Global Geosynthetics Market Industry Trends, Opportunities, Estimation & Forecast, 2019-2027
Geosynthetics are one of the polymeric products which are usually made-up of high-density polypropylene, polyester, and polyethylene. They are used in the highly used in various environmental activities such as filtration, landfill, geotechnical engineering and construction applications. Geosynthetics are highly durable materials, cost-effective, and versatile in various hydraulic, geotechnical, and environmental applications.
The rising number of ongoing projects for enhancing civic amenities and increasing demand for Geosynthetics in hazardous and industrial waste along with the growing transportation sector are majorly driving the global Geosynthetics market.
The Significant growth in construction activities along with increasing applications in filtration, separation and erosion control is expected to boost the Geosynthetics market growth. The high tensile strength and ability to improve subsurface drainage attributed to the increasing applications of Geosynthetic materials in the construction of roads, drainage systems, and railroads.
“Global Geosynthetics Market was Valued at US$ 13.2 Bn in 2018 and it is Expected to Reach More than US$ 29.6 Bn by 2027, Likely to Grow with the CAGR of 9.4% During the Forecast Period.”
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Geotextiles were the largest segment, accounted for over 45.0 % of the global revenue share of Geosynthetics Market in 2018 and this trend is expected to continue over the forecast period. The geotextiles are used for the development of railway networks owing to their ability to facilitate separation of soil layers from the subsoil without hindering the underground water circulation. Furthermore, increasing usage in various civil engineering applications such as erosion control and road construction. In addition, the increasing penetration in the reinforcement of ponds, streets, embankments, and pipelines drives the demand for geotextiles.
The Asia Pacific is anticipated to hold more than 30 % market share in the global Geosynthetics market in terms of revenue and is this trend will continue over the forecast period. An increase in commercial and industrial construction projects and mining activities is expected to drive the global Geosynthetics market during the forecast period. Asia Pacific market is anticipated to witness growth at a CAGR of around 9.0 % from 2019 to 2027, in terms of revenue on account of increasing demand for soil reinforcement in foundation work of residential buildings in the emerging economies of China, India, Japan, and South Korea.
The Middle East & Africa region is projected to register a highest growth in the Geosynthetics market during the forecast period.The Middle East & Africa accounted for a significant share in the global Geosynthetics market in 2018 and is expected to be the fastest-growing region at a CAGR of over xx % during the forecast period owing to increasing demand from the construction industry. An increasing commercial construction activities in the region, including the construction of hotels and stadiums are likely to impact the demand for composite building materials, including Geosynthetics over the forecast period.
Some of the prominent competitors in the Geosynthetics market include GSE Environmental Inc., FiberWeb PLC Koninklijke Ten Cate B.V., Low & Bonar PLC., Low & Bonar PLC, Propex Global, Tensar Corporation, and Officine Maccaferri S.p.A. These companies are estimated to hold a value share of 40-45% in the global Geosynthetics market.
Impact of COVID-19 on Economy, Industry and Company
The emergence of novel coronavirus has affected the global economy, industry dynamics and company’s top line. The entire ecosystem has to suffer the impact of this pandemic disease which would result in demand & supply gap, production delay and weak consumer demand of end products across industries.
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