Geofoam Market Research Report—Global Forecast till 2028

Geofoam Market Research Report: Information By Type (Expanded Polystrene, Extruded Polystyrene) By End Use (Road & Reilways, Building & Construction, Others) Regional (North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa) Forecast till 2028

ID: MRFR/CnM/9270-HCR | February 2023 | Region: Global | 100 Pages         

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Geofoam Market

According to MRFR analysis, the global geofoam market is expected to reach a value of USD 1,156 million by 2028, with a CAGR of around 6.3%.

Segmentation
By Type Expanded Polystrene Extruded Polystyrene
By End Use Road & Reilways Building & Construction
Key Players
Companies Profiled   Carlisle (US)   Amvic Building Systems (Canada)   Atlas Roofing Corporation (US)   Foam Products Corporation (US)   Jablite (UK)   ThermaFoam LLC (US)   Expol (New Zealand)   Pacific Allied Products Ltd.(US)   Airfoam (Canada)   Harbor Foam (US)   Groupe Legerlite Inc.(Canada)   Drew Foam (US)   Plasti-Fab Ltd.(Canada)   Benchmark Foam Inc.(US)    StarRFoam (US)    Poly Molding LLC (US)   Beaver Plastics Ltd.(Canada)   Foamex (Australia)   Universal Foam Products (US)   Polyfoam XPS (UK)   Galaxy Polystyrene LLC (UAE)   Styro Insulations Mat.Ind.LCC.(UAE)   Technopol SA (South Africa)
Drivers
Market Driving Forces    Use of geofoam blocks in infrastructural development   High demand from road construction activities
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Geofoam Market Overview


According to MRFR analysis, the global geofoam market is expected to reach a value of USD 1,156 million by 2028, with a CAGR of around 6.3%.


Geofoam is a product made from a polymeric polystyrene expansion process that produces a "foam" made up of numerous closed yet gas-filled cells. The unexpanded polymeric substance is the skeletal character of the cell walls. The end result is typically large, but extremely light, blocks that can be stacked side by side to provide lightweight fill in a variety of applications. The two major types of geofoam are expanded polystyrene foam and extruded polystyrene foam. The most widely used geofoam is EPS geofoam, which is a lightweight foam material that comes in blocks used as a structural backfill.


Covid Impact on Geofoam Market:


As a result of the COVID-19 outbreak slowing building in several nations, the industry has suffered a drop in demand for its products, resulting in overcapacity. However, since the use of geofoam can reduce construction project costs and is efficient, it has become a advantageous commodity during the COVID-19 outbreak. Because EPS geofoam is so light, it has lower shipping costs than standard building materials, constructors can avoid paying for expensive earth-moving equipment. The use of geofoam can save money on labor by hiring fewer construction workers for a shorter period of time. For example, in the rehabilitation of an office building in the Pacific Northwest, employing EPS geofoam for soil remediation enabled the project finish two months ahead of time and approximately USD 600,000 under budget. The Utah Department of Transportation states that employing EPS geofoam on a four-bridge project on I-80 saved them more than USD 2.5 million.


Market Dynamics:


Drivers:

  • Use of geofoam blocks in infrastructural development


Highways, bridges, embankments, and parking lots are among the many applications for EPS geofoam blocks, but they also have a variety of additional applications. Because geofoam is a soil substitute, it may be coated to resemble a wall or a natural slope, making it a visually appealing solution. This material's customizability is especially appealing, since it can be cut to practically any size and moulded on the construction site.


To minimize ground freezing and heaving, EPS geofoam has been used in road and airport pavements, railway track systems, beneath refrigerated storage facilities, sports arenas, and storage tanks, and in below-ground building segments to reduce seasonal heating and cooling requirements. One of the key benefits of employing geofoam as an embankment fill material is that it is up to 50 times less substantial than other lightweight fills, allowing for reduced traffic congestion, reduced labour costs, and minimal maintenance costs.



  • High demand from road construction activities


To avoid excessive pressure on underlying soils and neighboring structures, EPS geofoam can be utilized to substitute compressible soils or heavy fill materials. Because of its strong compressive resistance, EPS geofoam is capable of supporting traffic loads associated with secondary and interstate roads.


To relieve traffic congestion, roads are frequently enlarged. As a result of this condition, extra fill will be necessary to widen the road. Because the subsequent settlement might harm the existing highway, which is also costly and time-consuming procedure if the soils close to the existing roadway are not suitable to withstand the traffic loads. The use of EPS geofoam removes the requirement for compaction and fill testing, cuts down on construction time, and lowers the impact on the existing highway, surrounding structures, and/or subsurface utilities. Because of its strong compressive strength, EPS geofoam may endure generated traffic stresses without producing excessive loading of the underlying soils or nearby fill. 


Restraints:

  • Volatility in raw material prices


The polystyrene used in production of geofoam is petroleum-based, the price fluctuations of which are a major restraint in the market. The low responsiveness or "inelasticity" of both supply and demand to price fluctuations in the short term is inextricably linked to the volatility of oil prices. In the short run, both oil production capacity and equipment that uses petroleum products as its primary source of energy are relatively fixed. Crude oil prices have dropped significantly since the beginning of 2020, owing to a combination of economic contraction caused by the COVID-19 and a sudden increase in crude oil supply following the suspension of OPEC and partner countries' agreed-upon production cuts. Daily price movements for the US benchmark crude oil West Texas Intermediate (WTI) have been particularly erratic due to declining demand and rising supply.


