Global Geofoams Market - Segmented by Type, Application and Geography - Growth, Trends and Forecasts (2018 - 2023)
The global geofoams market is expected to witness a CAGR of 7.64% during the forecast period of 2018–2023, driven by the rising demand for geofoams from the transportation sector. The low density of geofoams to maintain appropriate compressive strength in structural applications is also likely to stimulate the geofoams market.
Transportation Sector Driving the Market
Geofoams are widely preferred for transportation applications. It can be used for highways, airport runways, railways and bridge approaches, owing to its lightweight properties and does not typically require preloading and staging as compared to alternate void fill materials. The increasing investments in the Middle-East & Africa region for the construction of airports and highways is likely to drive the demand of geofoams in the coming years. The Fifa World Cup 2022 in Qatar is also expected to boost the transportation sector, thereby driving the geofoams market.
EPS in Construction Holds the Largest Market Share
The global geofoams market, based on the type, can be broadly segmented into Expanded Polystyrene (EPS) and Extruded Polystyrene (XPS). EPS is expected to dominate the geofoams market, owing to its advantages, like low cost and better environmental sustainability. It is widely used in the construction of highways, bridges, parking lot, etc. China is the largest producer of EPS, accounting for more than 50% of the total production across the globe.
Construction Activities Driving the Asia-Pacific Market
The market, based on the geographic area, is segmented into Asia-Pacific, North America, Europe, South America, and the Middle East & Africa. In terms of consumption in 2017, Asia-Pacific held a significant market share, closely followed by North America and Europe. Asia-Pacific is expected to be an emerging market during the forecast period, with the increase in highways and road construction activities in China, India, and ASEAN countries. Middle-East & Africa is expected to have a significant growth rate, owing to increasing investments in airports and highways.
Major players are ACH Foam Technologies, AFM Corporation, Carlisle, and Atlas EPS, amongst others.
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