Dublin, Nov. 08, 2023 (GLOBE NEWSWIRE) -- The "Global Geofoams Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028" report has been added to ResearchAndMarkets.com's offering.
The Global Geofoams Market, valued at USD 896.10 million in 2022, is set to experience robust growth in the forecast period, with a projected Compound Annual Growth Rate (CAGR) of 4.28% through 2028, reaching a market size of USD 1143.40 million.
Key Market Drivers
- Growing Demand for Geofoams in the Construction Industry: Geofoams, particularly expanded polystyrene (EPS) geofoams, have emerged as innovative and sustainable materials in the construction industry. They offer lightweight, durable, and environmentally friendly solutions for a wide range of construction applications. Geofoams are known for their low density, high compressive strength, thermal insulation, and moisture resistance. They are used in road construction, mechanically stabilized earth walls, slope embankments, building foundations, landscaping, green roofs, and as protective layers for underground utilities. Geofoams significantly reduce excavation, transportation, and labor costs compared to traditional materials, contributing to cost savings in construction projects.
- Innovations in Geofoam Production for Cost-effective Reliability: Advancements in manufacturing techniques, such as precision molding, computer-controlled cutting, and 3D printing, have improved the precision, consistency, and customization of geofoam products. These innovations enable the creation of intricate designs tailored to specific project requirements. Researchers are continuously exploring new material compositions, including recycled materials, additives, and reinforcements, to enhance geofoam properties, such as fire resistance, water resistance, and thermal performance. Computer simulations and modeling tools optimize geofoam design and integration, reducing the need for extensive physical testing and accelerating project timelines. Geofoams are increasingly being used to mitigate seismic impact in earthquake-prone regions, further expanding their applications.
Key Market Challenges
- Flammability and Vulnerability to Petroleum Solvents: Expanded polystyrene (EPS) geofoams are combustible materials, making them susceptible to ignition and burning when exposed to flames or heat sources. Fire-resistant coatings and additives can be used to improve their fire performance, but these solutions may introduce complexity and costs to the manufacturing process. Additionally, geofoams are vulnerable to petroleum solvents commonly used in construction and industrial applications, which can degrade their structural integrity and compromise their long-term performance.
- Lack of Raw Material Availability: The geofoams market heavily relies on a consistent supply of expanded polystyrene and polyethylene, derived from petrochemical sources. Disruptions in the supply chain due to factors like fluctuating crude oil prices, geopolitical tensions, and transportation issues can result in production delays and increased costs. Shortages in supply can drive up manufacturing costs, potentially impacting construction projects that have integrated geofoams into their designs and leading to budget overruns.
Key Market Trends
- Advantages Over Traditional Materials: Geofoams offer numerous advantages over traditional construction materials. Their lightweight properties facilitate transportation and installation, reducing labor costs and project timelines. Geofoams also provide superior insulation capabilities, contributing to improved energy efficiency in construction projects.
Key Market Players
- Amvic Building Systems
- ACH Foam Technologies, LLC
- Foam Products Corporation
- Jablite Limited
- Thermafoam LLC
- Expol Ltd.
- Airfoam Industries Ltd.
- Foamex International Inc.
- Technopol SA
- Geofoam International LLC
Report Scope:
In this report, the Global Geofoams Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:
Geofoams Market, By Type:
- EPS Geofoams
- XPS Geofoams
Geofoams Market, By Application:
- Roadways
- Building & Construction
- Others
Geofoams Market, By Region:
- Asia Pacific
- North America
- Europe
- Middle East & Africa
- South America
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 190 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $896.1 Million |
| Forecasted Market Value (USD) by 2028 | $1143.4 Million |
| Compound Annual Growth Rate | 4.2% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/25n3mi
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