Geofoams Market Analysis:
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.
Key drivers of global geofoams market
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.
Market scenario: opportunities and challenges
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.
COVID-19 scenario analysis
Owing to the outbreak of the COVID-19 pandemic, the growth global geofoams market is expected to decline in the next couple of years. 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.
Key benefits of the report
- This study presents the analytical depiction of the global geofoams industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global geofoams market share.
- The current market is quantitatively analyzed to highlight the global geofoams market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed market analysis depending on competitive intensity and how the competition will take shape in coming years.
Questions answered in the global geofoams market research report:
- Which are the leading market players active in the global geofoams market?
- What are the current trends that will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities of the market?
- What are the projections for the future that would help in taking further strategic steps?
Geofoams Market Report Highlights
Key Market Players
Expol Ltd. (New Zealand), Groupe Legerlite Inc. (Canada), Poly Molding LLC (U.S.), Harbor Foam Inc. (U.S.), Big Sky Insulations, Inc. (U.S.), ACH Foam Technologies, LLC (U.S.), Beaver Plastics (Canada), Insulation Corporation of America (U.S.), ThermaFoam, LLC (U.S.), Carlisle Construction Materials (U.S.), Amvic Building Systems (Canada)