Wilmington, Delaware, United States, Jan. 23, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - As per a recent market report by Transparency Market Research, the global geosynthetics market was valued at US$ 16.1 Bn in 2020 and is estimated to reach US$ 40.7 Bn by 2031. The market research study also projects that the global industry is likely to grow at a CAGR of 8.8% between 2021 and 2031. Rise in preference for sustainable construction materials and increase in demand for geotextiles are expected to bolster the global market during the forecast period.
Rise in global demand for infrastructure development has led to increase in investment in efficient construction materials, including geosynthetics. Geotextiles and geomembranes have significant potential in the construction industry, as these are considered stable solutions for usage in several types of infrastructure and construction project. Rise in R&D efforts by industry stakeholders are anticipated to create attractive business opportunities for geosynthetics, making it an ideal alternative for traditional construction materials.
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Geosynthetics Market: Key Findings of Report
- Increase in Need for High-performance Construction Materials: Need for high-performance materials that can meet the demands of a rapidly changing landscape is growing in the construction industry. This is driving the demand for advanced materials, such as geosynthetics, which are known for their ability to withstand extreme conditions and deliver reliable performance. Manufacturers in the geosynthetics market are well positioned to capitalize on this trend and meet the growing need of the construction sector.
- Rise in Demand for Sustainable Construction Materials: The construction industry is facing stringent regulations and pressure to find alternative technologies that are more sustainable and efficient. Hence, demand for new construction materials, such as geosynthetics, is rising. This is expected to drive the geosynthetics market in the next few years, as manufacturers look for ways to meet the evolving needs of the construction industry.
- Rapid Expansion of AEC Sector: Usage of geosynthetics in AEC applications such as foundations and retaining walls is expected to increase, as manufacturers strive to improve performance and reduce environmental impact.
Geosynthetics Market: Growth Opportunities
- Increase in demand for sustainable and commercially viable construction materials is likely to bolster market expansion during the forecast period
- Surge in demand for high-performing construction materials that offer stable operating capabilities boosts market growth
- Expansion of the AEC industry and industrial sectors and infrastructure development drive the global industry
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Geosynthetics Market: Key Players
The global geosynthetics market presents lucrative opportunities for vendors. Leading players such as Berry Global, Agru America, Inc., Tenax Corporation, and SunTech Geotextile Pvt. Ltd. are engaged in extensive R&D activities to develop viable and stable geosynthetic solutions. Other companies in the global market are Low & Bonar PLC, Officine Maccaferri S.p.A., Propex Operating Company, LLC, GSE Environmental, Inc., Tensar International Corporation, TenCate Geosynthetics, and NAUE GmbH & Co. KG.
Geosynthetics Market: Regional Growth Assessment
Asia Pacific is anticipated to account for the largest global market share during the forecast period. This is ascribed to rise in infrastructure development in countries, such as India and China, increase in government support aimed at promoting sustainable construction, and surge in demand for innovative and cost-effective construction materials. Furthermore, rapid urbanization in several regional countries is propelling industry growth in Asia Pacific. Rise in demand in construction industries in Middle East & Africa is also expected to bolster the global market in next few years.
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Geosynthetics Market: Segmentation
Geosynthetics Market, by Product Type
- Geotextiles
- Geomembranes
- Geogrids
- Drainage Composites
- Others
Geosynthetics Market, by Application
- Containment
- Reinforcement
- Filtration and Drainage
- Others
Geosynthetics Market, by Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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