Global Geofoam Market Size to Reach USD 1,342.5 Million 2030 | Emergen Research

Vancouver, Aug. 16, 2023 (GLOBE NEWSWIRE) -- According to the latest analysis conducted by Emergen Research, the global geofoam market is poised to achieve a substantial valuation of USD 1,342.5 Million by the year 2030, characterized by a steadfast revenue compound annual growth rate (CAGR) of 6.5%. This upward trajectory is primarily propelled by the wide-ranging utility of geofoams, which are distinguished by their exceptional properties and consequential cost-efficiency.

A cornerstone in the market's revenue expansion resides in the versatile applications of Expanded Polystyrene (EPS) geofoam. This material exhibits inherent multifunctionality, rendering it highly adaptable for various usage scenarios. Notably, EPS geofoam finds utility in an array of contexts, spanning airport pavements, road construction, storage tank infrastructure, sports stadiums, railway track systems, subterranean building segments, and even beneath refrigerated storage facilities.

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Moreover, the utility of EPS geofoam extends beyond its material applications. Engineers, architects, and builders wield its potential to engineer pivotal geosynthetic attributes, adeptly selecting optimal product combinations to align with project objectives. The formidable strength and pliability of EPS geofoam empower it to address an array of challenges, encompassing seismic shock attenuation and noise and vibration mitigation.

This burgeoning spectrum of application areas precipitates an escalating demand for geofoam, thereby triggering a consequential surge in market revenue. The strategic integration of EPS geofoam across diverse domains resonates with the market's overarching growth trajectory, propelled by its multifaceted utility and remarkable functional attributes.

An emerging trend within the market centers on the heightened demand for environmentally-friendly construction practices. This burgeoning trend is rooted in the construction sector's evolving emphasis on creating structures and edifices that not only adhere to ecological stewardship but also champion energy efficiency. In this context, Expanded Polystyrene (EPS) geofoam has emerged as a compelling solution to meet the demands of this evolving market landscape.

The versatility of EPS geofoam positions it as a viable response to the aspirations of eco-friendly construction. It excels as an exceptionally efficient thermal insulator, while also boasting the attribute of being entirely recyclable. Its structural integrity, marked by stiffness and compressive strength derived from its voluminous air content of approximately 100%, equips it to resiliently withstand fluctuations in temperature. This inherent potential renders EPS geofoam a valuable asset across diverse applications, spanning from residential properties to airfield pavements, refrigerated storage facilities, and sporting arenas. The incorporation of insulation for heating and cooling purposes across these applications is facilitated by EPS geofoam's thermal insulation prowess.

Additionally, EPS geofoam exhibits the capacity to achieve superior R-values, a parameter that is pivotal for optimizing insulation and promoting effective air circulation. This efficacy stems from its reduced density, allowing it to achieve heightened thermal performance. Notably, in comparison to alternative insulation materials, EPS geofoam excels in maintaining temperature stability, contributing to energy conservation efforts.

In essence, the burgeoning trend towards eco-friendly construction dovetails seamlessly with the multifaceted benefits offered by EPS geofoam, reinforcing its role as a coveted solution that aligns with the industry's evolving sustainability and energy efficiency imperatives.

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Scope of Research

Major Companies and Competitive Landscape

The global geofoam market is fairly fragmented, with many large and medium-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective geofoam products. Some major players included in the global geofoam market report are:

• Carlisle
• Amvic Inc.
• Atlas Roofing Corporation
• Insulation Company of America, LLC.
• Foam Products Corporation
• Jablite
• ThermaFoam, LLC.
• Expol
• Pacific Allied Products, Ltd.
• Airfoam

Strategic Development

On 13 January 2022, Atlas Roofing Corporation, a market leader in roofing materials, launched three new ventilation solutions, with the goal of enhancing home energy efficiency, enhancing roof performance, and lowering excessive attic heat and moisture that may result in structural damage. These ventilation products from Atlas Roofing include TruRidge PRO 25, HighPoint\ AL 50 Slant Back, and HighPoint GL 50 Slant Back.

