According to the most recent market research analysis from Future Market Insights, the worldwide geosynthetics market is expected to grow at a robust CAGR of 10.1% and a year-over-year growth of 10.16%, surpassing US$ 26.89 billion by 2029 and reaching US$ 13.67 billion in 2022. Geosynthetic uses are expanding, and some of these include filtration, reinforcement, and separation. Based on historical data, the geosynthetics sector is expected to grow at a CAGR of 9.0% between 2014 and 2021.
Geographically, the geosynthetics market is diversified, with considerable demand from North America, Europe, Asia Pacific, and other areas. Because of increased infrastructure development and government measures supporting sustainable construction techniques, Asia Pacific, in particular, is projected to see significant growth.
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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.
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
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
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