Geosynthetics Market
The Geosynthetics Market was estimated around USD 62 billion in 2019 and is predicted to grow at a CAGR of 2.8% over the forecast period (2020-2027).
The factors driving the growth of Geosynthetics Market includes increasing use of geosynthetics for the construction of dams and reservoirs, expansion of the highway and roadway networks around the world, rise in the energy consumption and improvements in the transportation infrastructure. According to the report published by Statista, the market size of street and highway constriction in the United States was calculated around USD 100 billion in 2021 and is predicted to reach USD 151 billion by the end of 2025, which will boost the Geosynthetics Market size in the approaching years. Moreover, increasing availability of raw materials such as Polypropylene (PP), rise in Government’s expenditure on expanding the railway networks and increasing investments by leading players on research and development, are some of the additional factors supplementing the Global Geosynthetics Market. As per PRS Legislative Research, the Government of India increased its expenditure on the Railway sector by 10% to reach INR 2,10,899 crore, which will accelerate the market growth in India in the coming few years.
However, the growth of Geosynthetics Market is hindered due to fluctuations in the prices of raw materials.
The leading players operating in the market are Propex Operating Company LLC, Tensar Corporation, Strata Systems Inc., Solmax, NAUE GmbH & Co., Berry Global Inc., Techno Fabrics Geosynthetics Pvt. Ltd., and Fibertex Nonwovens A/S, among others.
Based on Product, the Geotextiles segment is predicted to expand at a significant CAGR during the forecast period
The increasing use of geotextiles in the construction of expressways, highways and because it strengthens the soils and enhances the lifespan of road infrastructure, are the factors propelling the segment’s growth.
Based on Application the Waste Management segment is anticipated to grow at a remarkable CAGR over the forecast period
The Geosynthetics are easy to install, saves cost of transportation and recycling along with its magnificent hydraulic properties, are some of the factors responsible for the segment’s growth.
Based on Region, the Asia-Pacific region is projected to capture the largest market share during the forecast period
Technological advancements in the geosynthetics, rapid growth in the transportation networks, increasing use of geosynthetic products in the waste management practices, rising disposable incomes and high population growth rates, are some of the important factors augmenting the market growth in Asia-Pacific.
Key Development:
- In 2021, Solmax acquired TenCate to manufacture high-quality polyethylene geomembranes for containment in the environment applications.
- In 2020, NAUE launched its first biodegradable nonwoven geotextile with the company Secutex Green
Market Segmentation
Segmentation by Product
- Geotextiles
- Geomembranes
- Geogrids
- Geonets
- Geocells
Segmentation by Application
- Waste Management
- Water Management
- Transportation Infrastructure
- Civil Construction
Segmentation by Region
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- North America
- United States of America
- Canada
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
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