by Geosynthetics include geo-textiles, geo-membranes, geo-grids, geo-composites and geo-cells that find widespread applications in areas of transportation, environmental, waste containment and water management. They provide efficient solutions for reinforcing soils, controlling erosion, containing contaminants, drainage and filtration.
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 key trends:
Increasing construction of roadways, dams and landfills across the globe are driving the demand for geosynthetics. They find extensive applications in infrastructure projects for soil reinforcement, separation, drainage, containment and filtration. Rapid urbanization and growing investment in development of transportation networks in developing economies such as India, China and countries in Southeast Asia are providing a push to infrastructure development activities. This in turn is expected to augment the growth of geosynthetics market over the forecast period.
SWOT Analysis
Strength: Geosynthetics have high mechanical strength and durability, which makes them resistant to damage from harsh weather and natural elements. They provide effective long-term performance for various applications.
Weakness: Installation of geosynthetics requires skilled labor and heavy machinery, increasing project costs. Transportation and storage of rolls also require adequate space.
Opportunity: Rising investments in infrastructure projects across developing nations for roads, railways, landfills etc offer huge growth opportunities. Increasing construction of coastal defenses against erosion also opens new markets.
Threats: Fluctuations in raw material prices impact the costs. Strict quality standards and regulatory norms in developed markets pose compliance challenges.
Key Takeaways
The Global Geosynthetics Market Size is expected to witness high growth. Regional analysis comprises
The Asian region currently dominates the geosynthetics market with the largest consumption. China, India, and other Asian countries are witnessing massive investments in infrastructure, transportation, waste management, and other construction projects. This drives the demand for geosynthetics applications.
Key players operating in the geosynthetics are Toray Industries, Inc., Avery Dennison Corporation, Nan Ya Plastics Corporation, Jindal Poly Films Ltd (B.C. Jindal Group), Uflex Limited, SRF Limited, Cosmo Films Limited, API Group Plc, K LASER Technology Inc., and Polinas Plastik Sanayi ve Ticaret A.S.
The global geosynthetics market size for 2023 is estimated at US$ 14.63 Bn. Rapid urbanization and the rising need for sustainable infrastructure are propelling the demand for geosynthetics across regions. Geosynthetic materials efficiently address issues of drainage, separation, reinforcement, containment, and erosion control in construction. The forecast period of 2023-2030 is expected to witness a CAGR of 9.8% for the geosynthetics market, growing to revenues exceeding US$ 27 Bn by 2030.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
