Newark, NJ, May 25, 2022 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, The global geosynthetics market is expected to grow from USD 14.04 billion in 2019 to USD 23.07 billion by 2027, at a CAGR of 6.04% during the forecast period 2020-2027. North America is expected to dominate the market during the forecast period. The expansion of the mining industry and significant demand for metals like silver, copper, zinc, gold and bauxite are the significant factors contributing to large market share. The substantial investments in research and development for technological progress and efficient material development will further contribute to market growth. Europe is the second-largest market with strict regulatory requirements regarding waste management and carbon emissions for the conservation of the environment. Asia-Pacific region is expected to witness the highest growth rate during the forecast period. The growing infrastructure development and demand for reinforcement of soil while laying foundation are the major drivers of market growth. The rise in disposable incomes has increased the demand for energy-efficient buildings and environment conservation activities.
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Some of the leading players of the market include NAUE GmbH & Co. KG, GEO Synthetics LLC, Tenax Corporation, Polymer Group, Inc., TenCate Geosynthetics, GSE Environmental, Low & Bonar Plc, and Huifeng Geosynthetics. The companies are adopting strategies of market expansion in emerging markets of the Asia-Pacific region, and collaborations with suppliers of raw materials for continuous supply. In 2019, Strata launched StrataWeb and StrataGrid, that is HDPE geocells and flexible geogrids respectively. It enabled the company in providing broader, customisable, and stress-strain values of geogrids across the globe.
This study delivers a comprehensive analysis of product, applications, type of material, and regions. On the basis of product, the market can be divided into geomembranes, geotextiles, geogrids, geofoams, geocells, geonets, geosynthetic clay liners, geocomposites, and others. Geotextiles are expected to dominate the market during the forecast period. The growth can be attributed to rising awareness regarding water conservation and its use for augmentation of ponds, dams, and pipelines. Geomembranes are expected to register the highest growth rate due to its use in floating covers to reduce evaporation in reservoirs and reduction of emissions by volatile organic compounds. On the basis of application, the market can be divided into railroad stabilisation, road & pavements, drainage systems, containment & wastewater, mining, water management, soil reinforcement, erosion control and others. The railroad stabilisation and road construction segments are expected to witness the highest growth rate due to its benefits in providing better strength and durability of roads, especially expressways and highways.
The rising awareness regarding sustainable practices has contributed to the use of geosynthetics in the construction industry. The rapid decline in water resources due to rising population has increased the need for efficient management of water resources. Geosynthetics are significantly used in canals and dams for containment and control of erosion. The product is also largely used for waste management to ensure efficient disposal of hazardous, industrial, and regular waste. There are rising innovations for waste management technologies through the use of geosynthetics. The rising demand for prevention of soil erosion and promotion of growth of vegetation is another major contributor to market growth.
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About the report:
The global geosynthetics market is analysed on the basis of value (USD Billion). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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