According to Future Market Insights’ recent industry analysis, the global Geosynthetics Market is projected to experience a robust Compound Annual Growth Rate (CAGR) of 10.1%. The market exhibited a noteworthy year-on-year growth of 10.16%, reaching a valuation of US$ 13.67 billion in 2022. This upward trajectory is expected to continue, with predictions indicating that the market will surpass US$ 26.89 billion by 2029.
The surge in the adoption of geosynthetics is attributed to their versatile applications, including separation, filtration, and reinforcement. Over the historical period from 2014 to 2021, the geosynthetics market displayed a consistent CAGR of 9.0%, showcasing its steady growth over the years.
The geographical landscape of the geosynthetics market is diverse, with substantial demand stemming from regions such as North America, Europe, and Asia Pacific, among others. Notably, Asia Pacific is anticipated to witness significant growth due to heightened infrastructure development and government initiatives aimed at promoting sustainable construction practices in the region.
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Key Takeaways
- Over the past few years, geosynthetics have evolved from new engineering materials with limited technical references, to state-of-practice materials with scores of designs and technical tools. These high-tech tools are being utilized in various sectors such as civil engineering, construction, agriculture, and mining industries to stabilize the terrain.
- In the first half of the assessment period, the growth of the market is attributed to rapid adoption in different applications, growing investments in construction & infrastructure projects, increasing government subsidies, and support, and rising environmental concerns.
- Due to expansion in the construction industry, rising government investment in infrastructure development, and manufacturing sector development are the predominant factors influencing the growth of the market.
- Owing to the surging use of geosynthetic products such as geotextiles, geomembranes, and geogrids for containment, filtration, reinforcement, and separation applications is predicted to elevate sales in the geosynthetics market over the projected period.
- Some of the vital key trends observed in the market incorporate expansion of production capacities and upgradation of their product portfolio. In addition to that, major key players are focusing on partnerships, collaborations, the establishment of new plants, acquisitions & other activities.
- The major factor driving growth in the geosynthetics market is its extensive application across several end-use industries. Moreover, growing investments in infrastructural development, rising environmental concerns regarding soil erosion, and increasing government support are some factors driving sales in the market.
- Polymers like polypropylene, polyester, and polyethylene are one of the common ingredients used in the formation of Geosynthetics which are comparatively less prone to decay and corrosion. These products are ideal for solving engineering problems. They are mostly used for stabilizing soil (terrain) during construction activities due to their numerous functional properties such as mechanical response, filtration ability, and chemical resistance.
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Competitive Landscape
The global geosynthetics market is considered highly competitive in nature due to the presence of leading market players who are focused on continuously expanding and upgrading their product portfolios. In addition to that, they have also adopted several organic and inorganic growth strategies such as partnerships, collaborations, price reduction, acquisitions, and establishment of new facilities in order to gain a competitive edge in the market.
Key Companies Profiled
- AGRU Kunststofftechnik GmbH
- Low & Bonar PLC
- Tensar Corporation
- Raven Industries, Inc.
- Thrace Group
- GSE Environmental Inc.
- Officine Maccaferri S.p.A.
- Koninklijke Ten Cate B.V.
- HUESKER Synthetic GmbH
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Geosynthetics Market by Category
Product Type:
- Geotextile
- Geomembrane
- Geogrid
- Geonet
- Geocomposite
- Geosynthetic clay liner
- Others
Material Type:
- Polyethylene (HDPE/LLDPE)
- Polypropylene (PP)
- Polyester
- Natural fibers
- Others
Primary Application:
- Separation
- Drainage & filtration
- Reinforcement
- Containment
End-use:
- Roads (paved & unpaved)
- Railways
- Retaining walls
- Waterworks and waste treatments
- Landfill & erosion control
- Others
Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific Excluding Japan
- Middle East and Africa(MEA)
- Japan
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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