Rising demand for geofoams from end-use industries due to superior properties and extensive cost savings driving the market
The Global Geofoams Market is projected to reach USD 0.57 billion by 2031, registering a CAGR of 7.48% between 2022 and 2031. Geofoams are mainly used in the road industry for soil stabilization, road widening, bridges, buried structures, embankments, and so on. The U.S., India, and China are the major geofoams markets in the world. The increasing demand from the domestic market for a better land stabilization material from these countries as well as from others such as Brazil, Japan, and Germany are driving the market for geofoams at the global level.
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Roadways application – fastest growing application segment for geofoams
Roadways is the biggest application for geofoams. Geofoams is amongst the important types of geosynthetics used in roadways for construction over poor soils, foundation stabilization, road widening, rail embankments, airport runways & taxiways, bridge abutments, and underfill purposes. The two major functions performed by geofoams in road construction are void fill and structure support over poor soils. The usage of geofoams in various road industry related applications such as construction over poor soils, road widening, bridge abutment, bridge underfill, buried structures, foundations make it an essential part of the industry. Increased usage in the road industry in next five years is expected to further boost the market for geofoams.
Asia-Pacific- the fastest growing market for geofoams
Asia-Pacific is the fastest-growing market for geofoams, in terms of value and volume. Growing transport infrastructure such as roads, highways, flyovers, and bridges and availability of cheap labor in the region is responsible for the high growth of the market and the shift of production capacity from the developed markets to the Asia-Pacific region.
China dominates the geofoams market in the Asia-Pacific region. China’s consumption of geofoams has grown significantly and is expected to witness further growth in the near future. The high growth of geofoams market in China is a result of the growing construction industry.
The market size of geofoams estimated in this study has been validated through primaries conducted with various industry experts globally. These primary sources have been divided in three categories: By Company; By Designation; and By Region.
• By Company Type – Tier 1 – 35%, Tier 2 – 45% and Tier 3 – 20%
• By Designation – C level – 35%, Director level – 25%, Others – 40%
• By Region – North America – 45%, Europe – 20%, APAC – 30%. Others – 05%
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The report also provides company profiles and competitive strategies adopted by the major market players such as ACH Foam Technologies, LLC (U.S.), Carlisle Construction Materials (U.S.), Amvic Building Systems (Canada), Expol Ltd. (New Zealand), Groupe Legerlite, Inc. (Canada), and Pacific Allied Products Ltd. (U.S.), among others.
The dynamic nature of business environment in the current global economy is raising the need amongst business professionals to update themselves with current situations in the market. To cater such needs, Shibuya Data Count provides market research reports to various business professionals across different industry verticals, such as healthcare & pharmaceutical, IT & telecom, chemicals and advanced materials, consumer goods & food, energy & power, manufacturing & construction, industrial automation & equipment and agriculture & allied activities amongst others.
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Shibuya Data Count
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