Selbyville, Delaware, Nov. 29, 2022 (GLOBE NEWSWIRE) -- According to a recent report by Global Market Insights Inc., the global Geofoam Market valuation is expected to surpass USD 1.5 billion by 2032.
The improving living standards of people are set to favor the geofoam industry outlook, says the report. Increasing infrastructure expenditure in the construction sector, along with the booming renovation industry, is also fueling the demand for geofoams. Government initiatives are also positively influencing industry growth.
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Susceptibility to petroleum solvent and fire may emerge as a key limiting factor, cites the report. Additionally, geofoam’s buoyancy problem and vulnerability to insect damage are also hampering product adoption. When the product comes in contact with petroleum, it immediately turns into a glue-like substance. However, prominent efforts by industry players to improve geofoam performance are poised to positively influence the geofoam market scenario.
Cost-efficiency of XPS geofoam to define industry landscape
Based on products, the report segregates the geofoam market into EPS geofoam and XPS geofoam. The XPS geofoam segment is foreseen to depict considerable demand through 2032 due to its cost-effectiveness. XPS geofoam is a natural insulator and its lightweightness reduces construction time and contamination. Thus, it finds usage in wide-ranging applications, including highways and airport runways. Thus, the XPS geofoam segment is anticipated to be valued at USD 220 million by 2032.
Expanding population to help the building & construction segment depict an appreciable growth
Report identifies geofoam for building & construction projects to showcase considerable demand through 2032. The segment growth is attributed to the rising migration of people from one location to another, especially in emerging countries. The rapidly growing population as well as the recovering construction sector are primed to stimulate product penetration in the future. The building & construction end use segment is set to reach USD 600 million in revenue by 2032.
Browse key industry insights spread across 240 pages with 443 market data tables and 38 figures & charts from the report “Geofoam Market Statistics By Product (EPS Geofoam, XPS Geofoam), Application (Void Fill, Slope Stabilization, Embankments, Retaining Structures, Insulation, and Others), End Use (Road & Railways, Building & Construction, and Others), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2023 - 2032”, in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/geofoam-market
Expanding construction & renovation sector to push insulation application segment growth
Geofoam Market outlook from the insulation application segment is likely to remain positive until 2032. The excellent thermal insulation of geofoam is fueling product penetration in the building & construction industry, thereby propelling the demand for lightweight void fills for slope stabilization and lightweight roads. The insulation segment is projected to reach a valuation of USD 230 million by 2032.
Supportive government initiatives to aid Europe industry expansion
Europe geofoam market is anticipated to grow at a 6.5% CAGR to reach USD 355 million in revenue by 2032. The changing lifestyle of consumers in the region is accelerating the growth of the construction sector, which is a major factor pushing regional growth. In addition, burgeoning investments by government authorities in boosting infrastructural development are slated to propel the Europe geofoam industry outlook.
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Lucrative expansion efforts to remain a major growth strategy
Competitive landscape of the geofoam industry is inclusive of Jebsen & Jessen Packaging, Amvic Inc., Drew Foam Companies Inc., DuPont de Nemours, National Polystyrene Packaging Factory L.L.C, Pacific Allied Products Ltd, among others. These companies mainly focus on expanding production capacity and adopting strategic acquisitions to maintain their market standing.
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About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
