Geosynthetics Market Size Analysis
According to a recent survey conducted by ChemView Consulting, the Global Geosynthetics Market grew at a CAGR of 6.5% between 2017-2021 and is estimated to be US$ 12,143.6Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 8.3% and is expected to reach a valuation of US$ 26,954.5Mn by 2032 end.
The market is anticipated to grow as geosynthetics, including geomembranes and geosynthetic clay liners (GCLs), are being used for waste management applications such as food waste management, e-waste management, and medical waste management. In mining, geomembranes are increasingly used as lining materials, mostly in evaporation ponds, tailings management, and heap leaching.
THE EXPANSION OF THE CONSTRUCTION INDUSTRY IS SPURRING DEMAND FOR GEOSYNTHETIC PRODUCTS
The increasing industrialization of the region’s developing economies has created significant opportunities throughout the developing nations of North America. The expansion of the North American geosynthetics market is further supported by rising government spending and international investments related to construction activities.
Geosynthetics have grown significantly in the region over the past few years thanks largely to government initiatives in nations like the US and Canada to promote the infrastructure and the thriving residential sectors. During the forecast period, it is anticipated that the growing emphasis on green infrastructure solutions for cost-effectiveness, energy savings, and pollution reduction will accelerate growth.
FLUCTUATING RAW MATERIAL PRICES DUE TO THE VOLATILITY IN THE PRICES OF CRUDE OIL
The main variables influencing end-product prices are the costs and supply of raw materials. Most raw materials needed for geosynthetics, such as polyethylene, polypropylene, polyvinyl chloride, and ethylene propylene diene monomer, are sensitive to changes in crude oil prices.
Changes in the price of crude oil directly impact the cost of the raw materials needed to manufacture geosynthetics. However, almost every nation has banned domestic and international travel due to the current pandemic. As a result, there has been a significant drop in the fuel demand for transportation, impacting crude oil prices.
INCREASING INVESTMENTS IN INFRASTRUCTURE DEVELOPMENTS ARE ANTICIPATED TO BOOST THE GROWTH OF THE GEOSYNTHETICS MARKET
The growth of the geosynthetics market is anticipated to be aided by rising infrastructure development investments and rising consumer awareness of the advantages of geotextiles during the assessment period.
Geosynthetics have developed over the past few years from new engineering materials with few technical references to cutting-edge materials with hundreds of designs and specialized tools. They stabilize the terrain in the civil engineering, building, agricultural, and mining industries.
Market Segments Covered in Report
By Region and Country:
Why is the demand in the Geomembranes sector high?
Due to growing awareness of the product’s use as floating coverings for reservoirs to control evaporation, limit the emission of volatile organic compounds (VOCs), and reduce the need for drainage and cleaning, geomembranes are predicted to grow at a steady CAGR in terms of revenue from 2023 to 2032.
The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.
The market for geosynthetics is highly competitive, with the top players continuously adding to and modernizing their product lines. Additionally, to gain a competitive edge in the market, they have implemented various organic and inorganic growth strategies, including alliances, collaborations, price reductions, acquisitions, and the construction of new facilities.
The key developments in the Global Geosynthetics Market:
A list of some of the key suppliers present in the market are:
Report Coverage and Highlights
|Historical data available for||2017-2021|
|Market analysis||USD Million for Value and Tons for Volume, and CAGR from 2022 to 2032|
|Key regions covered||North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa|
|Key countries covered||US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt|
|Key segments covered||By Type, Application, and Region|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|
Frequently Asked Questions
In the forecast period between 2022 and 2032, the market is expected to grow at a CAGR of 8.3%.
The expansion of the construction industry is spurring demand for geosynthetic products
Major global Geosynthetics Market players are 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, Solmax International Inc., Geofabrics Australasia Pty. Ltd., Garware-Wall Ropes Ltd., Cooley Group, NAUE GmbH & Co. KG, Advanced Drainage Systems, Inc.
Fluctuating raw material prices due to the volatility in the prices of crude oil
Asia Pacific Region is expected to account for the largest market revenue share in the Global Geosynthetics market.
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