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Geofoam Market to showcase appreciable growth rate over 2026

Author : Ravi Chawat | Published Date : 2020-09-10 

Increasing construction activities across emerging nations will drive geofoam market share over the next few years. There has been continuous investments in developing the transport infrastructure in Asia Pacific. Mounting need for improvements and remodeling activities of houses in Europe shall further help influence the industry.

Geofoam exhibits some excellent properties like high compressive strength and light weight that make it a superior filling material used in roadways and building constructions. Global geofoam market size is predicted to reach over USD 1.1 billion by 2026.

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Described below are some factors anticipated to impact the growth of geofoam market share in the coming years:

1)            Government investments into infrastructure

The economic conditions in Latin America and Asia Pacific have been improving which has led to the expanding building & construction business. The market has been growing exponentially in the Asia Pacific region due to a significant number of infrastructure projects in China, India, Indonesia, among others. Strong acceptance from the government authorities for geofoam exhibits positive growth prospects in the near future.

For example, China had announced that it will spend over USD 119 billion for the construction of railways and USD 250 billion on roadways. Investments as big as this shall help propel geofoam market size over the analysis timeframe. 

2)            Infrastructure demand in underdeveloped nations

There will be major investments for infrastructure in Africa due to the regulatory bodies focusing on the upliftment of infrastructure in the country. Africa Infrastructure Investment Managers (AIIM) has secured USD 320 million for its infrastructure investment fund. Sectors like transport, midstream energy sector and power in Sub-Saharan Africa have been targeted.

Mexico has also planned to invest about USD 25 billion to accelerate the infrastructure in the country. A similar trend has been observed in several countries like Latin America owing to a dire need for infrastructure that could help fuel the economic growth of the region.

Several investments are being made to build airports in both Asia Pacific and Latin America which will further foster the growth of the market. ASEAN nations have been seeking a boost in the infrastructure for transport and will possibly invest further in other infrastructural undertakings.

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3)            Expansion of geofoam production capacities

Key manufacturers and suppliers of geofoams include Carlisle Construction Materials LLC, Jablite, Jebsen & Jessen packaging, Dupont de Nemours, Amvic Inc., ACH Foam Geofoam, Cellofoam North America Inc and Epack. These companies engage in various mergers and acquisitions as they aim to expand their production capacity to be able to meet the market demand as well as developing new products for newer and different applications.

Expansion of road networks worldwide has been encouraging the demand for the product significantly. For example, Jebsen & Jessen had started the second production facility in Vietnam in the year 2017 to meet the growing demand from regional and other customers.

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About Author

Ravi Chawat

Ravi Chawat

Ravi Chawat holds a bachelor's degree in Electronics and Telecommunication Engineering. He has worked closely with industry specialists from different segments including chemicals, food and beverages, construction and manufacturing & energy and power. Ravi's article concentrates principally on balancing relevant data but never at the expense of making the content engaging. He believes in giving fair-minded information to guide significant business choices. [email protected] | https://twitter.com/RaviChawat

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