Selbyville, Delaware, July 07, 2021 (GLOBE NEWSWIRE) -- Based on Global Market Insights Inc., report, the global Geofoam Market was estimated at $630.3 million in 2020 and is slated to exceed $1.02 billion by 2027, registering a CAGR of 7.3% from 2021 to 2027. The report provides a thorough analysis of the main investment avenues, major winning strategies, drivers and opportunities, wavering industry trends, market estimations as well as size, competitive scenarios.
XPS will exceed at a lower percentage in the global market, which will be subject to the implementation of government regulations in developing countries during the study timeframe. Prevailing policies for social distancing norms supported by worldwide lockdowns will contribute to the loss of revenues from the geofoam sector during the pandemic.
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Void filling will dominate the overall share of the applications throughout the study timeframe. The product reduces the overall structure weight, versatility, and cost-effectiveness which are responsible for driving its penetration in growing economies.
Superior product features will drive the global market demand in the study timeframe. This product is a strong, consistent, lightweight material, which is widely utilized in void filling applications of road construction. The growing demand for construction repairs will enhance the product consumption in highways, railway infrastructure, and other engineering structures. The FHWA (Federal Highway Administration) has identified EPS as a market-ready technology & innovation that warrants special attention.
EPS will account for a significant share of the global geofoam market in the study timeframe. EPS foam is available in an abundant amount globally and is an ideal choice for slope stabilization, foundations, and retaining structures.
Embankments will accelerate at 7.4% in the global geofoam industry during the study timeframe. The product has been used as a super lightweight soil alternative in treating unstable roadway embankment present over soft ground for many years. The single-largest highway contract in the U.S. I-15 reconstruction used 100,000 m3 of geofoams in the past. The project included 144 bridges/overpass structures and 140 retaining walls. Growing infrastructure activities together with government initiatives to boost product usage will propel the geofoam market growth in the study timeframe.
Other applications including marines and academics will capture the least attention from foam companies during the study timeframe. This will be mainly contributed to higher product prices and hazardous nature. The growing investments toward research & development activities will propel the geofoam market sales in this segment by the end of 2027.
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The Europe volume will witness around 5.6% growth during the study timeframe, which is credited to high acceptability for eco-friendly construction products in various countries. Escalating building & construction in Eastern European countries and enhancement in trade activities pertaining to rail & road infrastructure projects will propel the geofoam market demand in the study timeframe.
The key players in the global geofoam industry include DuPont de Nemours, Inc., Carlisle Construction Materials LLC, ACH Foam Technologies, and Cellofoam North America., among others. Key manufacturers occupy a lower share of the global market. The availability of a large number of small construction material companies and low entry barriers will hinder the dominance of key players till 2027.
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