Geosynthetics are one of the polymeric products which are usually made-up of polypropylene, polyester, and polyethylene. Such products maintain their properties while exposed to a harsh environment. Geosynthetics are highly used in various environmental activities such as filtration, and landfill and civil construction. Rising number of ongoing projects for enhancing civic amenities, growing transportation sector, and increasing demand for geosynthetics in hazardous and industrial waste are majorly driving the global geosynthetics market. Apart from these, rapid industrialization, rising number of environmental projects and huge infrastructure are also propelling demand in the global geosynthetic market.
As per expert analysts, the global geosynthetics market registered an initial valuation of US$11.30 bn clocked in 2016. This growth is prophesized to occur at a promising CAGR of 9.1% during the forecast period from 2015 to 2023. The persistent demand for geosynthetics mostly comes from the construction of railway stations, airports, dams, bridges, and roads. The market is mainly segmented on the basis of product types and function.
Flourishing Construction Industry Augments Demand for Geotextiles
From the perspective of product types, the global geosynthetics market is divided into following segments – geogrids, geotextiles, geomembranes, and drainage composites. Among these products, growing demand for geogrids and geotextiles is expected to boost the global geosynthetics market in the coming years. Geotextiles segment is believed to showcase fantastic expansion in the next few years, especially during the mentioned forecast period – 2015 to 2023. This is mainly due to the rising uptake of geotextiles in the construction industry globally. This is also attributed to their excellent flexible and porous nature. Along with these, rising versatility of various construction projects are bolstering demand for geotextiles. Geomembranes is the another lucrative product segment to witness highest proliferation thanks to its high performability in various lining applications such as landfill and tank liners.
In terms of function, the global geosynthetics market is bifurcated into segments such as drainage, separation, reinforcement, barriers, containment, protection, and erosion control. Of these, erosion control is expected to witness largest share due to the heavy usage of geosynthetics material among farmers in order to prevent soil erosion.
Growing Number of Construction Projects in Asia Pacific to Contribute to Market Demand
Geographically, the global geosynthetics market is segmented into North America, the Middle East & Africa (MEA), Latin America, and Asia Pacific. Out of these regions, Asia Pacific is expected to lead the global geosynthetics market till 2023. By 2023 end, this regional market is expected to contribute a lion’s share of 40.2%. This is because of the mushrooming urbanization and manufacturing industries in China. Other lucrative regional markets are the GCC and the ASEAN. Rapid infrastructural developments, and growing number of constructional projects are responsible for fueling the global geosynthetics market in these regions. On the other hand, in North America and Europe the demand for geosynthetics is modest.
A competitive vendor landscape exists in this market thanks to the presence of innumerable players. Some of the prominent players operating in the global geosynthetics market are Low & Bonar PLC, GSE Environmental, NAUE Gmbh & Co, TenCate Geosynthetics, and Officine Maccaferri S.p.A.