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APAC Geofoam Market revenue to cross $490 Mn by 2027
Published Date: 2021-08-10
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APAC Geofoam Market size is anticipated to reach USD 490 million by 2027, according to a latest forecast report by Graphical Research.
Rapid urbanization, increasing disposable income of individuals, improving lifestyles, and steady improvement in economic conditions in emerging countries, such as India, China, Indonesia, and South Korea, will boost the industry growth. Japan is the largest consumer of geofoam owing to the expanding infrastructural projects including transportation, energy, social, etc. In Japan, geofoam was traditionally consumed for the construction of buildings, roadways, railways, etc. As the country experiences frequent earthquakes, geofoam is now studied for possible seismic activities and the country is spending heavily on building infrastructures in earthquake-prone areas, increasing the demand for geofoams.
The increased economic growth in Asia Pacific has led to growing infrastructure investments in the region. China is looking to shift from large-scale infrastructure projects to locally oriented projects. Projects, such as urban metro systems, water supply & treatment plants, and public parks, are aligned with the 13th Five-Year Plan (FYP) goals of reducing road traffic & pollution, redeveloping dilapidated housing, and promoting the growth of small & medium-sized cities. Furthermore, China has launched the Belt and Road Initiative (BRI) to boost economic integration and connectivity such as infrastructure, trade, and investment. The rising investments in infrastructure projects will boost the consumption of geofoams in road & railway and construction industries.
Browse detailed statistical insights from the report, “Asia Pacific Geofoam Market Forecast 2027 By Application (Void Fill, Slope Stabilization, Embankments, Retaining Structures, Insulation, Others), By Product Type (EPS Geofoam, XPS Geofoam), By End Use (Road & Railways, Building & Construction, Others), Research Report, COVID-19 Impact Statistics, Country Outlook, Price Trends, Historic Data, Growth Prospects, Competitive Industry Share” along with the table of contents (ToC) @
The EPS geofoam segment dominates the global geofoam industry due to its excellent properties. For more than 30 years, EPS has been used as a raw material to manufacture geofoam for geotechnical applications. Due to its unique properties, EPS is an excellent choice for slope stabilization, retaining wall backfill, road embankments, and pavement insulation. The EPS geofoam applications are expanding as it provides manageable solutions for various types of projects. The ease of cutting & shaping EPS foam is ideal for customized construction including landscaping projects. EPS geofoam is lightweight and can be easily tapered to provide necessary drainage, making it an ideal product for roofs & rooftop gardens.
Insulation segment is projected to grow significantly with the CAGR of 6.4%. Geofoam is increasingly used for construction activities as it is a cost-efficient option. Owing to its excellent thermal insulation, geofoam is largely used in the building & construction industry. The ability of geofoam to retain R-value for a longer period of time and its durability, ease of application & cost-effectiveness is projected to boost the demand for geofoam in various applications.
The road & railways segment growth is owing to the upsurge in the infrastructural developments especially in countries such as India, China, and South East Asia countries. For instance, the National Development and Reform Commission (NDRC), China stated that it has reviewed & approved 27 infrastructure projects with a total expected investment of USD 219.43 billion since the start of 2018. The projects included are Shanghai Urban rail transit system and intercity railway along the Yangtze River in Jiangsu province. With such increase in infrastructure budget, geofoam demand is likely to grow in the coming years.
The Asia Pacific geofoam market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in kilo tons and revenue in USD million from 2016 to 2027 for the following segments:
Asia Pacific Market, By Product Type
Asia Pacific Market, By Application
- Void filling
- Slope stabilization
- Retaining structures
Asia Pacific Market, By End Use
- Road & railways
- Building & construction
The above information has been provided for the following countries:
- Asia Pacific
- South Korea