Geosynthetics Industry Overview
The global geosynthetics market size was valued at USD 13.3 billion in 2020 and is expected to reach USD 21.4 billion by 2028, at a CAGR of 6.0% from 2020 to 2028.
Rapid infrastructure development in emerging economies, such as India and Brazil, is anticipated to fuel the market growth over the forecast period. Lockdown measures imposed by the governing authorities to contain the spread of coronavirus are expected to take a toll on the respective economies and the impact is expected to evolve in the upcoming months, post neutralization of the virus. This, in turn, is expected to create uncertainty regarding the growth of the market in the next couple of years. Prevailing strict government protocols in the U.S. related to the application of geosynthetics for silt fence and sediment control to minimize erosion are anticipated to have a positive impact on market growth. Furthermore, the U.S. EPA has mandated the use of geosynthetics in landfills under the Resource Conservation and Recovery Act (RCRA).
Gather more insights about the market drivers, restrains and growth of the Global Geosynthetics Market
According to the FAO, currently, over 30% of the soil has been eroded globally, which has resulted in land loss, slope instability, and loss in reservoir capacity due to silting. Rising awareness pertaining to the effectiveness of geosynthetics in controlling erosion through soil reinforcement and keeping the layers intact is projected to bolster market growth.
Geonets and geocells play a key role in promoting vegetative growth and providing shore protection, in turn, preventing soil erosion. Moreover, the ongoing soil preservation projects in various economies, including South Africa, Spain, Canada, and India, are expected to drive the market over the forecast period.
Extreme outflow losses from canals have amplified the drainage concerns. Geosynthetics are highly effective in controlling seepage problems in irrigation and other development projects. In addition, they are used in the design and construction of low embankment dams, channels, and slope protection and in controlling seepage losses from channels and reservoirs.
Geosynthetics Market Segmentation
Based on the Product Insights, the market is segmented into Geotextiles, Geomembranes, Geogrids, Geonets and Geocells.
Based on the Geosynthetics Regional Insights, the market is segmented into North America, Europe, Asia Pacific, Central & South America (CSA), and Middle East & Africa (MEA).
Market Share Insights:
Key Companies Profile:
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. Furthermore, industry participants are entering into strategic agreements with raw material suppliers and equipment manufacturers to maintain an uninterrupted supply. Key players in the market are entering into agreements with emerging players to expand their distribution capacities, thereby increasing their market reach.
Some prominent players in the global Geosynthetics market include
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