According to a new report published by UnivDatos, the Geofoam Market was valued at approximately USD 800 Million in 2023 and is expected to grow at a robust CAGR of around 5.2% during the forecast period (2024-2032). The important factors that are likely to promote the growth of the geofoam coatings market include rising infrastructure activities, a shift towards sustainability, affordable, and suitability across various industries.
The geofoam market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Geofoam market. The geofoam market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the Geofoam market at the global and regional levels.
Market Overview
The global geofoam market is growing on account of the increasing demand for new lightweight materials in construction activities as a replacement for conventional filler i.e., soil, which is not only heavy in weight but also results in more cost for the overall project. According to several studies, geofoam is just 1% of the weight of soil and less than 10% the weight of other lightweight fill alternatives. Further, advantages such as easy to handle during construction, in many cases without the need for special equipment, weather resistance, and can be easily cut and shaped on a project site, which further reduces jobsite challenges, thereby making it a preferred material among engineer, architects, designers, etc. As the investment in construction activities is increasing both in the developed and developing world along with the demand for new materials, thus it is expected that the consumption of geofoam is likely to increase during the forecast period.
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The global geofoam market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
· 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.
· Based on the end-use, the market is categorized into road & highway, building & infrastructure, airport runway & taxiways, and others. Of these, road & highway accounted for a prominent share in the market owing to a large number of application areas including road construction over poor soils, road widening, bridge abutment, bridge underfill, and slope stabilization to name a few. Further, increasing investment in emerging nations to improve the infrastructure is resulting in the number of road & highway construction activities, thereby it is expected that the demand for geofoam is likely to increase during the forecast period.
Geofoam Market Geographical Segmentation Includes:
· North America (the United States, Canada, and the Rest of North America)
· Europe (Germany, the United Kingdom, France, Italy, Spain, and the Rest of Europe)
· Asia-Pacific (China, India, Australia, Japan, and the Rest of Asia-Pacific)
· Rest of the World
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.
The major players targeting the 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.
· Airfoam Industries Ltd.
Click here to view the Report Description & TOC: https://univdatos.com/reports/geofoam-market
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the Geofoam market?
• Which factors are influencing the geofoam market over the forecast period?
• What are the global challenges, threats, and risks in the geofoam market?
• Which factors are propelling and restraining the geofoam market?
• What are the demanding global regions of the geofoam market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
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