Wilmington, Delaware, Nov. 06, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Geomembrane Market by Raw Material (High Density Polyethylene (HDPE), Low Density Polyethylene (LDPE), Ethylene Propylene Diene Monomer (EPDM), Polyvinyl Chloride (PVC), Polypropylene (PP), and Others), by Technology (Extrusion, Calendering, and Others), and by Application (Water Management, Waste Management, Mining, Tunnel Liners & Civil Engineering, and Others), Global Opportunity Analysis and Industry Forecast, 2021-2030". The report indicates that the global market for geomembrane is expected to garner $3.7 billion by 2030, having experienced revenue of $2.2 billion in 2020, with a noteworthy CAGR of 5.1% during the forecast period of 2021 to 2030.
Factors influencing the growth of the geomembrane market:
The global geomembrane market is expanding rapidly due to rapid expansion of the mining and infrastructure industry and favorable rules about implementation of water and waste management. On the other hand, fluctuation in the costs of raw material hampers market growth to some extent. Nevertheless, a surge in environmental awareness is estimated to provide remunerative growth opportunities for the market in the forthcoming years.
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The extrusion segment to retain its dominance throughout the forecast timeframe
By technology, the extrusion segment held the largest share in 2020, accounting for nearly half of the global geomembrane market and is anticipated to maintain its lead position during the forecast period. The growth is attributed to increased activities connected to civil development, water consumption, and groundwater protection across the globe. The calendaring segment, on the other hand, would cite the fastest growth with 5.3% CAGR by 2030, due to large shear of the process and assured uniformity of the melt.
The mining segment to continue its supremacy during forecast period
In terms of application, the mining segment garnered the major share in 2020, contributing to nearly one-third of the total market revenue and is expected to lead the trail during the forecast period. The growth of the segment is driven by an increase in the application of geomembrane in the mining industry involving non-metallic and metallic mining. The water management segment, on the other hand, is projected to showcase the fastest CAGR of 5.5% throughout the forecast timeframe. The usage of geomembrane for water preservation is anticipated to grow in the future, which is accelerating the growth of the segment.
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Asia-Pacific followed by North America garnered the major share in 2020
The regional analysis in the report indicates that the market across Asia-Pacific, followed by North America, generated the major share of nearly two-fifths of the overall market revenue in 2020. The same region would cite the fastest growth with 5.5% CAGR from 2021 to 2030, owing to the rapid growth of the population across the globe, industrialization, and urbanization.
Top Market Players:
- Asahi kasei corporation.
- Ace geosynthetics
- Tensar corporation
- Tenax
- Strata systems Inc
- Royal ten cate Inc
- Propex operating company LLC
- Low and Boner PLC
- Huesker synthetic GmbH
- Dow chemical company
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Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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