Report Overview

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.

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.

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.

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

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

    • Middle East and Africa

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Research Methodology
   1. Qualitative Research
      1. Primary & Secondary Research
   2. Quantitative Research
   3. Market Breakdown & Data Triangulation
      1. Primary & Secondary Research Application
      2. Secondary Research
      3. Primary Research
   4. Breakdown of Primary Research Respondents, By Region
   5. Assumption & Limitation
3. Executive Summary
4. Global Geofoam Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
      2. Restraints
      3. Opportunities
      4. Challenges
   3. Recent Development/Technological Advancements
   4. Regulatory Framework
   5. Porter’s Five Forces Analysis
      1. Bargaining Application of Suppliers
      2. Bargaining Application of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
5. Global Geofoam Market Overview
   1. Market Size & Forecast by Value, 2017-2027
      1. By Value (USD Million)        
   2. Market Share & Forecast
      1. By Type
         1. Expanded Polystyrene Geofoams (EPS)
         2. Extruded Polystyrene Geofoam (XPS)
      2. By End-Use
         1. Road & Highway Construction
         2. Building & Infrastructure
         3. Airport Runway & Taxiways
         4. Others
      3. By Application
         1. Structure Foundation
         2. Embankments
         3. Slope Stabilization
         4. Insulation
         5. Retaining Structures
         6. Others
      4.  By Region
         1. North America
         2. Europe
         3. The Asia-Pacific
         4. Latin America
         5. The Middle East and Africa
6. North America Geofoam Market  
   1. Market Size & Forecast by Value, 2017-2027
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Type
      2. By End-Use
      3. By Application
      4. By Country
         1. United States
         2. Canada
7. Europe Geofoam Market
   1. Market Size & Forecast by Value, 2017-2027
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Type
      2. By End-Use
      3. By Application
      4. By Country
         1. France
         2. Germany
         3. United Kingdom
         4. Rest of Europe
8. Asia-Pacific Geofoam Market
   1. Market Size & Forecast by Value, 2017-2027
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Type
      2. By End-Use
      3. By Application
      4. By Country
         1. Japan
         2. China
         3. India
         4. New Zealand
         5. Australia
         6. Rest of APAC
9. Latin America Geofoam Market
   1. Market Size & Forecast by Value, 2017-2027
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Type
      2. By End-Use
      3. By Application
      4. By Country
         1. Brazil
         2. Mexico
         3. Rest of Latin America
10. Middle East & Africa Geofoam Market
    1. Market Size & Forecast by Value, 2017-2027
       1. By Value (USD Million)
    2. Market Share & Forecast
       1. By Type
       2. By End-Use
       3. By Application
       4. By Country
          1. South Africa
          2. Saudi Arabia
          3. UAE
          4. Rest of MEA
11. Competitive Landscape
    1. Company Market Share Analysis, 2020
    2. Competitive Benchmarking, By Product Offerings
    3. List of Key Players and their Offerings
12. Impact of COVID-19 across Industry
13. Company Profile (Company Overview, Financial Matrix, Key Product landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook) *
    1. Carlisle
    2. Amvic Inc.
    3. Atlas Roofing Corporation
    4. Insulation Company of America, LLC
    5. Foam Products Corporation
    6. Jablite
    7. Thermafoam, LLC
    8. Expol
    9. Pacific Allied Products, Ltd.
    10. Airfoam
    11. Harbor Foam
    12. Groupe Legerlite Inc.
    13. Drew Foam
    14. Plasti-Fab Ltd.
    15. Other Prominent Players
14. Key Strategic Recommendations

*Financial details of unlisted companies will be available as per data availability in final deliverable

**The segmentation and the companies are subjected to modifications based on in-depth secondary for the final deliverable.

List of Figures.

Fig 1: Global Geofoam Segmentation

Fig 2: Global Geofoam Market Value Chain Analysis

Fig 3: Company Market Share Analysis, 2020

Fig 4: Global Geofoam Market Size, By Value (USD Million), 2017-2027

Fig 5: Global Geofoam Market Share, By Type, By Value, 2017-2027

Fig 6: Global Geofoam Market Share, By End-Use, By Value, 2017-2027

Fig 7: Global Geofoam Market Share, By Application, By Value, 2017-2027

Fig 8: Global Geofoam Market Share, By Region, By Value, 2017-2027

Fig 9: North America Geofoam Market Size, By Value (USD Million), 2017-2027

Fig 10: North America Geofoam Market Share, By Type, By Value, 2017-2027

Fig 11: North America Geofoam Market Share, By End-Use, By Value, 2017-2027

Fig 12: North America Geofoam Market Share, By Application, By Value, 2017-2027

Fig 13: North America Geofoam Market Share, By Country, By Value, 2017-2027

Fig 14: Europe Geofoam Market Size, By Value (USD Million), 2017-2027

Fig 15: Europe Geofoam Market Share, By Type, By Value, 2017-2027

Fig 16: Europe Geofoam Market Share, By End-Use, By Value, 2017-2027

Fig 17: Europe Geofoam Market Share, By Application, By Value, 2017-2027

Fig 18: Europe Geofoam Market Share, By Country, By Value, 2017-2027

Fig 19: the Asia-Pacific Geofoam Market Size, By Value (USD Million), 2017-2027

Fig 20: the Asia-Pacific Geofoam Market Share, By Type, By Value, 2017-2027

Fig 21: the Asia-Pacific Geofoam Market Share, By End-Use, By Value, 2017-2027

Fig 22: the Asia-Pacific Geofoam Market Share, By Application, By Value, 2017-2027

