How Much Revenue Geosynthetics Market Will Generate Globally Till 2028? |Grand View Research, Inc.

 

The global geosynthetics market size is expected to reach USD 21.4 billion by 2028, according to a new report by Grand View Research Inc., expanding at a CAGR of 6.0% from 2020 to 2028. Rapidly rising penetration of geosynthetics in the development of civil transportation infrastructure for heavy traffic is likely to fuel the market growth over the forecast period.

The COVID-19 pandemic outbreak across the globe has forced several governments to impose lockdown regulations in their respective economies. The aforementioned situation has boosted the construction of civil transportation infrastructure due to low traffic, thereby positively influencing the market growth.

Geosynthetic products are witnessing rising usage in mining operations as the mining companies are focusing on its economic and technical advantages. Moreover, heap leaching has emerged as a key technic for the extraction of valuable material from the ore, thereby driving the demand for the products owing to their high usage in heap leach projects.

Key industry participants are engaged in mergers & acquisitions to gain a strong foothold in the market. For instance, in 2017, Solmax, a leading player in the geosynthetics industry, acquired GSE Environment to form a combined business unit with a broader manufacturing unit, along with a worldwide commercial network.

Rapid infrastructure development in emerging economies, such as India and Brazil, is anticipated to fuel the market growth over the forecast period. Lockdown measures imposed by the governing authorities to contain the spread of coronavirus are expected to take a toll on the respective economies and the impact is expected to evolve in the upcoming months, post neutralization of the virus. This, in turn, is expected to create uncertainty regarding the growth of the market in the next couple of years. Prevailing strict government protocols in the U.S. related to the application of geosynthetics for silt fence and sediment control to minimize erosion are anticipated to have a positive impact on market growth. Furthermore, the U.S. EPA has mandated the use of geosynthetics in landfills under the Resource Conservation and Recovery Act (RCRA).

To Request Sample Copy of this report, click the link:

https://www.grandviewresearch.com/industry-analysis/geosynthetics-market/request/rs1

According to the FAO, currently, over 30% of the soil has been eroded globally, which has resulted in land loss, slope instability, and loss in reservoir capacity due to silting. Rising awareness pertaining to the effectiveness of geosynthetics in controlling erosion through soil reinforcement and keeping the layers intact is projected to bolster market growth. Geonets and geocells play a key role in promoting vegetative growth and providing shore protection, in turn, preventing soil erosion. Moreover, the ongoing soil preservation projects in various economies, including South Africa, Spain, Canada, and India, are expected to drive the market over the forecast period.

Geosynthetics Market Report Highlights

• The geotextiles product segment dominated the overall market with a revenue share of 48.86% in 2020 on account of a broad range of functions performed by the product, such as filtration, reinforcement, drainage, and protection
• The geocells product segment is expected to register the fastest CAGR of 7.7% over the forecast period in terms of revenue owing to rising use in military operations, such as bridge construction over a soft surface and transportation of heavy equipment
• The geonets product segment is expected to witness notable growth over the forecast period on account its high usage as separation media in foundation wall systems in drainages and road and pavement systems
• Asia Pacific held the largest revenue share in 2020 on account of exponential growth in infrastructure development, especially in emerging economies
• Key industry participants have been recognized based on their geographical reach, distribution networks, product line, strategic developments, innovation, operational capabilities, and the market presence of their brands.

Factors such as the expansion of manufacturing capacities in the developing economies of the Asia Pacific and the Middle East offer a competitive edge to the geosynthetics manufacturers. Furthermore, industry participants are entering into strategic agreements with raw material suppliers and equipment manufacturers to maintain an uninterrupted supply. Key players in the market are entering into agreements with emerging players to expand their distribution capacities, thereby increasing their market reach. In addition, companies are likely to establish partnerships with e-commerce portals to ensure that buyers have timely access to geosynthetic products. Some of the prominent players in the geosynthetics market include:

• GSE Holdings, Inc.
• Koninklijke Ten Cate N.V.
• Officine Maccaferri S.p.A.
• NAUE GmbH & Co. KG
• Propex Operating Company, LLC
• Low and Bonar PLC
• TENAX Group
• Fibertex Nonwovens A/S
• Global Synthetics
• AGRU America
• TYPAR
• HUESKER Group
• PRS Geo-Technologies
• Tensar International Corporation
• Solmax

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.