ID: MRFR/CnM/7337-HCR | February 2021 | Region: Global | 185 pages
Geosynthetics Market is projected to be worth USD 23.92 billion by 2028, registering a CAGR of 6.75% during the forecast period (2021 - 2028), The market was valued at USD 13.7 billion in 2020.
Geosynthetics materials include geotextile, geomembranes, geogrids, geo-composite, geosynthetic liner, and geonets. These geosynthetics materials are made of polypropylene, polyethylene, polystyrene, polyvinyl chloride, and polyester. Geosynthetics system is used in a wide range of civil and geotechnical engineering applications including roads, railroads, airfields, retaining structures, embankments, canals, reservoirs, dams, and coastal engineering.
The geosynthetics market growth is primarily driven by the expanding construction industry, population growth, rapid urbanization, industrialization, and changing demographics across developing as well as developed countries. The other key factor driving the market growth is the presence of various rules and regulations pertaining to the usage of geosynthetics to increase the safety of the infrastructure and stabilize terrain. The global construction industry was valued at USD 8.5 trillion in 2018 and is projected to exhibit a CAGR of 4% during the forecast period. Furthermore, the increasing spending on infrastructure development in countries such as India and China is expected to create growth opportunities for market players during the forecast period.
Transport infrastructure represents the key market for geosynthetics. The increasing investments in the expansion of the road network and repair work of highways are expected to lay a robust growth platform for the global geosynthetics market during the forecast period. Furthermore, the increasing investments in the development of railway network in countries such as India, China, South Africa, and in parts of Western Europe to extend the logistics network is expected to fuel the market growth during the forecast period.
Regulatory bodies across the US and Europe have mandated the use of geosynthetics in landfills and in applications related to waste management, and groundwater due to environmental concern, which consequently is expected to create growth opportunities during the forecast period. The other important application of geosynthetics is in reservoirs, dams, and canals. Geosynthetics are used to eliminate/reduce soil erosion, which leads to slope instability, land loss, and loss in reservoir capacity. The increasing importance of geosynthetic products to reduce soil erosion and provide reinforcement to the soil is expected to boost the geosynthetics market growth.
Pricing Analysis and Regulatory Framework
The average price for geosynthetics varies from USD 0.15 to USD 4.0 per square meter. The price of the geosynthetics varies based on material and type. Furthermore, fluctuating raw material prices are expected to have an impact on the price of geosynthetics.
The standard tests for geosynthetics have been established by the American Society for Testing and Materials (ASTM).
|Market Size||2028: USD 23.92 Billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Material, Application,|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Low & Bonar PLC (UK) – Bontec, Tensar Geosynthetics (China) Ltd (China), Thrace Group (Greece), Maccaferri S.p.A. (Italy) – MacDrain, MacMat, MacLine, MacNet, Gorantla Geosynthetics Pvt Ltd. (India), Polymer Group Inc. (US), Geotrst Environmental Science Technology (China), NAUE GmbH & Co. KG, Germany), SKAPS Industries (US), ABG Ltd (UK), Texel Technical Materials, Inc. (US)|
|Key Market Opportunities||Recovering growth of the construction industry in the US|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The Geosynthetics market can expand at 6.75% CAGR by 2028.
By 2028, the Geosynthetics market value can exceed USD 23.92 billion.
Low & Bonar PLC (UK) – Bontec, Thrace Group (Greece), and Tensar Geosynthetics (China) Ltd (China) are some reputed names in the Geosynthetics market.
The surge in need for geotextile can promote the Geosynthetics market.
The presence of alternative solutions can restrain the Geosynthetics market.