Asia Pacific Geofoam Market size exceeded USD 295 million in 2020 and is estimated to witness over 7.7% CAGR from 2020 to 2027.

The consumption of geofoam in roadways, construction & buildings, and infrastructures has significantly increased due to changing consumer preferences toward time and money-saving construction material alternatives. Owing to their ability to retain the R-value for a longer period and high durability, they are preferred for various insulation applications, such as pavement insulation, flooring, driveway, and under-slab, and other applications where insulation is required.

Improving economic conditions and rising trade activities have led countries in the region to build efficient infrastructures (transport, energy, social, etc.) to support economic growth. The rising disposable income and growing economies have increased the rate of urbanization in the region. Additionally, improved construction industry due to the rising urban population will propel the demand for geofoams. China’s BRI is also boosting other countries to improve infrastructure. Furthermore, easy access to finances & cheap natural gas and abundant availability of raw materials are expected to uplift the production in the market.

Asia Pacific Market, By Product Type

Asia Pacific Geofoam Market Size, By Product Type, 2017 – 2027

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The EPS segment dominated around 91% Asia Pacific geofoam market share in 2020. EPS geofoam has been widely accepted by the road manufacturing authority as an industry-ready material while XPS geofoam finds major application in building & construction. Furthermore, XPS geofoam is manufactured by a continuous extrusion process that produces a homogeneous closed cell cross-section. Currently, many developing nations such as China, India, and Indonesia are spending more on building infrastructure, thus the product shall witness an increased demand in the coming years.

Asia Pacific Market, By Application

Geofoam has various applications such as void filling, slope stabilization, embankments, retaining structures, insulation, and others. Other applications include seismic, utility protection, noise & vibration damping, etc. Void fill is the largest application segment accounting for more than 66% Asia Pacific geofoam market share. Geofoam is a lightweight material and is primarily used as lightweight fill material in building & construction and transportation industries.

Asia Pacific Market, By End Use

Asia Pacific Geofoam Market Size, By End Use, 2017 – 2027

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The surging demand for geofoam in the road & railways and construction sectors owing to rapid urbanization in Asia Pacific countries is boosting the geofoam market expansion. Asia Pacific is forming a consensus that infrastructure is the critical ingredient for economic development. With this new paradigm, developing countries across the region are racing to design robust national infrastructure plans, further spurred by the growing global appetite for infrastructure investments. For instance, China’s Belt & Road Initiative (BRI) provides unprecedented sums of financing for transport infrastructure development. Such increased expenditure on transport infrastructure is likely to drive the market demand.

Competitive Industry Landscape

Major companies operating in the Asia Pacific geofoam market are Carlisle Construction Materials, LLC, Jebsen & Jessen Packaging, DuPont de Nemours, Unipod Pty Ltd., E-Pack Polymers Private Limited, Drew Foam Companies, Inc., ACH Foam Technologies, Amvic, Inc., Airfoam Industries Ltd., and Beaver Plastics Ltd.  among others.