Major trends influencing global Geofoam Market size in 2020 and beyond

Increasing construction activities across emerging nations will drive geofoam market share over the next few years. There has been continuous investments in developing the transport infrastructure in Asia Pacific. Mounting need for improvements and remodeling activities of houses in Europe shall further help influence the industry.

Geofoam exhibits some excellent properties like high compressive strength and light weight that make it a superior filling material used in roadways and building constructions. Global geofoam market size is predicted to reach over USD 1.1 billion by 2026.

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The demand for geofoam will have a major impact from the rising construction activities and the growing construction sector in Africa and the Middle East. Increase in infrastructure spending in the Asia Pacific region will also help accelerate the demand for various types of polymer materials.

There have been several initiatives taken by governments in developing economies to expedite the construction process which will further support the demand for geofoams. For instance, the government of India has taken major initiatives to build highways which would deploy geofoams. It has been planning to construct 200,000 km of highways by the year 2022.

Described below are some factors anticipated to impact the growth of geofoam market share in the coming years:

Government investments into infrastructure

The economic conditions in Latin America and Asia Pacific have been improving which has led to the expanding building & construction business. The market has been growing exponentially in the Asia Pacific region due to a significant number of infrastructure projects in China, India, Indonesia, among others. Strong acceptance from the government authorities for geofoam exhibits positive growth prospects in the near future.

For example, China had announced that it will spend over USD 119 billion for the construction of railways and USD 250 billion on roadways. Investments as big as this shall help propel geofoam market size over the analysis timeframe.

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Expansion of geofoam production capacities
Key manufacturers and suppliers of geofoams include Carlisle Construction Materials LLC, Jablite, Jebsen & Jessen packaging, Dupont de Nemours, Amvic Inc., ACH Foam Geofoam, Cellofoam North America Inc and Epack. These companies engage in various mergers and acquisitions as they aim to expand their production capacity to be able to meet the market demand as well as developing new products for newer and different applications.

Expansion of road networks worldwide has been encouraging the demand for the product significantly. For example, Jebsen & Jessen had started the second production facility in Vietnam in the year 2017 to meet the growing demand from regional and other customers.

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