Chicago, Jan. 18, 2023 (GLOBE NEWSWIRE) -- The global Geosynthetics Market is projected to reach USD 13.2 billion by 2026 from USD 9.9 billion in 2021, at a CAGR of 6.0% between 2021 and 2026, as per the recent study by MarketsandMarkets™. Increasing investments on infrastructural developments and rising concerns over waste and water management is rising the demand for geosynthetics globally. Rapid urbanization and growing population is expected to rise the demand for geosynthetics. Moreover, the geosynthetics market is also expected to benefit from the growing demand for environmentally friendly materials which reduces the consumption of conventional materials in various geosynthetics application segments such as transportation infrastructure, waste management, water management, and civil construction.
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Browse In-Depth TOC On "Geosynthetics Market”
184 - Market Data Tables
43 - Figures
232 - Pages
List of Key Players in Geosynthetics Market:
- SOLMAX (Canada)
- NAUE GmbH & Co. KG (Germany)
- Officine Maccaferri Spa (Italy)
- Berry Global Inc (US)
- Agru America, Inc (US)
Drivers, Restraints, Opportunities and Challenges in Geosynthetics Market:
- Driver: Growth of the geosynthetics market can be attributed to increasing investments in waste management in emerging economies
- Restrain: Fluctuating raw material prices due to the volatility in the prices of crude oil
- Opportunity: Rising demand from the mining and oil & gas industries
Key Findings of the Study:
- Based on type, geotextiles is estimated to be the largest market in the overall geosynthetics market in 2021.
- Based on application, waste management is expected to be the largest geosynthetics-consuming application in 2021.
- Based on region, APAC is projected to grow the fastest in the geosynthetics market during the forecast period.
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Geosynthetics are used in a wide range of applications such as railroads, roadways, soil reinforcement and stabilization, heap leach pads, landfills, and containment sites which is also projected to further drive the market. Geosynthetics have excellent properties such as high tensile strength, drapability, porosity, and flexibility which allows them to be used in a variety of applications ranging from infrastructure development to environmental protection.
Based on type, geosynthetics are segmented into geotextiles, geomembranes, geogrids, geofoam, geonets, and others (geosynthetics clay liners, geocomposites, geocells). Based on functionality, geosynthetics are segmented into filtration, separation, barrier, reinforcement, and drainage. Geotextiles is the dominant type of geosynthetics globally in 2020. Geotextiles are used in geotechnical engineering applications such as heavy construction, buildings, pavement construction, hydrogeology, and environmental engineering.
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Based on application, the geosynthetics market is segmented into waste management, water management, transportation infrastructure, civil construction, and others. Waste management accounts for the largest share of the market in 2020. It includes the proper collection, transport, treatment, recycling, and disposal of residential, industrial, and commercial waste. Geosynthetics are essential for controlling the leakage of contaminated gas and liquid into groundwater, rivers, aquifers, and other freshwater sources. Due to the increase in population, urbanization, and industrialization, the need for waste management activities is expected to increase during the forecast period.
APAC dominates the geosynthetics market in 2020. The region is growing at a faster rate which accounts for the high growth of the geosynthetics market. The emerging market of India, China, and other countries of the APAC are growing and boosting the regional market growth. The market growth in the region is driven by rapidly increasing population, urbanization, and industrialization. Growing investment for the development of public infrastructure and demand for solid waste management system are the major factors driving the geosynthetics demand in the region.
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