CHICAGO, Aug. 17, 2021 /PRNewswire/ -- According to the new market research report "Geofoam Market by Type (Expanded Polystyrene (EPS) Geofoam, and Extruded Polystyrene (XPS) Geofoam), End-Use (Road & Highway Construction, Building & Infrastructure, Airport Runways & Taxiways), Application, Region - Global Forecast to 2026", published by MarketsandMarkets, the Geofoam Market size is estimated at USD 755 million in 2021 and is projected to reach USD 1,037 billion by 2026, at a CAGR of 6.5% between 2021 and 2026.
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Owing to the increase in infrastructural development and rise in spending on infrastructures, such as roads, highways, residential buildings, and other constructions.
By type, extruded polystyrene is expected to be the fastest-growing segment during the forecast period
Extruded polystyrene (XPS) is expected to grow at a faster rate during the forecast period owing to its increasing demand from insulation applications in the building & infrastructure sector which is expected to lead the growth of this segment.
By end-use, road & highway construction segment is expected to be the fastest-growing market during the forecast period
The road & highway construction segment is projected to grow with the highest CAGR during 2021-2026. The growth is due to extensive use of geofoams in construction over poor soils, for the stabilization of foundations, in road widening, railway embankments, bridge abutments, and other applications.
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Asia Pacific was the largest region in the Geofoams Market in 2020, in terms of volume
Asia Pacific accounts for the largest share for Geofoams Market in 2020 due to the growing end-use sectors such as residential & commercial buildings and transport infrastructure. Growing economy of countries such as China and Indonesia involves growth in infrastructure which initiates the demand for geofoam in the region.
The key market players include Carlisle (US), Amvic Building Systems (Canada), Atlas Roofing Corporation (US), Insulation Company of America (US), Foam Products Corporation (US), Jablite (UK), ThermaFoam, LLC (US), Expol (New Zealand), Pacific Allied Products, Ltd. (US), Airfoam (Canada), Harbor Foam (US), GroupeLegerlite Inc. (Canada), Drew Foam (US), and Plasti-Fab Ltd. (Canada). These players have adopted product launches, acquisitions, expansions, partnerships as their growth strategies.
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