The global market size for geofoam is estimated at USD 755 million in 2021 and is projected to reach USD 1,037 million by 2026, at a CAGR of 6.5% between 2021 and 2026, owing to the increase in infrastructural development and rise in spending on infrastructures, such as roads, highways, residential buildings, and other constructions. The expanded polystyrene segment is projected to grow at a faster rate during the forecast period, from 2021 to 2026. Expanded polystyrene (EPS) is the most widely used type of geofoam for construction purposes because of its simple manufacturing process, flexible size, recyclability, and another property.
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Based on type, the geofoams market is segmented into expanded polystyrene and extruded polystyrene. Expanded Polystyrene (EPS) was the largest segment in the geofoams market in 2020. Expanded polystyrene geofoam is used to repair slope failures, reduce lateral load behind retaining structures, accelerate construction on fill for approach embankments, and minimize differential settlements at bridge abutments.
Based on end-use, the geofoams market is segmented into road & highway construction, building & infrastructure, airport runway & taxiways, and others. The others segment comprises railway embankments and green roof applications. Road & highway construction segment accounted for the largest share of the geofoams market in 2020. Road & highway construction is the largest application, of which the two major functions of geofoams in it are void filling and providing structural support for construction on soft ground.
Based on application, geofoams are used in various applications such as structure foundation, embankments, slope stabilization, insulation, retaining structures, and others. In 2020, the structure foundation was the largest segment in the geofoams market. It is one of the most common applications of geofoam, owing to its structural integrity, thermal barrier, durability, and low cost.
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), Groupe Legerlite Inc. (Canada), Drew Foam (US), and Plasti-Fab Ltd. (Canada). These players have adopted product launches, acquisitions, expansions, and partnerships as their growth strategies.
Carlisle Construction Materials is a manufacturer and supplier of high-quality building materials for the construction industry. The company is a subsidiary of Carlisle Companies Incorporated (US), a global diversified company that manufactures and markets a variety of products for niche markets such as energy, commercial roofing, agriculture, construction, mining, aerospace & defense, electronics, and so on. The company provides environment friendly and sustainable products that help in reducing carbon footprint of a building and minimize its energy consumption. CCM has its operations of 42 plants in North America and 7 in Europe. The company has 26 manufacturing facilities across the US.
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Another important player in the geofoams market is Amvic Inc. is a leading manufacturer of expanded polystyrene (EPS) building materials and insulated concrete forms (ICF). The company has developed by launching new and innovative insulation building solutions. The main businesses of Amvic Building Systems include insulated concrete foams (ICF) and insulation. Apart from this, it has other businesses, such as ECOAIR systems, thermoquiet, and geofoams. The company manufactures geofoams which are used in various applications, such as construction of roads, embankments, retaining walls, and so on. Amvic has a wide range of network distributors which cater to the various needs of customers. Apart from this, the company has signed partnerships with molders, suppliers & dealers, and ready-mix producers. Amvic has manufacturing facilities in Canada, Mexico, Ireland, Romania, and Russia.
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