Geofoams Market to Reap Excessive Revenues by 2023
Global Geofoams Market: Overview
Geofoams are extruded polystyrene (XPS) or expanded polystyrene (EPS), which can be manufactured into lightweight blocks that offer desired strength and protection against heat or frost. The construction industry is the primary consumer of geofoams, finding application in road repair and in other concrete parts of a building. With rapid urbanization across the world, especially in vastly populated and large-landscaped countries such as India, UAE, and China, the construction industry is currently flourishing. This factor in turn is providing traction to the global geofoams market, which is projected to expand at a robust rate during the forecast period of 2016 to 2023.
This report on the global geofoams market has been developed in order to provide useful insights from business perspective to targeted audiences such as manufacturers of geofoams, traders and distributors, and government agencies across the world. The report studies all the factors that may influence the demand for geofoams in the near future and estimates the opportunities in the market until 2023. Several leading companies operating in the global geofoams market have also been profiled for their geographical presence, share of the pie, competitors, and recent developments.
Application-wise, the global geofoams market can be segmented into building and construction, roadways, vibration and noise damping, landfill, and bridges while on the basis of type, the market can be categorized into EPS geofoams and XPS geofoams. Geographically, the report evaluates the opportunities available for the stakeholder of geofoams market in regions such as the Middle East and Africa, North America, Latin America, Europe, and Asia Pacific.
Global Geofoams Market: Trends & Opportunities
Roadways continue to be the major application segment for geofoams. India and other emerging economies are continuously improving their road-infrastructure and the lightweight material is being preferred over other alternatives and driving the demand in the global geofoams market. In addition to construction and roadways, geofoams are now being used for large industrial pipes and as compressible inclusions in tunnels. There is no real requirement of mechanical fastening when working with geofoams, which leads to various benefits and reduces the overall cost of the construction.
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Moreover, geofoams are quite immune to external environmental conditions and can be readily formulated at the construction site. This is another factor favoring the global geofoams market. As geofoams offer excellent dampening of noise and vibration, their application is now expanding beyond building construction and roadways to bridges, railway tracks, beneath refrigerated storage buildings, and storage tanks that help in preventing ground freezing. With this expanding application, the demand in the global market for geofoams is expected to consistently grow during the forecast period. On the other hand, vulnerability of geofoams when subjected to certain petroleum solvents necessitates extra care to be taken during the construction.
Global Geofoams Market: Regional Outlook
North America, gaining demand primarily from the U.S. and Asia Pacific, which is driven by China and India, are two of the most lucrative regions in the global geofoams market. Acceptance of geofoams in these two regions is expected to sustain the growing demand for the same throughout the forecast period.
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