December 13, 2019
According to the research report titled ‘Geofoam Market Size By Product Type (EPS Geofoam, XPS Geofoam), By Application (Void Fill, Slope Stabilization, Embankments, Retaining Structures, Insulation, Others), By End Use (Road & Railways, Building & Construction, Others), Industry Analysis Report, Regional Outlook, Application Potential, Price Trend, Competitive Market Share & Forecast, 2019 – 2026’ available at MarketStudyReport.com, the global geofoam market is expected to be worth USD 1.1 billion by the year 2026.
Geofoam is known to have high compressive strength and is lightweight. They play a significant role in roadways & building construction activities. Hence, escalating investments in transport sector, coupled with rising renovation activities of existing infrastructure is aiding the expansion of geofoam market. Escalating investments infrastructure development and booming construction sector are augmenting the demand for geofoam across the globe.
In terms of product type, geofoam market is categorized into XPS geofoam and EPS geofoam. The report cites that recovering construction sector in Europe will propel the growth of XPS geofoam segment. As per application spectrum, the market is classified into slope stabilization, void fill, retaining structures, embankments, and insulation. Speaking of end use scope, geofoam market is bifurcated according to building & construction, and road & railway sectors.
Considering the geographical landscape, the report cites that developing regions such as Latin America and Asia-Pacific will contribute significantly towards the growth of geofoam market. For instance, the Indian Government is planning to build a 200,000 km highway using geofoam by the year 2022. Thus, escalating developments of infrastructure, along with surging product adoption by various governments are fueling the demand for geofoam products across the two regions.
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As per the study, growing demand of superior infrastructure in Latin America is also contributing to the geofoam market growth. Moreover, Africa geofoam market is expected to grow substantially owing to surging investments in infrastructure development across power, energy, and transport sectors.
The prominent companies operating in geofoam market are Cellofoam North America Inc., ACH Foam Geofoam, Jablite, Carlisle Construction Materials LLC, Epack, Jebsen & Jessen packaging, Amvic Inc. and Dupont de Nemours.
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