Wilmington, Delaware, United States, Feb. 08, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global geomembranes market size was worth US$ 2 Bn in 2020. The global market is estimated to cross value of US$ 4.5 Bn by 2031. Industry growth is expected at a CAGR of 7.7% between 2021 and 2031. Geomembranes have been becoming increasingly popular in recent years given their expanding use in the mining industry. As such, the global geomembranes market is anticipated to grow rapidly in the near future. Rise in use of geomembrane liners, particularly in waste management and water management applications, is anticipated to fuel business opportunities in the global industry.
Increase in investments in infrastructure development is likely to fuel market development. However, growth of the global geomembranes market is hampered by the high cost of raw materials. Market participants are expected to focus on boosting their operations' productivity as well as efficiency to increase revenue. Other major companies are concentrating on R&D, partnerships, and product improvements to establish themselves in the global market.
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Market demand for geomembranes is anticipated to rise across a number of end-use sectors, including water management, agriculture, construction, mining, and plastics. Sewage treatment is one of the services related to drinking water and wastewater that makes use of geomembranes. Liners made of geomembranes are used to seal reservoirs, dams, and canals.
Key Findings of Market Report
- Leachate seepage is prevented by using geomembranes. Increase in use of geomembranes in the mining industry is anticipated to support market development. Geomembranes are utilized to build more effective barriers, stronger access roads, as well as compact, safe retaining walls in the mining sector. Technological and financial benefits of geomembranes are a focus for manufacturers who serve the mining industry. As a result, firms in the global geomembranes market are estimated to have lucrative growth prospects.
- HDPE is predicted to dominate the global market as it is an important raw material used in the making of geomembranes. It is simple to install and possesses strong thermal stability. HDPE exhibits high strength, which is a trait that is required in numerous applications. As such, it is preferred over all other raw materials, which is expected to fuel business growth of the segment in the next few years. Besides, it is extensively employed in construction and mining industries as its use is prevalent in the production of geomembrane and has significant growth potential.
Global Geomembranes Market: Growth Drivers
- Increase in pollution levels throughout the world have contributed to problems such as global warming and harsh weather. Rapid industrialization and urbanization have all contributed to an increase in waste production across the globe. Waste management is increasingly in demand as a means of reducing pollution. The demand for waste & waste management is estimated to boost the geomembrane market.
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Global Geomembranes Market: Regional Landscape
- In 2020, geomembranes markets in North America and Latin America were among the most lucrative, and the trend is expected to continue between 2021 and 2031. Both regions are expected to account for leading market share of the global industry. This can be attributed to the enormous volume of mining operations and the extensive presence of foreign mining corporations in Latin America and North America.
Global Geomembranes Market: Key Players
Some of the key market players are
- Firestone Building Products
- Solmax International Inc.
- NAUE GmbH & Co. KG.
- Officine Maccaferri SpA
- Agru America Inc.
- Carlisle Syntec Systems
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Global Geomembranes Market: Segmentation
Raw Material
- HDPE
- MDPE
- LDPE
- LLDPE
- mLLDPE
- Recycled
Processing Type
- Blown Film
- Cast Film
Thickness
- <1 mm
- 1-2 mm
- 2-3 mm
- >3 mm
Application
- Waste Management
- Mining
- Water Management
- Construction
- Agriculture (Water Reservoir & Canals, Covers, Aquaculture, and Others)
- Others
Regions
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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