Regulatory Framework


The minimum qualities of EPS geofoam are specified by ASTM International. ASTM D6817 Standard Specification for Rigid Cellular Polystyrene Geofoam is the applicable ASTM specification for EPS geofoam. D7180 Standard Guide for the Use of EPS Geofoam in Geotechnical Projects and D7557 Standard Practice for Sampling of EPS Geofoam Specimens are two further ASTM standards.


The Building Products Regulation (CPR) establishes harmonized marketing guidelines for construction products in the European Union. The Regulation establishes a uniform technical vocabulary for evaluating construction product performance. It ensures that professionals, government officials, and consumers have access to credible information so that they may compare the performance of products from different manufacturers in different nations.


Supply Chain Analysis:


The supply chain analysis is the process of evaluating every stage and step taken by stakeholders involved throughout the production and distribution of geofoam. The supply chain includes raw materials and suppliers, geofoam producers, distribution channels, and end-use industries. The distribution channel in this market comprises distributors, wholesalers, and e-commerce merchants.


According to a PwC report, digitized supply chains may increase efficiency by 4.1% per year, stressing the need of cement firms developing a digital-first integrated ecosystem that provides superior transparency across the supply chain.


Segment Overview:


By Type



  • Expanded Polystyrene: Expandable polystyrene foams are lightweight, easy to cut, and may be tapered. Slope stabilization, compensatory foundations, roofs & rooftop gardens, bridge underfill, pavement insulation, and road embankments are all applications for this product. By the end of forecast period, the versatility of EPS geofoam to be employed in a wide range of applications is predicted to propel the product forward in the construction sector.

  • Extruded Polystyrene:Extruded polystyrene foam is a hard insulating material made from polystyrene polymers that have been extruded. It's a tough foam block with a rough surface and low heat conductivity. Extruded polystyrene is more typically used for waterproofing below grade and roofing systems that need insulation to be installed above a roof membrane.


By End Use



  • Road & Railways: The most common use of geofoams is in road and highway building. They are widely utilized in poor-soil construction, foundation stabilization, railway embankments, bridge abutments, and other applications. It is primarily used to fill voids beneath highways, bridge approaches, embankments, and parking lots using a lightweight material.

  • Building & Construction:It is widely used in landscaping, slope stabilization, insulation, foundation, among many others. It is commonly used as household and commercial insulation, rooftop oasis, etc. Geofoam is an excellent thermal insulator that may help you save money on your heating and cooling bills. For all sorts of residential and commercial buildings, it is frequently used to fill building walls, as well as within roofing and ground constructions.

  • Others:Others segment include utilities, marine, loading docks, tanks, refrigerated storage among many others.


Regional Analysis:


North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa are the five important regions analysed in the worldwide geofoam market. During the projection period, the Asia-Pacific region's large population expansion is likely to fuel the predicted growth in the usage of geofoam in infrastructure maintenance. The rising population puts a pressure on the existing infrastructure, which is also fast deteriorating due to the use of low-quality materials. These constructions will need to be maintained on a regular basis for the foreseeable future, which will increase demand for geofoam.


Competitive Landscape:


Some of the key companies profiled in the global geofoam market include Carlisle (US), Amvic Building Systems (Canada), Atlas Roofing Corporation (US), Insulation Company of America (US), Foam Products Corporation (US), Jablite (UK), ThermaFoam, LLC (US), Expol (New Zealand), Pacific Allied Products, Ltd. (US), Airfoam (Canada), Harbor Foam (US), Groupe Legerlite Inc. (Canada), Drew Foam (US), Plasti-Fab Ltd. (Canada), Benchmark Foam Inc. (US), Mega Packaging Corporation (Philippines), StarRFoam (US), Poly Molding LLC (US), Beaver Plastics Ltd. (Canada), Foamex (Australia), Universal Foam Products (US), Polyfoam XPS (UK), Galaxy Polystyrene LLC (UAE), Styro Insulations Mat. Ind. LCC. (UAE), and Technopol SA (South Africa).


Intended Audience



  • Construction Companies

  • Construction Services Companies

  • Infrastructural Associations

  • Research Institutes

  • Academic Institutes

  • Government Organizations



Report Scope:

Report Attribute/Metric Details
  Market Size   2028: Over USD 1,156 Million
  CAGR   Around 6.3% CAGR (2021-2028)
  Base Year   2020
  Forecast Period    2021-2028
  Historical Data   2019
  Forecast Units   Value (USD Million)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Type, End Use
  Geographies Covered   North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa
  Key Vendors   Carlisle (US), Amvic Building Systems (Canada), Atlas Roofing Corporation (US), Insulation Company of America (US), Foam Products Corporation (US), Jablite (UK), ThermaFoam, LLC (US), Expol (New Zealand), Pacific Allied Products, Ltd. (US), Airfoam (Canada), Harbor Foam (US), Groupe Legerlite Inc. (Canada), Drew Foam (US), Plasti-Fab Ltd. (Canada), Benchmark Foam Inc. (US), Mega Packaging Corporation (Philippines), StarRFoam (US), Poly Molding LLC (US), Beaver Plastics Ltd. (Canada), Foamex (Australia), Universal Foam Products (US), Polyfoam XPS (UK), Galaxy Polystyrene LLC (UAE), Styro Insulations Mat. Ind. LCC. (UAE), and Technopol SA (South Africa)
  Key Market Opportunities   Volatility in raw material prices
  Key Market Drivers   â€¢ Use of geofoam blocks in infrastructural development • High demand from road construction activities


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Frequently Asked Questions (FAQ) :

The global geofoam market would register a growth of 6.3%.

The infreastructure development will play a prominent role in taking the market forward.

Fluctuations in raw material prices could hamper the market growth.

The Asia-Pacific geofoam market would enjoy the upper hand in the geofoam market