Market Trends of Geofoams Industry
This section covers the major market trends shaping the Geofoams Market according to our research experts:
Roadways Segment to Dominate the Market Demand
- Roadways dominatethe demand for geofoams. Geofoams are the most integral raw material used in roadways for construction over poor soils, road widening, foundation stabilization, airport runways andtaxiways, bridge abutments, rail embankments, and underfill purposes.
- Geofoams are extensively used in road construction, in order to fill the void and provide structural support over poor soils. Thus, with the growth in road construction projects, the demand for geofoams is expected to increase during the forecast period.
- Asia-Pacific has been witnessing substantial roadways projects, along with growing commercial construction. Various foreign companies have been investing in countries, such as India, Indonesia, South Korea, China, and Vietnam, due to huge market demand and growth opportunities.
- Additionally, it has become important for the government to increase public infrastructure for promoting such foreign companies, by offering proper infrastructure. Thismay increase the demand for, and application of geofoams in the region.
- The increasing investments in Middle East & Africa, for the construction of highways and airports, may drive the demand for geofoamsin the coming years. In addition, the Fifa World Cup 2022 in Qatar is one of the major events that has led to a boost in transportation projects in the region.
- Hence, the aforementioned infrastructure investments are projected to boost the geofoams market, during the forecast period.
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Asia-Pacific Region to Dominate the Market
- Asia-Pacific region dominated the global market share. Growing infrastructure spending by the governments and robust growth in residential andcommercial construction areprojected to drive the demand for geofoams in the region.
- The governments in countries, such as China, India, Indonesia, and South Korea, have already planned huge investments into public infrastructure, which may create a huge demand for geofoams in the region.
- Currently, there are several airport construction projects, either in the development or planning stage, in China. These include Beijing Capital International Airport, Chengdu Shuangliu International Airport, Guangzhou Baiyun International Airport, etc. Besides, the government rolled out massive construction plans, including making provision for the movement of 250 million people to its new megacities, over the next 10 years.
- Additionally, the Indian government announced its plans to build 100 airports before 2032, in orderto meet the growing needs. An investment of about USD 60 billion is expected to flow for the aviation sector. Moreover, the government has a target of investing USD 120.5 billion for developing 27 industrial clusters, which may boost commercial construction in the country.
- In Indonesia, the government has planned to investabout USD 450 billionin the construction sector, by 2021, which may boost theresidential construction in the country.
- Hence, all such projects are likely to boost the demand for geofoams in the region, during the forecast period.
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