CHICAGO, Oct. 11, 2019 /PRNewswire/ -- According to the new market research report "Geofoams Market by Type (Expanded Polystyrene (EPS) Geofoam, and Extruded Polystyrene (XPS) Geofoam), Application (Road & Highway Construction, Building & Infrastructure, Airport Runways & Taxiways), Region - Global Forecast to 2024", published by MarketsandMarkets™, the Geofoams Market is projected to grow from USD 786 million in 2019 to USD 1,069 million by 2024, at a CAGR of 6.3% from 2019 to 2024.
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The rising demand from varying sectors such as, road construction, road widening, in bridges, as buried structures, embankments, and others, as well as the incessant infrastructural growth in emerging economies, such as China, India, Brazil, Saudi Arabia, UAE, and Mexico worldwide is one of the key factors driving the growth of the geofoams market across the globe.
The road & highway construction segment is projected to lead the geofoams market in terms of both value and volume during the forecast period.
Based on application, the road & highway construction segment led the geofoams market in 2019 in terms of both value and volume. The growth of this segment can be attributed to incessant infrastructural growth in emerging economies, suc h as China, India, Brazil, Saudi Arabia, UAE, and Mexico, which is driving the growth of the road & highway construction segment. Furthermore, factors such as better road connectivity in the regions such as Asia Pacific, Europe, and Middle East are resulting in the hike in demand for road & highway construction segment and thus propelling the demand for geofoams as well.
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The expanded polystyrene (EPS) geofoam type segment is projected to lead the geofoams market in terms of both value and volume from 2019 to 2024.
Based on type, the expanded polystyrene (EPS) geofoam segment accounted for the largest share of the geofoams market in 2018. The expanded polystyrene (EPS) geofoam segment is projected to lead the market in terms of both value and volume during the forecast period. Expanded polystyrene (EPS) geofoam blocks vary in size though the general dimensions are 2m x 0.75m x 0.75m. The expanded polystyrene (EPS) geofoam are compatible with a multitude of construction applications such as roads, foundations, highways, and others in geofoams industry. The growth in this market is mainly attributed to extensive usage of the expanded polystyrene (EPS) geofoam in infrastructural applications such as roads, highways, railways, foundations, and others.
The geofoams market in South America is projected to grow at the highest CAGR in terms of both value and volume during the forecast period.
The Geofoams Market in South America is projected to grow at the highest CAGR in terms of both value and volume from 2019 to 2024. Brazil and Argentina are key countries contributing to the increased demand for geofoams in this region. Factors such as the end of recession in Brazil and Argentina, coupled with the positive growth prospects for Colombia, Chile, and Peru, have increased demand for geofoams in this region.
Carlisle Construction Types (CCM) (US), Amvic Building Systems (Canada), ACH Foam Technologies, LLC (US), Jablite (UK), Expol Ltd. (New Zealand), Foam Products Corporation (US), Harbor Foam (US), Airfoam Industries Ltd. (Canada), Pacific Allied Products Ltd. (US), Thermafoam LLC (US), Groupe Legerlite Inc. (Canada), and Insulation Corporation of America (US) are some of the leading players operating in the geofoams market. These players have adopted the strategies of expansions, acquisitions, new product launches, partnerships, and agreements to enhance their position in the market.
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