Geosynthetics Market Challenges: Addressing Environmental Concerns...

Geosynthetics Market Challenges: Addressing Environmental Concerns

Postado 2024-10-14 07:18:23

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The global geosynthetics market size was estimated at USD 15.54 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 6.9% from 2024 to 2030. Rapid infrastructure development in emerging economies, such as India and Brazil, is anticipated to fuel market growth over the forecast period. Incorporation of geosynthetics entails sustainable development, a small volume of earthwork, low carbon footprint, and an increased rate of construction. The growth of the construction industry in Asia Pacific is expected to remain one of the key market drivers over the next seven years.

The spread of pandemic disease globally has negatively impacted construction industry in 2020, as numerous projects were halted due to an imposition of lockdown by the governing authorities to contain the spread of coronavirus. The players operating in the market observed lower demand for new office spaces, and other infrastructure owing to the supply chain barrier.

Availability of raw materials such as polypropylene on account of a high prevalence of petrochemical complexes of companies including Chevron Phillips, ExxonMobil, Shell, and BP encourages market players for increased production. These factors are anticipated to drive overall demand for geosynthetic products in the U.S. Furthermore, the U.S. EPA has authorized the application of geosynthetic products in landfills under the Resource Conservation and Recovery Act (RCRA). As a result, product market is likely to witness a positive impact in the U.S.

Gather more insights about the market drivers, restrains and growth of the Global Geosynthetics Market

Detailed Segmentation:

Product Insights

Geotextiles led the market in 2023 with a revenue share of more than 48.4%. The segment dominated the market on account of their better performance and functional advantages over other materials. The synthetic fibers used in manufacturing geotextiles are made up of polypropylene, polyethylene polyester, and polyamide. However, natural geotextiles are gaining importance for short-term use or as temporary reinforcement due to rising awareness regarding their eco-friendly benefits, thereby complementing market growth.

Geomembranes are estimated to expand at a CAGR of 5.2% in terms of revenue from 2024 to 2030 considering the rising awareness regarding the product’s application as floating covers for reservoirs to control evaporation, reduce Volatile Organic Compounds (VOCs) emission, and minimize demand for drainage and cleaning. Polyvinyl chloride (PVC)-based geomembranes are witnessing increasing application on account of their properties such as high degree of flexibility, excellent elongation percentage, and reduced expansion coefficient.

Regional Insights

Asia Pacific dominated the market in 2023 with a revenue share of 42.9%. The rising demand for oil reinforcement in foundation work of residential buildings in the emerging economies of China is expected to drive overall regional market. Geosynthetics market in India is also witnessing accelerated growth owing to rise in foreign direct investment in the construction sector.Several ongoing infrastructure projects supporting the geosynthetics industry are The Delhi-Mumbai Industrial Corridor (DMIC) worth USD 90.00 billion, a 9.2 km Chenani-Nashri Tunnel, a 9.15 km bridge linking Assam with Arunachal Pradesh, and Chenab Bridge, a 11.2 km the Banihal Rail Tunnel.

Europe accounted for a significant share owing to various construction directives, such as 89/106/EEC and M/107 European Union, which has mandated the application of geosynthetics for infrastructure projects. Furthermore, the German government imposed stringent regulations related to waste management practices in municipal and industrial sectors. Significant recovery of construction industry coupled with a rising penetration of geosynthetic products in this region is expected to drive the overall market growth.

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Key Companies & Market Share Insights

Key industry participants are entering into strategic agreements with raw material suppliers and equipment manufacturers to maintain an uninterrupted supply. 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.

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.

· In September 2023, Titan Environmental Containment acquired Hewitt Geosynthetics, ageosynthetics company from Greater Toronto Area, Canada. Titan Environmental Containment provides high-quality geosynthetic solutions and specialized civil engineering construction services to extend the service life of critical infrastructure while conserving valuable natural resources. Under the terms of the agreement, Titan absorbed Hewitt's current client base in Canada and in the U.S.

· In July 2023, India-based Hella Infra Market Pvt. Ltd. acquired Strata Geosynthetics. The acquisition was aimed to concentrate on growing the presence of Strata Geosynthetics’ core markets and expanding brand to new markets.

Key Geosynthetics Companies:

· 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