Geofoam Market- Global Industry Size, Share, Trend Analysis, Outlook, Growth, Opportunity and Forecast, 2017-2027, Segmented By Type (Expanded Polystyrene Geofoams (EPS), and Extruded Polystyrene Geofoam (XPS)); By End-Use (Road & Highway Construction, Building & Infrastructure, Airport Runway & Taxiways, and Others); By Applications (Structure Foundation, Embankments, Slope Stabilization, Insulation, Retaining Structures, and Others); By Region (North America, Europe, the Asia-Pacific, Latin America, and the Middle East & Africa)

  • Published Date: October 2021
  • Report ID: BWC21122
  • Available Format: PDF
  • Page: 191

Report Overview

Global geofoam market is being driven by the increasing demand from end-user industries due to their superior properties. Additionally, the easy availability of geofoams as an alternative to traditional land stabilization materials is also favoring the market growth.

Global Geofoam Market- Industry Trends & Forecast Report 2027

Global geofoam market was worth USD 698.3 million in 2020 and is further projected to reach USD 1,105.4 million by 2027, at a CAGR of 6.9 % during the forecast period (2021-2027). Increasing demand for geofoam for various applications, such as soft ground construction, void filling, slope stabilization, and others, is expected to drive the growth of geofoam. A product like this helps to protect against earthquake shocks, noises, and vibrations. Moreover, it is rapidly being applied to solve the problem of ground heaving and freezing beneath refrigeration storage buildings, sports arenas, and tank storage facilities. These factors encourage the widespread use of geofoams in the building and infrastructure industries.

Global Geofoam Market Share

Source: BlueWeave Consulting

Global Geofoam Market Overview

Geofoam consists of lightweight blocks of expanded polystyrene (EPS) or extruded polystyrene (XPS). The blocks come in a variety of sizes. Geofoam's primary purpose is to fill voids beneath highways, bridge approaches, dams, and parking lots using lightweight material. Among the many applications of geofoam are lightweight fill, green roof fill, compressible inclusions, thermal insulation, and (when properly created) drainage.

Global Geofoam Market Trend

Growth Drivers

Government Initiatives Play Vital Role in the Market Growth

The rise in government infrastructure building projects in Asia-Pacific nations such as India is supporting the growth of the geofoam market. For example, the Indian government considerably increased funding for infrastructure in the Union Budget 2021, spending INR. 233,083 crore (USD 32.02 billion) to upgrade transportation infrastructure. The government has increased the number of projects in the National Infrastructure Pipeline (NIP) to 7,400. In 2020, 217 projects totaling INR. 1.10 lakh crore (USD 15.09 billion) had been completed. In July 2021, the government invested USD 1.4 trillion in infrastructure development through the NIP. Therefore, the rise in infrastructure development in India is likely to widen the application of geofoams in the development of these projects, which is expected to positively affect the geofoam market growth during the forecast period.

Restraints

Flammability and Susceptibility to Petroleum Solvents Hinders Market Growth

While geofoams save time and money in construction projects, flammability and susceptibility to chemical changes are preventing them from becoming widely accepted globally. Geofoams untreated are liable to catch fire if left unattended. If open flame processes are being undertaken at a project site, such as welding and cutting, appropriate safety precautions should be taken. Moreover, geofoams are susceptible to chemical modification. When geofoams come into contact with petroleum solvents, their properties change and a glue-like substance is formed. Because of this, their ability to support heavy weights is compromised. Aside from that, UV light, buoyancy, and insect infestation all have negative impacts on geofoams, which can cause degradation and, in the worst-case situation, contribute to structural collapse.

Impact of COVID-19

COVID-19 will likely lead to a decline in the global geofoams industry in the coming years. Recent declines in construction activity are anticipated to negatively impact the growth of the geofoams market. Governments in several countries have imposed lockdowns, causing companies to shut down in many towns and provinces, resulting in reduced investment in construction projects. As industrial activities are halted, businesses are struggling with lost sales and interrupted supply networks. The increased demand for hospitalization due to COVID-19 is causing many governments to expand their healthcare industries, which indirectly stimulates the growth of the geofoam market.

Global Geofoam Market: By End-Use

Based on end-use, the global geofoam market is grouped into road & highway construction, building & infrastructure, airport runway & taxiways, and others. Road & highway construction has captured a significant share of the market as of 2020 and is likely to dominate the segment during the forecast period. Geofoam is widely used in poor-soil construction, foundation stabilization, and railway embankments, as well as bridge abutments.  Moreover, many road & highway projects are underway in emerging economies such as Asia-Pacific and Latin America. Additionally, the upkeep and maintenance of existing road & highway projects is likely to fuel the growth of the geofoam market during the forecast period.

