Geofoam Market size to surpass $1.5 Bn by 2032

Geofoam Market size is slated to exceed a valuation of USD 1.5 billion by 2032, as per a recent research report announced by Global Market Insights Inc.
 

Significant growth of the travel and construction sectors as the chief drivers of the geofoam industry. Furthermore, increasing urban immigration and intermigration in countries is also boosting market expansion. According to the World Economic Forum, the population of the world’s urban areas is growing by 200,000 people per day, all of whom need affordable housing, social, transportation, and utility infrastructure, which is foreseen to accelerate the use of geofoam in infrastructural development.
 

High insulation capacity to increase XPS geofoam beet industry share

With respect to product, the study classifies the geofoam market into EPS geofoam and XPS geofoam beet. The XPS geofoam beet segment is estimated to grow at a 6.5% CAGR between 2023 and 2032. The wide-ranging utilization of XPS geofoam as insulation beneath highways and airport runways due to its capability to endure freeze-thaw cycles and extreme long-term insulating power is expected to bolster its utilization in roadways & construction projects.
 

Recovering construction sector to push building & construction segment expansion

Heavy demand for geofoam, especially for building & construction projects. The rapid growth of the building & construction sector in the Asia Pacific region is boosting the utilization of geofoam. In addition, fueled by the recovering construction industry in Europe, the geofoam market share from the building & construction segment is anticipated to depict a 7% CAGR from 2023 to 2032.
 

Rising use as a lightweight soil alternative to augment embankments segment trends

The deployment of geofoam for the refurbishment of embankments is set to remain high through the forecast years. The geofoam market size from the embankments application segment is slated to be worth USD 200 million by 2032 as a result of its use as a super lightweight soil substitute in treating unstable roadway embarkment over soft ground. The segment growth is primed to be further driven by soaring awareness associated with the properties of geofoam that are beneficial for underground utilities.
 

Browse key industry insights spread across 240 pages with 443 market data tables and 38 figures & charts from the report “Geofoam Market Statistics By Product (EPS Geofoam, XPS Geofoam), Application (Void Fill, Slope Stabilization, Embankments, Retaining Structures, Insulation, and Others), End Use (Road & Railways, Building & Construction, and Others), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2023 - 2032”, in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/geofoam-market
 

Government efforts to improve infrastructure to bolster North America industry landscape

North America geofoam market is foreseen to reach USD 400 million by 2032. The region may emerge as a major revenue hub for this industry owing to the strong presence of geofoam manufacturers in the U.S. Moreover, ongoing initiatives and high spending by governments of emerging countries toward improving roadway infrastructure and the construction sector are projected to favor regional market forecasts.
 

Acquisition & partnerships to remain a major growth strategy

The competitive landscape of the geofoam industry is speculated to witness a series of strategic acquisitions, product innovation, and expansion of production facilities by industry players. Some key players profiled in the geofoam market report include Cellofoam North America Inc., Jebsen & Jessen Packaging, Poliestireno Alfa-Gamma S.A., Drew Foam Companies Inc., DuPont de Nemours, Amvic Inc., Airfoam Industries Ltd, and National Polystyrene Packaging Factory L.L.C, among others.