The report “Geosynthetics Market by Type (Geotextile, Geomembranes, Geogrids, Geofoams, Geonets), Application (Waste Management, Water Management, Transportation Infrastructure, Civil Construction), and Region – Global Forecast to 2026”, The global geosynthetics market is projected to reach USD 13.2 billion by 2026 from USD 9.9 billion in 2021, at a CAGR of 6.0% between 2021 and 2026 The rising demand for geosynthetics is majorly due to Increasing investments on infrastructural developments, and rising concerns over waste and water management globally. Market growth is largely driven by the increasing population and urbanization, coupled with increasing industrial activities in the APAC and South America which is expected to offer opportunities for manufacturers during the forecast period. Developments in the field of material technology, and growing demand for sustainable products are presenting opportunities for the geosynthetics market.
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Some of the prominent key players are:
· SOLMAX (Canada)
· NAUE GmbH & Co. KG (Germany)
· Officine Maccaferri Spa (Italy)
· Berry Global Inc (US)
· Agru America, Inc (US)
Opportunity: Rising demand from the mining and oil & gas industries
The mining industry is one of the major consumers of geosynthetics. The demand for metals and minerals from Asia is expected to drive the mining industry. China is a leading producer of rare-earth metals, gold, copper, coal, limestone, and iron & steel, while India has witnessed significant investments in the iron & steel industry. Moreover, South America has become a preferred destination for investments in mining by major global mining companies. Key countries such as Brazil, Peru, and Chile have large mining capacities and witnessed increased investments from foreign companies over the past five years. The increasing adoption of advanced extraction processes in mining activities is expected to drive the geosynthetics market during the forecast period.
Based on type, geotextiles is estimated to be the largest market in the overall geosynthetics market in 2021.
Geotextiles are permeable, durable, and engineered fabrics made from fibers. These are non-biodegradable materials hence are used in engineering projects. Geotextiles are used in geotechnical engineering applications such as heavy construction, buildings, pavement construction, hydrogeology, and environmental engineering. They are also used for drainage and erosion control, pavement and repairs, soil reinforcements & stabilization, embankments, asphalt overlays, and others.
Based on region, APAC is projected to grow the fastest in the geosynthetics market during the forecast period.
Geosynthetics market is dominated by APAC in 2020. The region is growing at a faster rate which accounts for the high growth of the geosynthetics market. The emerging market of India, China, and other countries of the APAC are growing and boosting the regional market growth. Rapidly increasing population, urbanization, and industrialization are expected to drive the geosynthetics market in APAC. Rising investment In the development of public infrastructure and growing demand for solid waste management system are the major factors driving the geosynthetics demand in the region.
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