 Global Geofoam Market

Source: BlueWeave Consulting

Global Geofoam Market: By Application

Based on applications, the global geofoam market is fragmented into structure foundation, embankments, slope stabilization, insulation, retaining structures, and others. The slope stabilization segment accounted for the largest market share in 2020 and is likely to dominate the market during the forecast period. When the soil is unable to withstand surcharge and soil weight loads, seismic pressure, and excessive groundwater levels, slope stability difficulties occur. This has a significant economic impact as well as risks to property and life. To avoid this, construction companies deploy geofoam products in civil construction or surface transportation infrastructure that maintains the geometry of the structure. Recent years have seen a tremendous amount of progress in the use of geofoams in slope stabilisation.

Global Geofoam Market: Regional Insights

Geographically, the global geofoam market is categorized into North America, Europe, the Asia-Pacific, the Middle East & Africa, and Latin America. Among all the regions, the Asia Pacific is likely to be the fastest-growing region dueing the forecast period. The impressive growth of the geofoam market in this region can be ascribed to people in India and China having more disposable income and a growing population in the APAC countries. As part of the government's initiative to strengthen local infrastructure, the region has seen an increase in repair and restoration activities in recent years. To encourage local construction companies, South Korea, the Philippines, and Thailand are planning to reduce their import volumes for construction projects. Such advancements are projected to increase geofoam market share in regional construction by 2027.

Regional Insights

Source: BlueWeave Consulting

Competitive Landscape

The global geofoam market is moderately fragmented due to the presence of numerous domestic and international players. Besides this, the emergence of new entrants has resulted in healthier competition among long-established service providers in the industry. Some key players in the global geofoam market are Carlisle, Amvic Inc., Atlas Roofing Corporation, Insulation Company of America, LLC, Foam Products Corporation, Jablite, Thermafoam, LLC, Expol, Pacific Allied Products, Ltd., Airfoam, Harbor Foam, Groupe Legerlite Inc., Drew Foam, Plasti-Fab Ltd., and other prominent players.

 

Recent Developments

  • In April 2021, Atlas Roofing Corporation introduced SureSlope Prefabricated Tapered Products. Atlas has rebranded and upgraded its industry-leading Gemini Pre-Cut Tapered Polyiso Roof Insulation portfolio as SureSlope, offering contractors, architects, and engineers a more concise understanding of the product's purpose and benefits. The SureSlope DST 808 Drain Set, created to help contractors avoid installation errors, reduce worksite waste, and boost installation time, has been added to the product line.

 

  • In January 2021, Wynnchurch Capital, L.P. announced that it had acquired Insulation Corporation of America. ICA is a maker of expanded polystyrene foam products for various purposes in the northeastern United States, including building insulation, infrastructure construction, packaging, cold chain, and other applications. Drew Foam Firms, Inc. and Huntington Foam, LLC, both Wynnchurch portfolio companies, will join ICA under one platform.

Scope of the Report

Attribute

Details

Years Considered

Historical data – 2017-2020

Base Year – 2020

Forecast – 2021 – 2027

Facts Covered

Revenue in USD Million

Market Coverage

U.S, Canada, France, Germany, United Kingdom, Rest of the Europe, Japan, China, India, New Zealand, Australia, Rest of the APAC, Brazil, Mexico, Rest of the Latin America, South Africa, Saudi Arabia, UAE, and Rest of MEA.

Product/Service Segmentation

By Type, By End-Use, By Application, and By Region

Key Players

Key Players for the market are Carlisle, Amvic Inc., Atlas Roofing Corporation, Insulation Company of America, LLC, Foam Products Corporation, Jablite, Thermafoam, LLC, Expol, Pacific Allied Products, Ltd., Airfoam, Harbor Foam, Groupe Legerlite Inc., Drew Foam, Plasti-Fab Ltd., and other prominent players.

 

  • By Type
        • Expanded Polystyrene Geofoams (EPS)
        • Extruded Polystyrene Geofoam (XPS)
  • By End-Use
        • Road & Highway Construction
        • Building & Infrastructure
        • Airport Runway & Taxiways
        • Others
  • By Application
        • Structure Foundation
        • Embankments
        • Slope Stabilization
        • Insulation
        • Retaining Structures
        • Others
  •  By Region
        • North America
        • Europe
        • The Asia-Pacific
        • Latin America
        • The Middle East and Africa

Frequently Asked Questions:

Ans: The global geofoam market reached USD 698.3 million in 2020.
Ans: Increased product demand for various applications, such as soft ground construction, void filling, slope stabilization, and others, is expected to drive the growth of geofoam.
Ans: The key players in the global geofoam market are Carlisle, Amvic Inc., Atlas Roofing Corporation, Insulation Company of America, LLC, Foam Products Corporation, Jablite, Thermafoam, LLC, Expol, Pacific Allied Products, Ltd., Airfoam, Harbor Foam, Groupe Legerlite Inc., Drew Foam, Plasti-Fab Ltd., and other prominent players.
Ans: Based on end-use, road & highway construction segment accounted for the largest share in the global geofoam market.
Ans: Asia-Pacific is growing at a higher rate in the global geofoam market.