Geosynthetics Market is Anticipated to Witness High Growth Owing to Rising Infrastructure Development Projects
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Geosynthetics Market |
Geosynthetics includes a variety of
products such as geotextiles, geomembranes, geo-synthetics mats, geosynthetic
clay liners, geo-grid and geo-foams. All these products are polymeric materials
used with foundation soil, rock or earth in civil engineering applications.
They are largely used for reinforcement, separation, filtration, drainage and
containment applications in transportation infrastructure like roads and
railways, containment infrastructure like landfill lining systems and hydraulic
infrastructure like canals, dams and reservoirs. The need for geosynthetics
stems from the growing requirement for infrastructure and waste management
structures across the world. Rapid urbanization has increased the need for
roadways, railroads, airports and landfills which has contributed to the growth
of the geosynthetics market.
The Global geosynthetics market is estimated to be valued at US$ 16.86 Mn in 2024 and is expected to
exhibit a CAGR of 4.5% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the geosynthetics market are Nippon Paper Industries
Co., Ltd.,,Mondi Plc,,Metsa Board Oyj,,WestRock,,Oji Holdings Corporation.
Nippon Paper Industries is a leading player in geotextiles market.
The rapid growth of Geosynthetics
Market Size infrastructure projects presents key opportunities in
geosynthetics market. Increased investments in rail networks, roads and
landfill projects will drive geosynthetics demand. Governments across regions
like Asia Pacific and Middle East are allocating higher budgets for
infrastructure development.
Global expansion is witnessed in geosynthetics market with growing foreign
direct investments in developing nations. Many leading manufacturers are
focusing on emerging countries to tap into infrastructure boom. Acquisitions
and partnerships help players expand into new markets.
Market drivers
Rising infrastructure development
projects: As explained in the market overview section, growing need for
improved roadways, rail networks, hydraulic structures and landfills is driving
demand for geosynthetics which help provide reinforcement, separation and
containment in construction of such projects.
Government support for infrastructure: Various government initiatives focused
on infrastructure growth through higher budget allocations and favorable
policies are fueling opportunities in geosynthetics domain. This acts as a key
driver.
Market restrain
Volatile raw material prices:
Fluctuating costs of raw polymers utilized in production of geosynthetics can
hamper market growth. Dependency on crude oil prices impacts raw material
pricing.
Lack of awareness: Limited awareness about benefits of geosynthetic products,
especially in developing regions restricts market demand. Education and
promotion activities are required to promote usage.
Segment
Analysis
The geotextiles sub-segment
currently accounts for the largest share within the geosynthetics market.
Geotextiles are commonly used in applications like road construction,
embankments, retaining walls etc. They help to separate, filter, reinforce,
protect or drain water. Their wide usage across diverse construction applications
has made them the dominant sub-segment. Geomembranes are used extensively in
mining, waste management and water infrastructure projects for containment and
lining applications. Their demand is expected to grow faster during the
forecast period led by increasing environmental regulation on waste disposal.
Global Analysis
The Asia Pacific region is
witnessing highest growth and dominates the geosynthetics market currently.
Rapid infrastructure development activities, government push on road construction,
railway projects and housing projects across countries like China and India is
driving the demand. North America is another major regional market led by U.S.
Stringent regulatory policies for waste disposal coupled with rehabilitation
and repair of aging infrastructure is propelling the market growth. Europe is
likely to emerge as the third largest regional market during the forecast
period led by Germany, UK and Italy where adoption of geosynthetics is high
across construction and environmental projects.
Gets
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About Author:
Money Singh is a seasoned content writer with over four years of
experience in the market research sector. Her expertise spans various
industries, including food and beverages, biotechnology, chemical and
materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
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