On 14 January 2020, Atlas Roofing Corporation announced a merger with ACH Foam Technologies and Atlas EPS. Through this merger, companies will use extremely adaptable and molded polystyrene to create a wide range of items, including OEM parts for RVs, jet skis, garage doors, and other vehicles, cold-chain and protective packaging, commercial building insulations, and geofoam.
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Some Key Highlights From the Report

• The expanded polystyrene geofoam segment is expected to lead in terms of revenue share in the global market over the forecast period owing to its multi-functionality, wide-ranging applications for construction on soft ground, superior strength, flexibility, and low cost. Expanded Polystyrene has provided solutions for numerous paving-related civil engineering difficulties. Pavements can now be built over underground utilities, low bearing capacity subgrade soils (such peats and clays), in harsh winter climates, and in other conditions owing to usage of EPS geofoam. This material has a wide range of paving uses such as safeguarding of underground systems,  utilization of EPS geofoam as a thermal insulator, vibration dampener, and light fill.
• The road & highway segment is expected to account for a large revenue share over the forecast period. Since 1970s, EPS Geofoam has been widely employed in construction of roads and highways all over the globe. Road construction can now be completed more faster and easily and with more stability due to use of lightweight fill materials such as EPS geofoam blocks. Typically, blocks are stacked to proper elevation, covered in a geomembrane, and then covered with concrete or asphalt. Builders and architects can modify their project more rapidly and affordably with geofoam road construction in response to site conditions, as these are  very flexible and straightforward substance. EPS geofoam should be the first choice if they have a tight project delivery schedule.
• The structure foundation segment is expected to account for a large revenue share over the forecast period. One of the many different applications for geofoam is in structural foundations. Foam foundation blocks (expanded polystyrene) are utilized as a superb lightweight fill material for building foundations owing to its structural integrity, thermal barrier, durability, and affordability. Foundation fractures, which are usually associated with concrete block foundations, can be prevented very effectively with EPS foam due to these characteristics. Structural foam is a crucial part of constructions due to its density and compressive strength.
• The North America market is expected to account for largest revenue share during the forecast period, which is attributed to increasing use of geofoam in countries in this region. For instance, Colorado Department of Transportation (CDOT) reported that construction workers installed 2,500 of the 6,000 blocks of geofoam required to advance repair work on US 36. Since July 12, 2019, a sinkhole that began as a road fracture has caused US 36's eastbound lanes between Wadsworth Boulevard and 104th Avenue/Church Ranch Boulevard to be closed. CDOT altered traffic pattern in that stretch to permit two lanes of eastbound traffic on westbound side. When settling has taken place, a lightweight backfill known as geofoam has been used successfully.

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Emergen Research has segmented the global geofoam market based on type, end-use, application, and region:

• Type Outlook (Revenue, USD Million; 2019–2030)

• • Expanded Polystyrene Geofoam
  • Extruded Polystyrene Geofoam

• End-Use Outlook (Revenue, USD Million; 2019–2030)

• • Road & Highway Construction
  • Building & Infrastructure
  • Airport Runway & Taxiways
  • Others

• Application Outlook (Revenue, USD Million; 2019–2030)

• • Structure Foundation
  • Embankments
  • Slope Stabilization
  • Insulation
  • Retaining Structures
  • Others

• Regional Outlook (Revenue, USD Million; 2022-2030)
  • North America
    1. U.S.
    2. Canada
    3. Mexico
  • Europe
    1. Germany
    2. UK
    3. France
    4. Italy
    5. Spain
    6. Sweden
    7. BENELUX
    8. Rest of Europe
  • Asia Pacific
    1. China
    2. India
    3. Japan
    4. South Korea
    5. Rest of APAC
  • Latin America
    1. Brazil
    2. Rest of LATAM
  • Middle East & Africa
    1. Saudi Arabia
    2. UAE
    3. South Africa
    4. Israel
    5. Rest of Middle East & Africa

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