Geosynthetics Market are Estimated to Witness High Growth Owing to Rising Infrastructure Investment
Geosynthetics are polymeric products used in civil engineering applications. They include geotextiles, geogrids, geonets, and geomembranes that are used in transportation infrastructure, hydraulic & costal engineering, and infrastructure for waste containment, water management, and erosion control. Some key applications of geosynthetics include separating and stabilizing soils, reinforcing embankments, containing stockpiles, drainage applications, and liquid containment.
The global geosynthetics market is estimated to be valued at US$ 14.63 Bn in 2023 and is expected to exhibit a CAGR of 9.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The geosynthetics market is expected to witness high growth owing to rising infrastructure investment worldwide. According to Oxford Economics, global infrastructure investment is expected to grow to $94 trillion by 2040. Rapid urbanization and growing population are driving the need for new roads, railways, dams, and other civil engineering structures. Geosynthetics offer several advantages over conventional materials like concrete and asphalt such as lightweight and convenience in installation. Furthermore, they help reduce construction timelines and costs. Rising awareness about benefits of geosynthetics is also propelling their demand from the infrastructure sector. Additionally, growing demand for geosynthetics from applications such as liquid containment and erosion control will support market growth over the forecast period.
SWOT Analysis
Strength: The geosynthetics market provides cost-effective solutions for civil construction activities. Geosynthetics help prevent soil erosion, control weeds, and stabilize slopes. They are lightweight and easy to install.
Weakness: The costs associated with manufacturing geosynthetics can be high. There is a lack of awareness among end-users about the benefits of geosynthetics.
Opportunity: The growing infrastructure sector globally is expanding the application areas for geosynthetics. Governments in developing nations are investing heavily in road construction projects which utilize geosynthetics. New product innovations are further enhancing the functionalities of geosynthetic materials.
Threats: Stringent environmental laws regulating plastic waste disposal pose challenges. Substitute materials like concrete, asphalt, and vegetation are alternatives to geosynthetics in certain applications. Fluctuations in raw material prices impact the costs.
Key Takeaways
Global Geosynthetics Market Size is expected to witness high growth over the forecast period of 2023 to 2030 supported by heavy investments in infrastructure projects worldwide. The annual compound growth rate is estimated to be around 9.8% during this timeframe.
Regional analysis: Asia Pacific region currently dominates the geosynthetics market owing to rapid urbanization and government initiatives to develop road networks, dams, and landfill sites especially in India, China, and Southeast Asia. The region is projected to retain its leading position in the coming years as well due to increasing industrialization.
Key players: Key players operating in the geosynthetics market are Toray Industries, Inc., Avery Dennison Corporation, Nan Ya Plastics Corporation, Jindal Poly Films Ltd, Uflex Limited, SRF Limited, Cosmo Films Limited, API Group Plc, K LASER Technology Inc., and Polinas Plastik Sanayi ve Ticaret A.S. These top manufacturers are focusing on new product introductions catering to diverse geosynthetics applications and expanding their geographic footprints through collaborations.
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