Geosynthetics Market: Segmented by Type (Geotextiles, Geomembranes, Geogrids, Geofoam, Geonets and Others), By End user (Waste Management, Water Management, Transportation Infrastructure, Civil Construction and Others), and Region - Global Analysis of Market Size, Share & Trends for 2019-2020 and Forecasts to 2030
Geosynthetics Market to surpass USD 33.2 billion by 2030 from USD 13.5 billion in 2020 at a CAGR of 6.8% in the coming years, i.e., 2021-30.
Polymeric goods such as polyester, polyethylene, and polypropylene are used to make geosynthetics. Geotextiles, geogrids, geonets, and geomembranes are examples of geosynthetic products that are often made and utilized in landfills, drainage, filtration, erosion control, and other civil construction projects. Geosynthetics are frequently utilized to improve the mechanical and physical qualities of soil, allowing it to resist harsh climatic conditions. They are extremely cost-effective, durable, and adaptable. Mining, transportation, and agriculture are just a few of the important industries where geosynthetics are used extensively.
The rising construction industry, population increase, fast urbanization, industrialization, and changing demographics in both developing and developed countries are all driving the geosynthetics market forward. The presence of many rules and regulations about the use of geosynthetics to boost the safety of infrastructure and stabilize terrain is another significant factor driving the market growth. In addition, rising infrastructure spending in countries like India and China is likely to provide growth prospects for market players throughout the forecast period.
Global Geosynthetics market is segmented by type into Geotextiles, Geomembranes, Geogrids, Geofoam, Geonets, and Others. Geotextiles segment held the largest market share in the year 2020. Geotextiles are employed in the construction of railway lines because they can help separate soil layers from the subsoil while allowing subsurface water to flow freely. Geomembranes are also expected to grow at a significant CAGR in terms of revenue from 2020 to 2030, owing to increased awareness of the product's application as floating coverings for reservoirs to control evaporation, reduce VOC emissions, and reduce the need for drainage and cleaning. Geogrids are also increasingly being employed in railway and road infrastructure projects for structural foundation strengthening over soft soils due to their excellent bearing capability. Geogrids are also utilized to support railway abutments and bridges in retaining walls. As a result, the aforementioned factors are likely to boost market expansion in the coming years.
Global Geosynthetics market is divided by end-user into Waste Management, Water Management, Transportation Infrastructure, Civil Construction, and Others. The largest segment of the market is waste management. In waste management, geosynthetics are utilized for filtration, separation, drainage, barrier, and reinforcement, among other functions. Residential, industrial, and commercial trash are all collected, transported, treated, recycled, and disposed of properly. Controlling the leaking of contaminated gas and liquid into groundwater, rivers, aquifers, and other freshwater sources requires geosynthetics. During the projected period, the demand for waste management activities is expected to rise due to population growth, urbanization, and industrialization.
Increased industrialization and demand in the building and construction industry
The worldwide geosynthetics market is being driven by the rise of the building and construction sector, which is complementing the demand for Geosynthetic materials to be employed in various applications. The rise of the building and construction business has been boosted by increased government expenditure to enhance infrastructure in many nations to elevate the standard of life, as well as increasing industrialization. Increasing environmental safety standards to reduce sediment control and land erosion has also boosted demand for Geosynthetics. The expansion of the Geosynthetic market is due to these factors, as well as the other benefits.
Favorable government policies and increasing technological advancements
In the transportation industry, geosynthetics are commonly used to provide stability and strength to the underlying soil in railway tracks and roadways. Furthermore, due to their exceptional chemical resistance, geomembranes are increasingly being used in the wastewater treatment process, which is fueling market expansion. Furthermore, there has been a steady rise in demand from many businesses for the processing and safe disposal of hazardous industrial waste. Along with this, the market is expected to rise due to the implementation of favorable government policies and increased R&D activities, which help manufacturers to maintain manufacturing standards and reduce pollution.
High cost of raw materials and crude oil availability
The price of raw materials and their availability are the two most important elements that influence the price of finished goods. The majority of raw materials used in geosynthetics are focused on crude oil price variations. The cost of raw materials used in the production of geosynthetics is directly influenced by the price of crude oil. Though, practically all governments have banned both domestic and international travel as a result of the present pandemic. This has led to a major decrease in demand for transportation fuel, which has impacted crude oil prices further.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Global Geosynthetics market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. The market in APAC is expected to hold highest CAGR over the forecasted period. The overall regional market is likely to be driven by rising demand for oil reinforcement in the foundation work of residential buildings in the emerging economies of China and India over the forecast period. Due to several construction guidelines mandating the use of geosynthetics for infrastructure projects, Europe accounted for a substantial CAGR in 2020. Furthermore, the German government enacted strict waste management legislation in both the municipal and industrial sectors.
|Market size value in 2020||USD 13.5 billion|
|Revenue forecast in 2030||USD 33.2 billion|
|Growth Rate||CAGR of 6.8% from 2021 to 2030|
|Base year for estimation||2020|
|Quantitative units||Revenue in USD million and CAGR from 2021 to 2030|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Segments covered||Type, end-user and Region|
|Regional scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)|
|Key companies profiled||Polymer Group, Carthage Mills, Thrace Group, Hanes Geo Components, Tenax Group, GSE Environmental, Swicofil AG, Owens Corning, Low & Bonar, and Other Prominent Players|
The Geosynthetics Market size was estimated at USD 13.5 billion in 2020 and is expected to reach 33.2 billion by 2030.
Key players: Polymer Group, Carthage Mills, Thrace Group, Hanes Geo Components, Tenax Group, GSE Environmental, Swicofil AG, Owens Corning, Low & Bonar, and Other Prominent Players
Geotextiles segment and Waste management segment are anticipated to hold the largest Geosynthetics Market.
Drivers: Increased industrialization and demand in building and construction industry and Favorable government policies and increasing technological advancements
Polymeric goods such as polyester, polyethylene, and polypropylene are used to make geosynthetics. Geotextiles, geogrids, geonets, and geomembranes are examples of geosynthetic products that are often made and utilized in landfills, drainage, filtration, erosion control, and other civil construction projects. Geosynthetics are frequently utilized to improve the mechanical and physical qualities of soil, allowing it to resist harsh climatic conditions.
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