Market Size of Geofoams Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
CAGR | > 7.50 % |
Fastest Growing Market | Asia Pacific |
Largest Market | Asia Pacific |
Market Concentration | Low |
Major Players*Disclaimer: Major Players sorted in no particular order |
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Geofoams Market Analysis
The geofoams market is expected to register a CAGR of more than 7.5%, during the forecast period. The major factors driving the growth of the market studied are rising demand for geofoams from roadways, better alternatives to traditional land stabilization materials, and increasing investments in the construction sector, especially in Asia-Pacific and Middle East & Africa. On the flip side, high vulnerability to petroleum solvents, and limited technical knowledge andexpertise about geofoams in emerging economies are likely to hamper the growth of the marketstudied.
- The roadways segment dominated the market. It is likely to grow during the forecast period, with increasing infrastructure investments, especially in regions, like the Asia-Pacific, and theMiddle East & Arica.
- An increase in the deployment of EPS bridge support technology in earthquake-prone areas is likely to provide opportunities for the market studied, during the forecast period.
- Asia-Pacific dominated the global market, with robust growth in residential andcommercial construction, and growing public infrastructure projects in emerging economies, such as India, Vietnam, and Indonesia.