Geofoams Market to experience an impressive growth of 9.2% during 2020-2025
January 28, 2020
Geofoams Market is likely to witness an impressive CAGR of 9.2% during the forecast period. The market for geofoams is at a progressive phase and is expected to grow likewise in the coming five years. The claim for geofoams is upward as they offer enormous cost savings and remarkable load-bearing properties. Large scale infrastructural ventures in developing countries, such as China, India, Brazil, Saudi Arabia, and Qatar are influencing the high demand for geofoams globally.
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Geofoams Market Segment Insights:
By Resin Type:
Based on the type, the market is segmented as EPS geofoams and XPS geofoams. The XPS geofoams segment is estimated to depict a faster growth in the coming years. The growth is attributed to the overall growth in the use of geofoams owing to the growing cognizance about the advantages of geofoams over conventional land stabilization materials in various construction activities.
By Application Type:
Based on the application type, the market is segmented as roadways and building and construction. The roadways application segment is expected to be the faster-growing segment during the forecast period. The rising demand from various core sectors, such as construction and roads & highways is the prime factor contributing to the rapid growth of the global geofoams market.
By Region:
In terms of regions, Asia-Pacific is the largest consumer of geofoams and is also estimated to depict high growth in the coming five years. China and India are the growth engines of the region. The market is majorly driven by the rise in geofoams’ demand from various application segments, such as construction and roads & highways. North America and Europe are also expected to offer considerable growth opportunities during the forecast period.
Key Players:
Some of the major players in the geofoams market are ACH Foam Technologies, LLC, Amvic Building Systems, Carlisle Construction Materials, Expol Ltd., Groupe Legerlite, Inc., Insulation Corporation of America, Mansonville Plastics (BC) Ltd., Poly Molding LLC, and Thermafoam LLC.
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