Wilmington, Delaware, United States, Nov. 16, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The market for geosynthetics was worth US$ 16.1 billion in 2020. A CAGR of 8.8% is predicted for the market between 2021 and 2031. According to TMR, Geosynthetics sales will reach US$ 40.7 billion by 2031.
The environmental impact of geosynthetics can be lower than that of traditional construction materials. In erosion control, sediment management, and other environmentally sensitive applications, these materials may be more often used if construction practices are more sustainable.
Regulations and safety standards being emphasized can lead to the adoption of geosynthetics. Geomembranes may gain popularity due to regulations regarding landfill waste containment. Through ongoing research and development, the geosynthetics sector can develop more advanced, stronger, and more durable materials. In the future, geosynthetics could find more applications due to technological advances.
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A strong economy and stable political environment influence infrastructure spending. A strong economy typically leads to increased construction activity, contributing to the demand for geosynthetics. Economies are becoming more interconnected, and construction practices are becoming more globalized, which can significantly impact geosynthetics demand.
The use of geosynthetics may expand beyond traditional roles due to ongoing research. In earthquake-prone areas or challenging terrains, geosynthetics-reinforced soil systems may find application. With the growing awareness of geosynthetics, such as their durability, cost-effectiveness, and speed of installation, geosynthetics are becoming more commonly used. Adoption across various applications is likely to be driven by this awareness.
Geosynthetics are being recognized by governments and regulatory bodies around the world as a means of enhancing sustainability and environmental protection. As a result, geosynthetics have been incorporated into construction projects according to regulations and standards.
Global Geosynthetics Market: Key Players
The presence of innumerable vendors creates a competitive vendor landscape. Geosynthetics are made up of a variety of materials, and one of the most significant players is
- Low & Bonar PLC
- Berry Global.
- Officine Maccaferri S.p.A.
- NAUE GmbH & Co. KG
- Agru America Inc.
- Propex Operating Company LLC
- TenCate Geosynthetics
- GSE Environmental Inc.
- Tenax Corporation
- Tensar International Corporation
- Suntech Geotextile Pvt. Ltd.
Key Findings of Market Report
- Due to farmers' high use of geosynthetic material to prevent soil erosion, the erosion control segment contributed significantly to the market share.
- Application-wise, filtration and drainage are likely to lead to the usage of geosynthetics.
- Based on product type, geotextiles will likely drive demand for geosynthetics.
- Global geosynthetics market share will reach 40.2% by 2031 in Asia Pacific.
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Global Geosynthetics Market: Growth Drivers
Construction and civil engineering projects use geosynthetic materials to improve environmental and geotechnical performance. A rise in infrastructure investment drives the demand for geosynthetics, including highways, roads, railways, and dams. These materials are cost-effective for stabilizing soil, preventing erosion, and strengthening soil.
Geosynthetics are in high demand due to environmental concerns, soil stabilization regulations, and waste management. Construction practices that use these materials are more sustainable and help meet regulatory requirements. Construction activities are often increased as a result of rapid urbanization and population growth. Urban development projects can use geosynthetics for landfills, retaining walls, and drainage systems.
Innovative geosynthetics products are being developed in response to ongoing research and development. These advancements can stimulate market growth by addressing the specific needs of individual projects. In the fields of engineering, architecture, and construction, geosynthetics are becoming more popular as awareness about their benefits increases. In addition to improving durability, reducing construction time, and saving money, geosynthetics offer a variety of benefits.
Geosynthetics can be significantly impacted by government initiatives and policies promoting their use. For sustainable infrastructure and resilience, governments may provide incentives to use these materials. Geosynthetics are extensively used in road construction for reinforcing, separating, and draining purposes. Globally, geosynthetics will become increasingly important as road infrastructure projects grow.
Among the most crucial applications for geosynthetics are waste containment and landfills. As environmental protection and efficient waste management become more important, the demand for geosynthetics will increase. In addition to improving performance and durability, geosynthetics are manufactured using advanced technology and materials. Thus, geosynthetics become more valuable in various applications as a result.
Global Geosynthetics Market: Regional Landscape
Asia Pacific region is expected to drive demand for the geosynthetics market. Due to growing civil engineering and construction projects in the region, geosynthetics demand is expected to soar. Due to rapid urbanization and infrastructure development, a significant demand for geosynthetics will likely arise in Asia. Geosynthetics are in high demand due to concerns about environmental issues, such as sediment control, soil erosion, and water management. Projects addressing environmental issues often utilize these materials.
Regulations and policies related to the environment and eco-friendly construction practices can influence demand for geosynthetics. The use of geosynthetics may be incentivized or mandated by some governments. Projects vulnerable to earthquakes, floods, and typhoons could also benefit from geosynthetics for disaster mitigation and resilience.
Key Developments
- In June 2023, Tiger Global-backed Infra.Market purchased a controlling stake in Geosystems Pvt.Ltd, a company that manufactures geosynthetics and performs geotechnical engineering.
- In October 2023, Core & Main Inc., a leading provider of reliable infrastructure, has signed a definitive agreement to purchase Enviroscape ECM, Ltd. and three affiliates, a leading geosynthetics manufacturer.
Global Geosynthetics Market: Segmentation
By Product Type
- Geotextiles
- Geomembranes
- Geogrids
- Drainage Composites
- Others
By Application
- Containment
- Reinforcement
- Filtration and Drainage
- Others
By Region
-
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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