Global Geofoams Market to be dominated by utilization of geofoams in roadways construction through 2028
Initiatives taken by government to
support the production of geofoams are the major drivers for the Global
Geofoams Market.
According
to TechSci Research report, “Geofoams Market –Global Industry Size, Share,
Trends, Competition, Opportunity and Forecast, 2018-2028”, the Global Geofoams Market is
anticipated to register a high CAGR during the forecast period. This can be
ascribed to collaborations and partnerships among leading companies with a
diverse approach to merge the expertise of individual companies and to
strengthen their position in the market.
In the realm of contemporary infrastructure
development, the utilization of innovative materials has become crucial to
enhance construction efficiency, durability, and sustainability. One such
groundbreaking material that has gained significant prominence in recent years
is geofoam. Geofoams are lightweight, cellular materials made from expanded
polystyrene (EPS) or other polymers, and they are increasingly being employed
in roadway construction. The utilization of geofoams in roadways not only
addresses several construction challenges but also serves as a key driver of
the global geofoams market. Geofoams are a type of lightweight fill material
that offer exceptional strength-to-weight ratios, making them suitable for
various civil engineering applications. Consisting of 98% air and 2%
polystyrene, geofoams exhibit remarkable load-bearing capacity while being
significantly lighter than traditional fill materials such as soil or
aggregate. This characteristic makes geofoams an attractive choice for
construction projects that require load reduction without compromising
structural integrity.
Traditional fill materials necessitate extensive
excavation and compaction processes, which can be time-consuming and
labor-intensive. In contrast, geofoams can be easily cut and shaped on-site,
reducing installation time significantly. Moreover, their lightweight nature
minimizes the need for heavy machinery, simplifying the construction process.
Geofoams act as a stabilizing agent by providing a consistent and controlled
void space beneath the roadway. This helps in mitigating the effects of soil
erosion, swelling, and contraction, leading to improved long-term performance
and reduced maintenance requirements. As geofoams are primarily made from
expanded polystyrene, they are recyclable and have a low impact on the
environment. Their use in roadway construction aligns with sustainable
development goals by reducing the consumption of non-renewable resources and
minimizing waste generation. As nations continue to invest in modernizing their
infrastructure, the demand for innovative materials that improve construction
speed, reduce costs, and enhance longevity is growing. Geofoams align perfectly
with these requirements.
The increasing demand for sustainable and
cost-effective construction materials has led governments worldwide to acknowledge
the potential of geofoams. Consequently, proactive initiatives are being
undertaken to support their production. Geofoams play a crucial role in
infrastructure projects, including roadways, bridges, embankments, and
underground structures. Governments recognize the benefits of geofoams in
reducing construction costs, minimizing settlement issues, and prolonging
infrastructure lifespan. Consequently, they are incorporating geofoam usage
guidelines into their infrastructure development programs, incentivizing
contractors and engineers to adopt these materials. The rise in government
infrastructure building projects in Asia-Pacific nations, such as India, is
driving the growth of the geofoam market. For instance, the Indian government
has significantly increased funding for infrastructure in the Union Budget
2021, allocating INR. 233,083 crore (USD 32.02 billion) to upgrade
transportation infrastructure. The government has also expanded the number of
projects in the National Infrastructure Pipeline (NIP) to 7,400. By 2020, a
total of 217 projects amounting to INR. 1.10 lakh crore (USD 15.09 billion) had
been completed. In July 2021, the government invested USD 1.4 trillion in
infrastructure development through the NIP.
Consequently, the surge in infrastructure
development in India is expected to expand the application of geofoams in these
projects, thereby positively impacting the growth of the geofoam market during
the forecast period. The growth of the industry has been accelerated through
strategic partnerships that bring together diverse expertise, spanning from
material science and engineering to architecture and urban planning. These
collaborations have played a crucial role in expanding the global presence of
geofoams. Manufacturers have established strategic alliances with distribution
networks, enabling the widespread adoption of these materials in new markets
and regions. Within the construction industry, companies like MCL Construction
have successfully utilized geofoam to execute projects, such as the
construction of a new worship auditorium at Love Church in Omaha, Nebraska.
This collaboration serves as a testament to the efficacy of geofoam in
delivering innovative solutions for construction endeavors.
However, lack in availability and high cost of raw
materials along with flammability of geofoam towards petroleum solvents are expected
to slow down the growth of the market in the coming years.
Browse
over XX market data Figures and spread through 165 Pages and an in-depth TOC
on "Global Geofoams Market.”
The Global Geofoams Market segmentation is based on
Type, Application, By Company, and Region.
Some
of the major companies operating in the Global
Geofoams Market include:
- Amvic
Building Systems
- ACH
Foam Technologies, LLC
- Foam
Products Corporation
- Jablite
Limited
- Thermafoam
LLC
- Expol
Ltd.
- Airfoam
Industries Ltd.
- Foamex
International Inc.
- Technopol
SA
- Geofoam
International LLC
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“Certain regions, particularly the Asia
Pacific, are projected to exert significant demand for geofoams worldwide. The
growth in the competitive landscape and the presence of well-established
companies in the market, committed to enhancing their geofoams productivity
each year, are expected to contribute to a remarkable growth of the Global
Geofoams Market in the forecast period," said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based Global management consulting
firm.
Global
Geofoams Market By Type (EPS Geofoams and XPS Geofoams), By Application (Roadways,
Building & Construction and Others), By Region, Competition, Forecast and
Opportunities, 2029 has evaluated the
future growth potential of Global Geofoams Market and provides statistics &
information on market size, structure, and future market growth. The report
intends to provide innovative market intelligence and help decision makers take
sound investment decisions. Besides, the report also identifies and analyzes
the emerging trends along with essential drivers, challenges, and opportunities
in Global Geofoams Market.
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