Press release
Top 3 Factors Driving Global Geofoam Market Forecast
Geofoam Market
Similarly, Britain’s railways have launched a multi-billion-pound plan for the upgradation of the railway network, representing the biggest investment program in the railways. The surging investments to enhance the rail infrastructure shall drive substantial demand for geofoam across the globe.
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According to a Global Market Insights, Inc., analysis report, global geofoam market size is projected to reach US$1.1 billion by 2026. Stated below are some factors driving the industry trends.
Growth Drivers are
• Rising infrastructure investment in Asia Pacific and Latin America
• Strongly growing building and construction sector
• Government initiatives
Demand from construction industry in APAC and Latin America
The flourishing economic condition in the Asia Pacific and Latin America, and the robust building and construction industries in these regions has resulted in increased demand for geofoam. Multiple governments have widely accepted the product and identified its widespread applications in several sectors. China announced an investment of more than US$119 billion on railway construction, with over US$250 billion investment on roadways construction in 2019. Similar investments in large-scale infrastructure development shall augment demand for geofoam.
Geofoam applications in Africa’s infrastructural projects
In a view to uplift infrastructure and renovation projects across Africa, an amount of US$320 million was raised by the African Infrastructure Investment Managers (AIIM) for infrastructure funds. These investments aim to develop several sectors including transport, power, and the Sub-Saharan midstream energy sector in Africa. Accordingly, Mexico has also aimed to spend US$25 billion to augment infrastructure development in the region. Extensive investments in infrastructural and industrial development across the region are likely to increase demand for geofoam products.
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Expanding transport infrastructure in ASEAN countries
The rising need for superior infrastructure has generated investment trends across developing countries in Latin America, leading to substantial economic growth in the region. Geofoam is widely applicable in insulation, void filling, embankments and other applications. Asia Pacific and Latin America geofoam markets are expected to experience robust growth on account of increased funding in the development and renovation of airports. The growing demand for airway infrastructure has fueled opportunities for massive outlays or infrastructural spending in ASEAN countries.
Considerable investments in public infrastructure around the globe has generated notable demand for geofoam applications in various industries. Leading providers of the material are focused on the development of new products and enhancement of production capabilities to uplift the market share. Industries are experiencing significant demand for the product due to the mass expansion of road infrastructure across the globe.
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Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone:1-302-846-7766
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Email: sales@gminsights.com
About Global Market Insights:
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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