Fig 23: the Asia-Pacific Geofoam Market Share, By Country, By Value, 2017-2027

Fig 24: Latin America Geofoam Market Size, By Value (USD Million), 2017-2027

Fig 25: Latin America Geofoam Market Share, By Type, By Value, 2017-2027

Fig 26: Latin America Geofoam Market Share, By End-Use, By Value, 2017-2027

Fig 28: Latin America Geofoam Market Share, By Application, By Value, 2017-2027

Fig 29: Latin America Geofoam Market Share, By Country, By Value, 2017-2027

Fig 30: The Middle East & Africa Geofoam Market Size, By Value (USD Million), 2017-2027

Fig 31: The Middle East & Africa Geofoam Market Share, By Type, By Value, 2017-2027

Fig 32: The Middle East & Africa Geofoam Market Share, By End-Use, By Value, 2017-2027

Fig 33: The Middle East & Africa Geofoam Market Share, By Application, By Value, 2017-2027

Fig 34: The Middle East & Africa Geofoam Market Share, By Country, By Value, 2017-2027

List of Tables.

Table 1: Global Geofoam Size, By Form, By Value, 2017-2027

Table 2: Global Geofoam Market Size, By Type, By Value, 2017-2027

Table 3: Global Geofoam Market Size, By End-Use, By Value, 2017-2027

Table 4: Global Geofoam Market Size, By Application, By Value, 2017-2027

Table 5: Global Geofoam Market Size, By Region, By Value, 2017-2027

Table 6: North America Geofoam Market Size, By Type, By Value, 2017-2027

Table 7: North America Geofoam Market Size, By End-Use, By Value, 2017-2027

Table 8: North America Geofoam Market Size, By Application, By Value, 2017-2027

Table 9: North America Geofoam Market Size, By Country, By Value, 2017-2027

Table 10: Europe Geofoam Market Size, By Type, By Value, 2017-2027

Table 11: Europe Geofoam Market Size, By End-Use, By Value, 2017-2027

Table 12: Europe Geofoam Market Size, By Application, By Value, 2017-2027

Table 13: Europe Geofoam Market Size, By Country, By Value, 2017-2027

Table 14: the Asia-Pacific Geofoam Market Size, By Type, By Value, 2017-2027

Table 15: the Asia-Pacific Geofoam Market Size, By End-Use, By Value, 2017-2027

Table 16: the Asia-Pacific Geofoam Market Size, By Application, By Value, 2017-2027

Table 17: the Asia-Pacific Geofoam Market Size, By Country, By Value, 2017-2027

Table 18: Latin America Geofoam Market Size, By Type, By Value, 2017-2027

Table 19: Latin America Geofoam Market Size, By End-Use, By Value, 2017-2027

Table 20: Latin America Geofoam Market Size, By Application, By Value, 2017-2027

Table 21: Latin America Geofoam Market Size, By Country, By Value, 2017-2027

Table 22: The Middle East & Africa Geofoam Market Size, By Type, By Value, 2017-2027

Table 23: The Middle East & Africa Geofoam Market Size, By End-Use, By Value, 2017-2027

Table 24: The Middle East & Africa Geofoam Market Size, By Application, By Value, 2017-2027

Table 25: The Middle East & Africa Geofoam Market Size, By Country, By Value, 2017-2027

Table 26: Carlisle Business Overview

Table 27: Carlisle Financial Analysis

Table 28: Amvic Inc. Business Overview

Table 29: Amvic Inc. Financial Analysis

Table 30: Atlas Roofing Corporation Business Overview

Table 31: Atlas Roofing Corporation Financial Analysis

Table 32: Insulation Company of America, LLC Business Overview

Table 33: Insulation Company of America, LLC Financial Analysis

Table 34: Foam Products Corporation Business Overview

Table 35: Foam Products Corporation Financial Analysis

Table 36: Jablite Business Overview

Table 37: Jablite Financial Analysis

Table 38: Thermafoam, LLC Business Overview

Table 39: Thermafoam, LLC Financial Analysis

Table 40: Expol Business Overview

Table 41: Expol Financial Analysis

Table 42: Pacific Allied Products, Ltd. Business Overview

Table 43: Pacific Allied Products, Ltd. Financial Analysis

Table 44: Airfoam Business Overview

Table 45: Airfoam Financial Analysis

Table 46: Harbor Foam Business Overview

Table 47: Harbor Foam Financial Analysis

Table 48: Groupe Legerlite Inc. Business Overview

Table 49: Groupe Legerlite Inc. Financial Analysis

Table 50: Drew Foam Business Overview

Table 51: Drew Foam Financial Analysis

Table 52: Plasti-Fab Ltd. Business Overview

Table 53: Plasti-Fab Ltd. Financial Analysis