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

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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.

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“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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Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts
• The report presents a quick review of overall industry performance at one glance
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
• The study comprehensively covers the market across different segments
• Deep dive country-level analysis of the industry

Customization Options:

The global geofoam market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

Research Methodology

Research Methodology for Global Geofoam Market Analysis (2019-2027)

Analyzing the historical market, estimating the current market, and forecasting the future market of geofoam, three major steps are undertaken to create and analyze its adoption across the globe. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the geofoam industry. Post assumption and validation of market numbers through primary interviews, we employed a bottom-up approach to forecast the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

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Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of geofoam through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the geofoam market, we conducted a detailed secondary analysis to gather current market insights and share for different segments & sub-segments for major regions. The major segment is included in the report by type, application, and end-use. Further regional and country-level analyses were conducted to evaluate the overall adoption of geofoam globally.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of geofoam. Further, we conducted factor analysis using dependent and independent variables such as the growing infrastructure development in developing economies and increasing investment in airport developments. A thorough analysis was conducted for demand and supply-side scenarios considering an increasing investment, top partnerships, mergers and acquisitions, business expansion, and product launches in the Geofoam industry.

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Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global Geofoam market, and market shares of each segment. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the bottom-up approach were applied to arrive at the market forecast to 2027 for different segments and subsegments across the major regions globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of value (US$) and the adoption rate of geofoam across the major markets
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the geofoam market. Also, the growth strategies adopted by these players to compete in the fast-growing market.

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants by Stakeholders and Regions

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Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global geofoam market. Data was split into several segments & sub-segments post studying various parameters and trends in the area of type, application, and end-use.

The main objective of the geofoam market study

The current & future market trends of global geofoam were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends would determine the overall attractiveness of the market at a country level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of geofoam in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
• Segment in the study include the area of type, application, and end-use
• Defined analysis of the regulatory framework for the geofoam industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of geofoam for the major countries
• Major regions/countries analyzed in the report include North America (the United States, Canada, Rest of North America), Europe (Germany, the United Kingdom, France, Italy, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Rest of Asia-Pacific), and Rest of World
• Company profiles of the geofoam market players and the growth strategies adopted by them to sustain in the growing market

Deep dive country-level analysis of the industry