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Global Geosynthetics Market was Valued at US$ 14.13Bn in 2019 and it is Expected to Reach More than US$ 26.2 Bn by 2028, Likely to Grow with the CAGR of 7.1% During the Forecast Period.
Geosynthetics are one of the polymeric products which are usually made-up of high-density polypropylene, polyester, and polyethylene. They are used in the highly used in various environmental activities such as filtration, landfill, and geotechnical engineering and construction applications. Geosynthetics are highly durable materials, cost-effective, and versatile in various hydraulic, geotechnical, and environmental applications. Furthermore, they can be used as reinforcements, separators, liquid and gas barriers, filters, and drainage facilitators. It also possesses several favorable physical properties such as durability, strength, and stiffness when exposed to ruthless environmental conditions.
The rising number of ongoing projects for enhancing civic amenities and increasing demand for Geosynthetics in hazardous and industrial waste along with the growing transportation sector are majorly driving the global Geosynthetics market.
Flourishing Construction Industry in Developing countries to Drive the Demand for Geosynthetics Market
The Significant growth in construction activities along with increasing applications in filtration, separation and erosion control is expected to boost the Geosynthetics market growth. The high tensile strength and ability to improve subsurface drainage attributed to the increasing applications of Geosynthetic materials in the construction of roads, drainage systems, and railroads. Building construction investments in Japan amounted to over US$ 280 Bn in 2016 this will have a positive impact on market growth. In addition, increasing demand for sustainable solutions in wastewater treatment pertaining to rising environmental concerns are contributing to market growth.
While Factors such as increased usage of Geosynthetics in the green wall and green roof coupled with government initiatives to promote usage of natural Geosynthetics has further created several opportunities for the Geosynthetics market during the forecast period.
However, the availability of cost-effective alternatives and Volatile raw material prices are projected to act as a challenge for the Geosynthetics market during the forecast period to some extent.
The Geotextiles Segment is Expected to Dominate The Geosynthetics Market During the Forecast Period
Geotextiles were the largest segment, accounted for over 45.0 % of the global revenue share of Geosynthetics Market in 2019 and this trend is expected to continue over the forecast period. The geotextiles are used for the development of railway networks owing to their ability to facilitate separation of soil layers from the subsoil without hindering the underground water circulation. Furthermore, increasing usage in various civil engineering applications such as erosion control and road construction. In addition, the increasing penetration in the reinforcement of ponds, streets, embankments, and pipelines drives the demand for geotextiles. Moreover, the geotextiles are widely used in increasing soil & rock stability to enhance soil strength and prevent water erosion. Natural geotextiles expected to accelerate industry demand as they offer effective drainage properties, high moisture absorbing capacity and do not contribute to greenhouse emissions like synthetic geotextiles.
The Geomembrane Segment is Expected to Witness Highest Growth in the Global Geosynthetics Market across the Globe
The Geomembranes segment constituted a significant share of the Geosynthetics Market in 2019 and is projected to grow at the highest rate at 12% during the forecast period.
The rising awareness regarding its application as floating covers for reservoirs to control evaporation, reduce the Volatile Organic Compounds (VOCs) emission, and minimize the demand for drainage and cleaning. In addition, Geomembranes are widely used in calendering technology where the process involves the use of heat & mechanical pressure to produce flat, compact, smooth and polished textiles that are utilized in waste & water management construction. Furthermore, the stringent regulations towards wastewater treatment to improve water quality and prevent pollution should foster industry growth.
The Market in Asia Pacific Expected to Dominate the Geosynthetics Market over the Forecast Period
The Asia Pacific is anticipated to hold more than 30 % market share in the global Geosynthetics market in terms of revenue and is this trend will continue over the forecast period.An increase in commercial and industrial construction projects and mining activities is expected to drive the global Geosynthetics market during the forecast period. Asia Pacific market is anticipated to witness growth at a CAGR of around 9.0 % from 2019 to 2027, in terms of revenue on account of increasing demand for soil reinforcement in foundation work of residential buildings in the emerging economies of China, India, Japan, and South Korea. In addition, rising investments in infrastructure and construction along with favorable government policies are boosting infrastructural development in India, China and Japan are expected to propel the demand for Geosynthetics over the forecast period.
The Middle East & Africa Region is Projected to Register a Highest Growth in the Geosynthetics Market during the Forecast Period
The Middle East & Africa accounted for a significant share in the global Geosynthetics market in 2019 and is expected to be the fastest-growing region at a CAGR of over xx % during the forecast period owing to increasing demand from the construction industry. An increasing commercial construction activities in the region, including the construction of hotels and stadiums are likely to impact the demand for composite building materials, including Geosynthetics over the forecast period.
Some of the prominent competitors in the Geosynthetics market include GSE Environmental Inc., FiberWeb PLC Koninklijke Ten Cate B.V., Low & Bonar PLC., Low & Bonar PLC, Propex Global, Tensar Corporation, and Officine Maccaferri S.p.A. These companies are estimated to hold a value share of 40-45% in the global Geosynthetics market.
Geosynthetics Market Key Segments:
Geosynthetics Market, By Product
- Drainage Composites
- Others (Geosynthetic Clay Liners, etc.)
Geosynthetics Market, By Application
- Filtration And Drainage
- Road Industry
- Railroad Stabilization
- Water Management
- Waste Management
- Soil Reinforcement
- Erosion Control
- Others (Separation, Etc.)
Geosynthetics Market, By Region
- North America
- Asia Pacific
- Middle east and Africa
- Latin America