by The global Geosynthetics Market is estimated to be valued at US$ 14.63 Bn in 2023 and is expected to exhibit a CAGR of 6.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Geosynthetics are synthetic products used in geotechnical and civil engineering applications. They include geosynthetic clay liners, geomembranes, geotextiles, geogrids and geocomposites. Geosynthetics provide advantages like cost-effectiveness, durability and ease of installation in various civil engineering applications.
Market key trends:
One of the key trends in the geosynthetics market is the rising adoption in road construction activities. Geosynthetics are increasingly being used in base reinforcement, embankment reinforcement, subgrade separation and slope protection applications in road construction. Their usage enhances the strength and durability of roads while reducing maintenance costs. Additionally, growing demand from wastewater treatment projects is also fueling market growth. Geomembranes made from HDPE and LLDPE are commonly used in lining applications for landfills and wastewater lagoons to prevent contamination of soil and groundwater. Stringent environmental regulations regarding groundwater protection are increasing the adoption of geosynthetics in wastewater management infrastructure.
Market key trends:
One of the key trends in the geosynthetics market is the increasing use of geosynthetics in infrastructure projects for soil reinforcement applications. Geosynthetics provide effective soil reinforcement solutions and help reduce construction costs. They are increasingly being used as base reinforcement material in road construction. The growing construction of roads and railways across both developed and developing economies is expected to drive the demand for geosynthetics in the coming years.
SWOT Analysis
Strength: Geosynthetics have high tensile strength and provide durability. They can withstand heavy loads and last longer than traditional materials.
Weakness: Initial investment cost for geosynthetics is high compared to alternative materials.
Opportunity: Growing infrastructure development in developing nations due to rapid urbanization provides growth opportunities.
Threats: Fluctuations in raw material prices can increase production costs for geosynthetic manufacturers. Stringent environmental regulations pose a threat.
Key Takeaways
The Global Geosynthetics Market Size is expected to witness high growth, exhibiting CAGR of 6.7% over the forecast period, due to increasing infrastructure development activities across the globe. The market size for 2023 is estimated to be US$ 14.63 Bn.
Regional analysis: Asia Pacific is expected to dominate the market and witness the fastest growth during the forecast period. This can be attributed to large-scale infrastructure development projects underway in China and India. Furthermore, growth planned under initiatives such as Belt and Road Initiatives will drive the use of geosynthetics in the coming years.
Key players operating in the geosynthetics market are AGRU, Freudenberg Group, HUESKER Group, Maccaferri S.p.A., NAUE GmbH & Co. KG, PRS Geo-Technologies, Schouw & Co., Solmax, TENAX Group, and Tensar International Corporation. The major players are focusing on increasing their production capacities to meet the growing demand for geosynthetics with increasing construction projects globally.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
