Geofoam market share is expected to reach a value of USD 1,156 million by 2028, with a CAGR of around 6.3%.
Geofoam is a product manufactured by expanding polymeric polystyrene into a "foam" made up of many closed yet gas-filled cells.
Geofoam market share is a multi-purpose building material that may be used in a variety of ways owing to its unique physical qualities, flexibility, and high value, it is a preferred material for constructing various structures, foundations, and buildings. It has a wide range of uses, including highways, landscaping, and thermal insulation, as well as stadiums and movie theatres.
Regulatory Framework
The Building Materials Regulation establishes uniform marketing regulations for building items in the European Union. The Regulation establishes an uniform technical vocabulary for evaluating construction product performance. It guarantees that experts, government officials, and customers have trustworthy data to compare the performance of products from different manufacturers in different nations.
ASTM International specifies the minimum characteristics of EPS geofoam. The appropriate ASTM specification for EPS geofoam is ASTM D6817 Standard Specification for Rigid Cellular Polystyrene Geofoam. Two further ASTM standards are D7180 Standard Guide for the Use of EPS Geofoam in Geotechnical Projects and D7557 Standard Practice for Sampling of EPS Geofoam Specimens.
Impact of Coronavirus Outbreak
Operations at industrial factories and construction sites came to a standstill due to global lockdowns to prevent the spread of the virus, resulting in a drastic decline in cement production and consumption. Even in countries where construction was not on the list of banned economic activities during the lockdown, the economic slump and low consumer confidence led to a reduction in cement demand in the first quarter of 2020. According to a CK Birla Group analysis, building output in North America fell down by 6.6% in 2020, resulting in a loss of USD 122.4 billion in projects.
Segmentation
By Type
- On the basis of type, the global geofoam market share has been bifurcated into expanded polystyrene and extruded polystyrene.
- Expandable polystyrene is used for slope stabilization, compensating foundations, roofing and rooftop gardens, bridge underfill, pavement insulation, and road embankments, among other things. The ability of EPS geofoam to be used in a wide range of applications is expected to move the product forward in the construction sector by the end of the projection period.
- Extruded polystyrene foam is a rigid insulating material created from extruded polystyrene polymers. It's a strong foam block with a rough surface that conducts heat poorly. Extruded polystyrene is more commonly utilised for below-grade waterproofing and roofing systems that need insulation to be put atop a roof membrane.
By End Use
- Based on end use, the global geofoam market share has been segmented into road railways, building construction, and others.
- Road infrastructure refers to land that is utilized for the transportation of products and passengers by road, and includes national, provincial, and municipal roadways, as well as parking and stopping facilities, road reserves, maintenance, and manoeuvring facilities.
- In building construction, it is used in a variety of applications, including landscaping, slope stabilization, insulation, and foundations. Geofoam is a great thermal insulator resulting in lower heating and cooling expenditures. It is often used to fill building walls, as well as roofing and ground structures, for all types of residential and commercial buildings.
- Others segment include utilities, marine, loading docks, tanks, refrigerated storage among many others.
By Region
- North America: The substantial expenditure in repairing and reconstructing damaged infrastructure is driving regional geofoam growth in North America. A vast network of infrastructure, ranging from roads and bridges to freight rail and ports, as well as electricity grids and internet connectivity, supports the US economy, and drives the geofoam market share.
- Asia-Pacific: Asia-Pacific emerged as the fastest-growing regional market. Factors such as improving economic conditions along with fast-paced urbanization and industrialization are driving the global market growth. Domestic demand is strong as a result of healthy labour markets, significant increases in disposable income, and persistent governmental support. Furthermore, in most economies, low inflation continues to boost real earnings.
- Europe: The construction industry is vital to the European Union's economy. The sector employs 18 million people directly and accounts for about 9% of the EU's GDP. It also generates new jobs, stimulates economic growth, and addresses social, environmental, and energy issues.
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Competitor Analysis
Some of the key companies profiled in the global geofoam market share 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).
Atlas Roofing Corporation is a customer-focused, creative manufacturer of residential and commercial roofing products. Atlas has expanded from a single shingle manufacturing factory to a North American industry leader with 24 locations. The Environmental Protection Agency has recognised Atlas for its efforts to reduce greenhouse gas emissions, industry trade organisations have recognised Atlas for its efforts in safety across its many facilities, and several national building materials supply chains have recognised Atlas for its growth and partnerships that have led to banner growth.
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