Global Geosynthetics Market to Grow due to Government Incentives

Posted December 28, 2015 by MOHITTMR

Geosynthetics Market was valued at US$9.57 Bn in 2014 and is anticipated to reach US$20.8 Bn by 2023, expanding at a CAGR of 9.1% between 2015 and 2023"

Geosynthetics are synthetic or man-made polymeric products that are used for stabilizing the terrain. Over the years, applications of geosynthetics have grown due their remarkable properties such as easy availability, low thickness, less usage of airspace, light weight, and good durability.

Geosynthetics consist of polypropylene, polyethylene, and polyester. Usage of these materials offers properties such as high tensile strength, high flexibility, durability, permeability, high thickness, and resistance to corrosion. There are is a wide range of geosynthetics in the global geosynthetics market due to several standards set by companies such as GSI, ASTM, and ISO. The sudden boom in the global geosynthetics market is due to their increasing usage in the construction industry. The key growth drivers for the global geosynthetics market are the rising mining activities and growing government incentives to encourage the use of geosynthetics to protect the environment.

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The global geosynthetics market is segmented on the basis of product, function, and region. The products in the global geosynthetics market are geomembranes, geotextiles, geogrids, drainage composites, and others such as geosynthetic clay liners. The functions of geosynthetics are containment, filtration and drainage, reinforcement, and others such as separation. Regionally, this market is divided into Europe, North America, Asia Pacific, Latin America, and the Middle East and Africa.

Geotextiles Segment to Grow due to Rising Construction Activities

The geotextiles segment held the largest share in the global geosynthetics market in 2014. This dominance is attributable to the growing usage of geotextiles in construction activities. On the other hand, the geogrids segment is expected to the fastest growing segment in the overall market as geogrids are largely used for reinforcement purposes.

Amongst the functions that entail the usage of geosynthetics, the containment segment held the largest share of 35% in the global geosynthetics market in 2014. Geomembranes, geocomposites, and geosynthetic clay liners are popularly used for containment as they act as a barrier for liquids and gases in landfill liners. They rare also used in hydraulic applications such as dams, canals, and tunnels.

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Asia Pacific to Remain Dominant in the Global Geosynthetics Market

According to a research report published by Transparency Market Research, the biggest market for geosynthetics in 2014 was Asia Pacific. The strong foothold of this regional segment is attributable to the growing end-use applications of geosynthetics in the region. Asia Pacific held a share of 30% in the global geosynthetics market in 2014. The rapid growth in infrastructural development in countries such as India, China, and ASEAN countries will drive the geosynthetics market in this region. Analysts predict that the Middle East and Africa will also offer several opportunities to the geosynthetics market to grow as construction activities rise in the region.

However, the Europe geosynthetics market witnessed slow growth in 2014 due to the poor economic conditions. Similarly, the North America market is expected to grow at a low but steady rate as the region struggles to find its bearings after the recent economic crisis.

The research study published by Transparency Market Research suggests that the important players in the global geosynthetics market include Low & Bonar PLC, Officine Maccaferri S.p.A., AVINTIV Inc., NAUE GmbH & Co. KG, Propex Operating Company, LLC, Agru America, Inc., TenCate Geosynthetics, GSE Environmental, Inc., Tensar International Corporation, and Tenax Corporation.

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Tags Geosynthetics Market , geotextiles market , Geosynthetics Market Research , Geosynthetics Industry Analysis
Last Updated December 28, 2015