainly attributed to extensive usage of the increasing use of expanded polystyrene (EPS) geofoam in infrastructural applications such as roads, highways, railways, foundations, and others.

Asia Pacific is projected to lead the geofoams market during the forecast period, in terms of both value and volume

The Asia Pacific region is projected to lead the geofoams market from 2019 to 2024, in terms of both value and volume. The demand for geofoams is increasing in Asia Pacific owing to growth in road & highway construction in the region. Also, the rising economies such as China and India in the region is expected to fuel the demand for new road pavements and consecutively for the geofoams in the region. The market in this region is also projected to continue its market dominance in terms of both value and volume, from 2019 to 2024, owing to the increased demand for geofoams from countries such as China, Japan, South Korea, and India.

Market Dynamics

Drivers

  • Rising Demand for Geofoams from End-Use Industries Due to Superior Properties and Extensive Cost Savings
  • Preferred Alternative to Traditional Land Stabilization Materials

Restraints

  • Highly Flammable and Vulnerable to Petroleum Solvents

Opportunities

  • Increasing Infrastructural Activities and Technological Developments in Geofoams

Challenges

  • Limited Technical Knowledge and Expertise About Geofoams in Emerging Countries

Company Profiles

  • Carlisle Construction Materials (CCM)
  • Amvic Building Systems
  • ACH Foam Technologies LLC
  • Insulation Corporation of America
  • Foam Products Corporation
  • Jablite
  • Thermafoam LLC
  • Expol Ltd.
  • Pacific Allied Products Ltd.
  • Airfoam Industries Ltd.
  • Harbor Foam
  • Groupe Legerlite Inc.

Other Companies

  • Benchmark Foam Inc.
  • Mega Packing Corporation
  • Starr Foam
  • Foamex
  • Universal Foam Products
  • Galaxy Polystyrene
  • Polyfoam XPS
  • Technopol

For more information about this report visit https://www.researchandmarkets.com/r/mvxvbd