The global geofoam market size hit USD 1.09 billion in 2023. The market is anticipated to expand from USD 1.14 billion in 2024 to USD 1.73 billion by 2032, depicting a CAGR of 5.3% during the projection period.

Geofoam has ultra-low density and is lighter in weight compared to traditional fill materials such as gravel and soil. The product is extensively used for enhancing embankment stability and preventing soil settlement in road construction projects, which is set to favor market expansion over the ensuing years.

The COVID-19 pandemic led to the cancellation or postponement of several projects in the construction sector. The impact on construction activities negatively impacted market growth as the industry is a major consumer of the product.

Fortune Business Insights™ provides this information in its research report, titled “Geofoam Market, 2024-2032”.

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Segmentation:

EPS Geofoam Segment Recorded Key Share Owing to High Product Adoption for Soft Soil Conditions

By product, the market is bifurcated into XPS geofoam and EPS geofoam. The EPS geofoam segment registered a leading share in the market in 2023. The product is considered ideal for soft soil conditions owing to the possibility of excessive settlement associated with traditional fill materials.

Road & Highway Construction Segment Held Dominant Share Driven by Infrastructure Development

On the basis of application, the market is subdivided into building & infrastructure, airport runways & taxiways, road & highway construction, and others. In 2023, the road & highway construction segment captured a major market share due to growing investments in infrastructure development.

In terms of geography, the market has been studied across Europe, Asia Pacific, North America, Latin America, and the Middle East & Africa.

Report Coverage:

The report enlists the key driving factors and the latest trends in the market. It further provides a comprehensive analysis of the global business scenario based on various segments: application, product, and geography. The competitive landscape of the market has also been provided in the report.

Drivers and Restraints:

Mounting Demand for Sustainable and Lightweight Materials to Propel Industry Growth

There has been a greater emphasis on the use of sustainable and lightweight materials across the civil engineering and construction industries. Geofoam is a sustainable option as it has a long lifespan and exhibits durability and recyclability. Besides, it is lighter compared to traditional fill materials and helps reduce the load on substructures. These factors are poised to drive industry expansion.

Nonetheless, the high initial cost of the product may restrain geofoam market growth.

Regional Insights:

North America Recorded Major Share Due to Presence of Advanced Construction Sector

The North America market accounted for a leading position in the global market in 2023 and is set to hold the largest share over the projection period. The presence of strict environmental regulations and the presence of an advanced construction sector are key factors impelling the dominance of the region.

The growing need for modern infrastructure and rapid urbanization are driving product demand in Europe. The product finds application in several areas such as foundation insulation, embankments, and road construction.

Competitive Landscape:

Leading Players Introduce New Products to Outpace their Competitors

Pivotal players are developing new products to secure an edge over their competitor companies. They are also implementing other strategies to augment their geofoam market share. A few of these steps comprise plant expansions and strategic mergers.

Key Industry Development:

August 2020 – Amvic Building System introduced Envirostap, a rigid foam insulation product with integrated strapping. The product can be used for frost walls, exterior foundation walls, and other applications.

List of Key Players Mentioned in the Report:

  • Geofoam International LLC (U.S.)
  • Insulfoam (U.S.)
  • Expol Ltd (New Zealand)
  • Benchmark Foam, Inc. (U.S.)
  • Foamex (Australia)
  • Atlas Molded Products (U.S.)
  • Poly Molding (U.S.)
  • Insulation Company of America, LLC (U.S.)
  • Legerlite (Canada)
  • GALAXY POLYSTYRENE LLC (UAE)

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