Geofoam Market Growth Forecast 2021-2027

1. Geofoam Market, By Type , Trend Analysis, Competitive Market Share & Forecast, 2021- 2027

2. Global Geofoam Market- Industry Trends & Forecast Report 2027 A study recently conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that global geofoam market was worth USD 698.3 million in 2020 and is further projected to reach USD 1,105.4 million by 2027, at a CAGR of 6.9 % during the forecast period (2021-2027). Growth in the geofoam market can be attributed to increasing demand for geofoam from end-user industries due to their excellent and superior properties. Additionally, geofoams are an easy alternative to traditional land stabilization materials due to their cost-effective nature. During the forecast period, the development of infrastructure and the adoption of modern technology will likely generate new opportunities for the geofoams market.

3. Growth Drivers Government Initiatives Play Vital Role in the Market Growth The rise in government infrastructure building projects in Asia-Pacific nations such as India is supporting the growth of the geofoam market. For example, the Indian government considerably increased funding for infrastructure in the Union Budget 2021, spending INR. 233,083 crore (USD 32.02 billion) to upgrade transportation infrastructure. The government has increased the number of projects in the National Infrastructure Pipeline (NIP) to 7,400. In 2020, 217 projects totaling INR. 1.10 lakhcrore (USD 15.09 billion) had been completed. In July 2021, the government invested USD 1.4 trillion in infrastructure development through the NIP.

4. Restraints Flammability and Susceptibility to Petroleum Solvents Hinders Market Growth While geofoams save time and money in construction projects, flammability and susceptibility to chemical changes are preventing them from becoming widely accepted globally. Geofoams untreated are liable to catch fire if left unattended. If open flame processes are being undertaken at a project site, such as welding and cutting, appropriate safety precautions should be taken. Moreover, geofoams are susceptible to chemical modification. When geofoams come into contact with petroleum solvents, their properties change and a glue-like substance is formed. Because of this, their ability to support heavy weights is compromised.

5. Impact of COVID-19 on India Smartphone Market COVID-19 will likely lead to a decline in the global geofoams industry in the coming years. Recent declines in construction activity are anticipated to negatively impact the growth of the geofoams market. Governments in several countries have imposed lockdowns, causing companies to shut down in many towns and provinces, resulting in reduced investment in construction projects. As industrial activities are halted, businesses are struggling with lost sales and interrupted supply networks. The increased demand for hospitalization due to COVID-19 is causing many governments to expand their healthcare industries, which indirectly stimulates the growth of the geofoam market.

6. Global Geofoam Market: Regional Insights Geographically, the global geofoam market is categorized into North America, Europe, the Asia-Pacific, the Middle East & Africa, and Latin America. Among all the regions, the Asia Pacific is likely to be the fastest-growing region dueing the forecast period. The impressive growth of the geofoam market in this region can be ascribed to people in India and China having more disposable income and a growing population in the APAC countries. As part of the government's initiative to strengthen local infrastructure, the region has seen an increase in repair and restoration activities in recent years. To encourage local construction companies, South Korea, the Philippines, and Thailand are planning to reduce their import volumes for construction projects. Such advancements are projected to increase geofoam market share in regional construction by 2027.

7. Competitive landscape The global geofoam market is moderately fragmented due to the presence of numerous domestic and international players. Besides this, the emergence of new entrants has resulted in healthier competition among long-established service providers in the industry. Some key players in the global geofoam market are Carlisle, Amvic Inc., Atlas Roofing Corporation, Insulation Company of America, LLC, Foam Products Corporation, Jablite, Thermafoam, LLC, Expol, Pacific Allied Products, Ltd., Airfoam, Harbor Foam, GroupeLegerlite Inc., Drew Foam, Plasti-Fab Ltd., and other prominent players. Sample Copy :https://www.blueweaveconsulting.com/report/global-geofoam-market/report-sample

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