Geofoam Market: Current Analysis and Forecast (2021-2027)

Geofoam Market: Current Analysis and Forecast (2021-2027)

The global geofoam market is likely to showcase a growth of around 7% during the forecast period. Geofoam has been used as a geotechnical material over the last couple of decades. It is just 1% of the weight of soil and less than 10% the weight of other lightweight fill alternatives. Thereby it is preferred among engineers as a soil substitute. Further, the use of EPS typically translates into benefits to construction schedules and lowers the overall cost of construction because it is easy to handle during construction, often without the need for special equipment, and is unaffected by occurring weather conditions. In addition, EPS geofoam can be easily cut and shaped on a project site, which further reduces job site challenges. Further, the material is resistant to alkalis, dilute inorganic acids, gypsum plaster, alcohols, Portland cement, silicone oil, and solvent-free bitumen. Therefore, as the world is building intricate civil engineering projects on soft ground and slopes, therefore geofoam is one of the typical materials that is gaining market stakeholders traction.

Insights Presented in the Report
"Amongst type, EPS held a prominent share in the market in 2020”

Based on the type, the market is categorized into EPS and XPS. Of both, EPS accounted for a significant share in the market owing to its increasing use in road and airfield pavements and railway track systems, beneath refrigerated storage buildings, sports arenas and storage tanks to prevent ground freezing and heaving, and in the below-ground building to reduce seasonal heating and cooling requirements. Further, in the case of XPS, hydrofluorocarbon (HFC-134a) gas is used as a blowing agent to create the pockets that give it its insulating properties. Since the HFC-134a is a potent greenhouse gas with a 100-year global warming potential (GWP) is 1430. Therefore, its demand is suffering due to stringent environmental regulations. 
"Amongst applications, structure foundation accounted for a significant share in 2020”

Based on application, the market is categorized into structure foundation, embankments, slope stabilization, insulation, retaining structure, and others. Among these, structure foundation is among the leading category accounting for significant consumption of geofoam and is likely to maintain its position in the market during the foreseeable future. This can be ascribed to the properties of geofoam which suffice the requirements of structure foundation like maintaining structure integrity, thermal barrier, strength, and low cost. For instance, engineering plans often call for the placement of new fill over existing underground structures that were not designed to support the increased loads. Rather than removing or strengthening the existing underground structures, the new fill load can be reduced to a tolerable level by using EPS geofoam instead of heavier traditional fills.
"North America is expected to retain its position during the forecast period”

For a better understanding of the market adoption of Geofoam, the market is analyzed based on its worldwide presence in the countries such as North America (the United States, Canada, Rest of North America), Europe (Germany, the United Kingdom, France, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of Asia-Pacific), and Rest of World. North America accounted for a significant share of the market and is expected to showcase significant growth over the forecast period. This can be ascribed to the high awareness among the construction companies regarding the benefits of geofoam coupled with the presence of a large number of geofoam manufacturers in the region. Also, in the last couple of years, the demand for geofoam has increased significantly in the region owing to rising government focus on sustainable developments.

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