Pune, India, Aug. 23, 2023 (GLOBE NEWSWIRE) -- The global geocomposites market size was USD 423.0 million in 2022 and is projected to grow from USD 447.1 million in 2023 to USD 681.4 million by 2030 at a CAGR of 6.2% during 2023-2030.
The main applications of geocomposites in the maintenance of roads are filtration, drainage, reinforcement, and separation. They aid in boosting the soil beneath a road's strength and stability. The geocomposites market is anticipated to increase as a result of expanding building activities for trains, roads, highways, and other structures due to its simple installation, long lifespan, high tensile strength, and cost-effectiveness.
Fortune Business Insights™ mentioned this in a report titled “Geocomposites Market, 2023-2030.”
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List of Key Players Profiled in the Geocomposites Market Report:
- CLIMAX SYNTHETICS PVT. LTD. (India)
- TenCate Geosynthetics Americas (U.S.)
- Leggett & Platt, Incorporated (U.S.)
- GSE Environmental (U.S.)
- Thrace Group (Greece)
- ABG Ltd. (U.K.)
- HUESKER (Germany)
- Officine Maccaferri Spa (Italy)
- Terram (U.K.)
- Ocean Global (India)
- SKAPS Industries (U.S.)
Report Scope & Segmentation:
| Report Attributes | Details |
| Forecast Period | 2023-2030 |
| Forecast CAGR | 6.2% |
| 2030 Value Projection | USD 681.4 million |
| Market Size in 2022 | USD 423.0 million |
| Historical Data | 2019-2021 |
| No. of Pages | 300 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
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| Regions Covered |
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| Geocomposites Market Growth Drivers | Growth in the Construction Industry to Propel Market Growth |
| North America to Dominate the Market Owing to Increasing Growth of the Construction Industry |
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Segments-
Geotextile - Geonet Composites Segment to Lead the Market Owing to its Drainage Properties
On the basis of product, the market is divided into geotextile - geomembrane composites, geotextile – geonet composites, geomembrane – geogrid composites, geotextile – geogrid composites, and others.
The geotextile-geonet composites segment is estimated to hold the largest share of the market in the coming years. Geotextile - geonet composites outperform geotextile alone in terms of drainage capabilities.
Drainage Segment to Dominate the Market Owing to its Wide Usage in Railways, Road, and Landfills
According to function, the market is segmented into reinforcement, separation, drainage, and others.
The drainage segment witnessed the largest market share in 2022. Geocomposites are used broadly in drainage applications for retaining walls, landfills, railways, roads, and other structures.
Road & Highway Segment to Dominate the Market Due to Increase in the Service Life of Roads and Bridges
Based on application, the market is fragmented into road & highway, landfill & mining, soil reinforcement, water & wastewater management, and others.
The road & highway segment held the largest market share in 2022 and is predicted to continue its dominance during the projected period. Geocomposites are primarily utilized in soil reinforcement for civil construction. A few of the specific road and highway construction applications include overlay stress absorption, overlay reinforcement, subgrade separation and stabilization, and base reinforcement.
Geographically, the market is divided across regions such as North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
COVID-19 Impact-
Termination of Construction Projects Owing to COVID-19 Pandemic
The pandemic outbreak impacted the market growth negatively. The negative impact on the market was due to the disruptions caused by stringent lockdown regulations. Manufacturers globally have reported temporarily shutting down production facilities and lowering their production capacity owing to lockdown and reduced order intake.
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Report Coverage-
The report offers:
• Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
• Comprehensive insights into regional developments.
• List of major industry players.
• Key strategies adopted by the market players.
• Latest industry developments such as product launches, partnerships, mergers, and acquisitions.
Drivers & Restraints-
Growth in the Construction Industry to Propel Market Growth
The growing demand from the construction sector across various parts of the world is estimated to propel market growth. The global construction industry has been growing moderately over the past few decades and is estimated to continue its growth trend during the projected period. Consumers’ growing purchasing power and living standards have improved substantially in recent decades.
The cost and availability of raw materials are two of the most important factors influencing the demand for geocomposites. Most composites manufactured globally are made from synthetic polymers sourced from crude oil, consisting of polypropylene, polyester, and polyethylene. These fluctuating crude oil prices hinder the geocomposites market growth.
Regional Insights-
North America to Dominate the Market Owing to Increasing Growth of the Construction Industry
The North America geocomposites market share is projected to grow during the forecast period owing to increased demand from the construction industry. The market in this region is anticipated to grow exponentially due to growing government and private sector investments.
Asia Pacific is expected to drive market growth due to rising demand from the construction and infrastructure development industry. Geosynthetic materials are predictable to benefit from their extensive use in the construction sector, and the market will likely expand at a pace with the region’s rapidly expanding construction sector.
Competitive Landscape-
Companies Focusing on Product Innovations to Grow their Business
The global market share is competitive, with key players operating in the industry such ad GSE Environmental, TenCate, Thrace Group, Terram, HUESKER, and others. Companies are mostly involved in product supply and distribution to small & medium scale businesses to build market competition.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Regions
- Key Developments: Mergers, Acquisition, Partnership, etc.
- Latest Technological Advancement
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
- Qualitative Insights – Impact of COVID-19 on Global Geocomposites Market
- Supply Chain Challenges
- Steps taken by Government/Companies to overcome this impact
- Potential opportunities due to COVID-19 outbreak
- Global Geocomposites Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Summary
- By Product
- Geotextile - Geonet Composites
- Geotextile - Geomembrane Composites
- Geomembrane - Geogrid Composites
- Geotextile - Geogrid Composites
- Others
- By Function
- Separation
- Drainage
- Reinforcement
- Others
- By Application
- Water & Wastewater Management
- Road & Highway
- Landfill & Mining
- Soil Reinforcement
- Others
- By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
TOC Continued...!
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Key Industry Developments:
- October 2021: Geofabrics Australasia declared the acquisition of Plascorp. The acquisition will strengthen Geofabrics' competitive edge in constructing major road, rail, and mining infrastructure using Australian manufactured and recycled materials.
Read Related Insights:
Geosynthetics Market Size to Surpass USD 45.25 Bn by 2026 | With 6.6 % CAGR
Geogrid Market to Reach USD 1.64 Billion by 2028 | | Geogrid Industry Share, Growth, And Forecast Report by Fortune Business Insights™
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