VANCOUVER, BC, Sept. 21, 2021 /PRNewswire/ -- The global geosynthetics market size reached USD 9.44 Billion in 2020 and is expected to register a significantly robust revenue CAGR during the forecast period, according to latest analysis by Emergen Research.
Continual construction and expansion of road and railway networks in various countries across the globe, rapid urbanization in developing countries, as well as increasing usage of geosynthetics in such projects are key factors expected to continue to drive market revenue growth over the forecast period. Geosynthetics are widely utilized for filtration in road construction work in developed countries. Geosynthetics are currently also being used more extensively for erosion control, roadside draining, and soil stability beneath retaining walls. Sustained developments in both buildings and non-building construction activities and projects is also expected to continue to boost demand for geosynthetics in non-transportation construction activities since these can lower the cost of maintenance and extend the lifespan of facilities.
Cost and availability of raw materials are crucial factors that influence the price of geosynthetic products. Majority of geosynthetic raw materials including polyethylene, polypropylene, and PVC are vulnerable to crude oil price volatility. Cost of raw materials used in the production of geosynthetics is directly affected by the price of crude oil, which is expected to hamper market growth to some extent over the forecast period.
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The global geosynthetics market revenue is expected to register a CAGR of 5.8% and market size to increase from USD 9.44 Billion in 2020 to USD 14.57 Billion in 2028. Robust market revenue growth is attributable to increased infrastructure investments and societal concerns about waste management enhancements and deployment of more effective materials and solutions. Increasing global population and rapid urbanization are also key factors expected to propel market growth further over the forecast period.
COVID-19 Impact Analysis:
The global construction sector has been disrupted by the COVID-19 outbreak, with projects getting halted owing to lockdowns, resulting in a lack of workforce, limited availability of raw materials, supply disruptions, and temporary closures of construction projects. Businesses have reported a decline in demand for newer workspaces, stores, and other facilities, resulting in a revenue reduction. The construction industry in the United States was significantly affected by a shortage of raw materials, since imports from other countries, including China, were limited as a result of the pandemic.
Current Trends and Innovations:
As mining firms continue to realize the economical and technological benefits of using geosynthetics, usage of geosynthetics in mining operations continues to rise as more contractors shift to deploying this solution in various countries each year. Highly efficient barriers, space-saving, and stronger access roads have been made possible by deploying geosynthetics solutions. Increasing usage of geosynthetics in mining operations is expected to continue to boost market growth in the near future.
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Europe is expected to register steady revenue growth over the forecast period as a result of rising awareness about environmentally friendly construction. Infrastructural development in Europe is expected to be boosted by rising demand for more affordable homes, increasing housing projects, and need for expansion into urban areas. The need for infrastructure improvements has increased as environmental considerations and awareness of increasing carbon emissions have grown significantly in the recent past. Governments in various countries have taken steps to support green construction, which is expected to boost revenue growth of the market in Europe.
Some major companies operating in the market include Berry Global, Inc., Agru America, Inc., Solmax International Inc., Officine Maccaferri SpA, NAUE GmbH & Co. KG, Contech Engineered Solutions LLC, Low & Bonar plc, Propex Operating Company LLC, Tensar International Corporation, and HUESKER Group
- In April 2021, Solmax International Inc. announced the expansion of its state-of-the-art production capabilities at its geosynthetics factory in Rechlin, Germany, to manufacture Interlock polyethylene, PolyLock, as well as extruded LL/HDPE concrete embedment strips that enable engineers and technicians to safely and reliably place and attach Solmax geomembranes to wet concrete.
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Emergen Research has segmented the global geosynthetics on the basis of type, material, functions, application, and region:
- Type Outlook (Volume Million Square Meter, Revenue, USD Billion; 2018-2028)
- Material Outlook (Volume Million Square Meter, Revenue, USD Billion; 2018-2028)
- Function Outlook (Volume Million Square Meter, Revenue, USD Billion; 2018-2028)
- Protection (Cushion)
- Erosion Control
- Application Outlook (Volume Million Square Meter, Revenue, USD Billion; 2018-2028)
- Water Management
- Waste Management
- Civil Construction
- Transportation Infrastructure
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- Regional Outlook (Volume Million Square Meter, Revenue, USD Billion; 2018-2028)
- North Americaa. U.S.b. Canadac. Mexico
- Europea. Germany b. France c. U.K. d. Italy e. Spainf. BENELUXg. Rest of Europe
- Asia Pacifica. China b. Indiac. Japan d. South Korea e. Rest of APAC
- Latin Americaa. Brazil b. Rest of LATAM
- Middle East & Africaa. Saudi Arabiab. UAEc. South Africad. Turkey e. Rest of MEA
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