Geosynthetics Market worth USD 23.92 billion by 2028, registering a CAGR of 6.75% – Report by Market Research Future (MRFR)
New York, Sept. 08, 2021 (GLOBE NEWSWIRE) — Geosynthetics Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Geosynthetics Market: Information by Type, Material, Application and Region – Forecast till 2028” the 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.
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Market Competitive Landscape:
The major companies profiled in the global geosynthetics market report are listed as follows:
- Low & Bonar PLC (UK) – Bontec
- Thrace Group (Greece)
- Gorantla Geosynthetics Pvt Ltd. (India)
- Geotrst Environmental Science Technology (China)
- SKAPS Industries (US)
- Texel Technical Materials, Inc. (US)
- Tensar Geosynthetics (China) Ltd (China)
- Maccaferri S.p.A. (Italy) – MacDrain, MacMat, MacLine, MacNet
- Polymer Group Inc. (US)
- NAUE GmbH & Co. KG (Germany)
- ABG Ltd (UK)
Market USP Covered:
Drivers:
The primary driver of the geosynthetics market is waste management. Rapid population growth and urbanization are contributing to rising quantities of solid and liquid waste around the world. As people become more mindful of the environment, there is a greater need for waste and water management initiatives. By minimizing or eliminating the post-closure formation of leachate and associated treatment expenses, geosynthetics are utilized as landfill tops to minimize fluid migration into landfills. Due to growing public concern over serious and widespread water contamination, geosynthetics are frequently used in many water management activities.
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Restraints:
The primary restraint of the global geosynthetics market is the volatile price of crude oil. The price of raw materials and their availability are the two most important aspects that affect the price of finished goods. The majority of geosynthetic raw materials are sensitive to crude oil price variations. The price of raw materials used in the production of geosynthetics is directly affected by the price of crude oil. However, practically all governments have banned both domestic and international travel as a result of the present pandemic. This has led to a major drop in demand for transport fuel, which has impacted crude oil prices significantly.
COVID-19 Analysis:
The global construction sector has been significantly disrupted by the COVID-19covid-19 pandemic in 2020, with projects being derailed due to lockdown restrictions resulting from a lack of workforce, supply chain disruptions, country-wide lockdowns, temporary shutdowns of infrastructure projects, and limited availability of raw materials. Besides, different government stimulus packages around the world have aided countries in stabilizing their economies, which is predicted to improve the construction industry and result in economic recovery following the covid-19 crisis by promoting infrastructure growth.
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Market Segmentation:
The global geosynthetics market is segmented by material, type and application.
By material, the most prevalent polymer utilized in the construction of various geosynthetics is polypropylene. Polypropylene is in high demand due to its lightweight, high tensile strength, and durability.
By type, Polypropylene is the most commonly used polymer for geotextile fabrication. Geotextiles are woven or non-woven textiles with an open and porous structure. Due to its tensile strength, as well as good mechanical and hydraulic qualities, the geotextile sector accounted for the highest proportion of the global geosynthetics market.
By application, geosynthetic separation is the most widespread application of the global geosynthetics market.
Regional Insights:
In 2018, North America was the second-largest regional geosynthetics market. Increased infrastructural development in the US and stricter construction rules are expected to create significant growth in the region over the projection period.
The European region is anticipated to have a larger market share in the global geosynthetics market. The region’s demand for geosynthetics is likely to be fueled by the expansion of public infrastructure and increased building activities as a result of economic and demographic growth.
With a market share of almost 38%, the Asia-Pacific region commanded the most emphasis. The fastest-growing market is predicted to be China, India, Indonesia, and Malaysia, thanks to increased infrastructure development spending.
Increased expenditures in infrastructure and building projects, particularly in anticipation of mega-events such as the World Expo 2020 in Dubai and the FIFA World Cup 2022 in Qatar, are credited with driving regional market growth in the Middle East and Africa.
Market Scope:
Geotextiles, geomembranes, geogrids, geo-composite, geosynthetic liner, and geonets are examples of geosynthetic materials. The burgeoning construction sector, population increase, fast urbanization, industrialization, and changing demographics in both developing and developed countries are all driving the worldwide geosynthetics market forward. The implementation of many rules and regulations pertaining to the use of geosynthetics to boost the safety of infrastructure and stabilize terrain is another significant factor driving worldwide market expansion.
Segmentation of Market covered in the research:
Steel Rebar Market: Information By Type (Mild, Deformed, others), By End-Use (Infrastructure, Residential Construction, Commercial Construction) and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East & Africa) – Forecast till 2028
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