The Geosynthetics Market is estimated to be valued at US$ 14.63 Bn or Mn 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 with soil, rock, or earth in civil engineering applications. They include geotextiles, geogrids, geonets, geomembranes, and geofoam. Geosynthetics help reinforce weak and unstable soil, separate particulate layers, filter water from soil, and act as barriers. Their wide range of functions make them useful in road construction, erosion control, drainage, landfill construction, and related applications. Increasing infrastructure development worldwide is driving significant demand for geosynthetics.
Market Dynamics:
Geosynthetics provide cost and time savings compared to conventional construction materials. They can reduce the amount of aggregate, cement, or other materials needed in construction projects. For example, geogrids allow engineers to build at a steeper slope than would otherwise be possible with soil alone, saving on excavation costs. They also speed up construction times.
Rising infrastructure investments in developing economies are also fueling market growth. Countries in South America, Africa, the Middle East, and Asia Pacific are undertaking massive road, railway, and building projects. Geosynthetics offer a cost-effective way to construct transportation and civil infrastructure on unsuitable soil conditions common in these regions.
Segment Analysis
The global geosynthetics market is dominated by the geotextiles sub-segment due to its wide applications across various industries. Geotextiles find significant usage in construction works such as roadways, drainage systems, embankments etc. as they help in separation, filtration, drainage and reinforcement. The advantageous properties of geotextiles such as permeability, ultraviolet resistance and filtration make it popular for multifarious applications driving the growth of this sub-segment.
PEST Analysis
Political: Stringent regulations regarding infrastructure development and sustainability will drive the demand for geosynthetics which provide stability and protect surroundings.
Economic: Growing construction activities due to rapid urbanization and industrialization in developing nations will boost the geosynthetics market.
Social: Increasing environmental consciousness among public and emphasis on green infrastructure is augmenting the adoption of geosynthetics.
Technological: Advancements in material science are leading to development of innovative and high-performance geosynthetics with better drainage capabilities and longer lifespan.
Key Takeaways
The Global Geosynthetics Market Growth is expected to witness high, exhibiting CAGR of 6.7% over the forecast period, due to increasing infrastructural developments across the world. Asia Pacific dominates the geosynthetics market owing to rising population and extensive investments in construction sector by China, India and other southeast Asian countries. Western Europe is the second largest market for geosynthetics majorly driven by Germany, UK and Italy where stringent regulations regarding sustainability are fuelling demand.
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. Requirement of advanced material for infrastructure solutions has prompted these players to invest heavily in R&D to introduce innovative geosynthetic products in the market. AGRU, Freudenberg and HUESKER Group hold major share of the geosynthetics market.
The regional analysis suggests that North America is expected to grow at a significant rate during the forecast period owing to high replacement demand for aging infrastructure and increasing investments in transportation sector by USA and Canada. The market size of geosynthetics is anticipated to reach US$ 14.63 Bn by 2023 from US$ 10 bn in 2018 witnessing a CAGR of 6.7% during the forecast period.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
