Report Code: A08206 | Pages: NA | Mar 2023 | 854 Views | ||
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Pandemic disrupted the entire world and affected many industries.
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Request Now !Geofoam is produced by polymeric polystyrene expansion process. It possesses physical and tensile strength and is inexpensive, which make it an ideal option in the construction sector. Its lightweight eliminates work time and effort, as it can be easily transported. Geofoams are environmentally sustainable. Increase in demand from different industries, such as infrastructure development, road widening, in bridges, along with submerged structures, and embankments has led to extensive use of geofoam.
The road & highway construction segment led the geofoams market. This is attributed to the fact that geofoams are the most important raw materials used in roadways for constructions in soft soil areas, road widening, strengthening of the foundations, airport runways & taxiways, bridge abutment, and rail embankments. In addition, geofoams serve as a superior alternative to conventional land stability materials. Thus, surge in demand for geofoams from roadways, and increase in investment in the construction industry, especially in Asia-Pacific and Middle East & Africa, are the key factors driving the growth of the market.Â
The demand for geofoams is expected to grow in developing regions such as Asia-Pacific. This is attributed to increase in roadways projects along with rise in commercial construction activities. Owing to huge market demand and favorable governmental policies, key players operating in the market are anticipated to invest in countries such as India, Indonesia, South Korea, and Vietnam. To support these major participants in the market, the government is planning to increase public infrastructure. This may increase the demand for geofoams in the region. On the contrary, volatility in prices of raw materials in developing economies is a key factor anticipated to hamper the market growth.
Owing to the outbreak of the COVID-19 pandemic, the growth global geofoams market is expected to decline in the next couple of years. Â Governments of various countries have implemented lockdown, which has led to shutdown of factories in scores of cities and provinces across the world, thus leading to predictions of a lowered investment in construction projects. Recent decline in construction activities is one of the key factors that is likely to negatively impact the growth of geofoams market. Companies are dealing with missing sales and disrupted supply chains as production activities are shutdown. However, owing to rise in need for hospitalization, owing to COVID-19, governments of numerous economies are emphasizing on the expansion of their healthcare industry, which indirectly fuels the growth of the global geofoam market.
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Geofoams Market: Global Opportunity Analysis and Industry Forecast, 2020–2027 Report Highlights
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Key Market Players | ACH Foam Technologies, LLC (U.S.), Amvic Building Systems (Canada), Beaver Plastics (Canada), Big Sky Insulations, Inc. (U.S.), Carlisle Construction Materials (U.S.), Expol Ltd. (New Zealand), Groupe Legerlite Inc. (Canada), Harbor Foam Inc. (U.S.), Insulation Corporation of America (U.S.), Poly Molding LLC (U.S.), ThermaFoam, LLC (U.S.) |
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