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Geosynthetics Market

Geosynthetics Market

Global Industry Analysis (2018 - 2021), Growth Trends, and Market Forecast (2022 - 2029)

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Industry: Chemicals & Materials | Author Name: Harshad

Geosynthetics Market: Overview

The market size for Geosynthetics was USD 9.5 billion in 2021, and it is projected to grow at a CAGR of 5.8 percent during the forecast period. The growing demand for geosynthetics is owing to investments in infrastructural products and increasing global worries over waste and water management. Market growth is primarily driven by the growing population and urbanization associated with increasing industrial activities in the Asia Pacific and South America, which is expected to provide opportunities for manufacturers during the forecast period. Products in the technology field and the growing demand for sustainable products are opportunities for the geosynthetics market.

The availability of raw materials, such as Polypropylene(PP), on the performance of the improved plurality of petrochemical complexes of companies such as Chevron Phillips, ExxonMobil, Shell, and BP promotes market players for extended production. The factors mentioned above are anticipated to drive the demand for geosynthetic products in the U.S. over the forecast period. Geotextiles are used as banding systems in constructing ponds, streets, dams, and pipelines. In addition, these products are also used for developing railway networks as they facilitate the detachment of soil layers from the subsoil without limiting the underground water circulation.

Geonets and geocells are key in promoting vegetative growth and providing shore protection, preventing soil erosion. Moreover, the constant soil preservation projects in various economies, including Spain, South Africa, Canada, and India, are expected to drive the market over the forecast period. Excessive outflow casualties from canals have boosted the drainage concerns. Geosynthetics positively control seepage problems in irrigation and other development projects. In addition, they are used in the creation and construction of common embankment dams, channels, and slope security and in controlling seepage failures from channels and reservoirs.

Geosynthetics Market: COVID-19 Impact

COVID-19 pandemic seriously disrupted the global construction sector in 2020, with projects being stopped due to lockdown conditions owing to the non-availability of workforces, supply chain upheavals, country-wide lockdowns, momentary closures of infrastructure projects, and limited availability of raw materials. Companies have witnessed lower demand for new office spaces, shops, and others, resulting in a decrease in revenue. However, due to the easing of the means by the government with preventive measures such as social distancing and reserve funds, the end-use industries are healing. Moreover, the construction sector was exempted from the lockdown conditions in a few countries, such as Australia, as it falls beneath basic services. In Indonesia,  preventative lockdown measures, restricted supply chains, and holds in infrastructure projects are major reasons for the downfall of the building industry in the country. The US construction industry was affected majorly due to the restricted availability of raw materials, as imports from other countries, such as China, were delayed due to the pandemic. However, different governments' stimulus package has permitted the countries to support the declining economy, which is also expected to support the construction industry and guide economic recovery post the COVID-19 problem by boosting infrastructural growth.

Geosynthetics Market: Drivers

Growth of the Geosynthetics  Market can be Attributed to Increasing  Investments in Waste  Management in Emerging Economies

Rapidly increasing population and urbanization are contributing to growing levels of solid and liquid wastes across the globe. Increasing environmental understanding increases demand for appropriate waste and water management projects. Geosynthetics are employed as landfill caps to stop the migration of fluids into landfills by reducing or destroying the post-closure years of leachate and associated treatment costs. Geosynthetics are widely used in different water management activities owing to the increasing public concerns about severe and widespread water pollution. Geosynthetics liner systems are utilized in waste treatment lagoons at wastewater treatment plants to save water resources, including lakes, rivers, ponds, aquifers, and reservoirs which are expected to boost the demand for geosynthetics during the forecast period.

Several Strategies by Key Players to Drive Market Growth

The key companies working in the industry are highly predisposed toward the adoption of various growth strategies, including capacity expansion, partnerships, mergers and acquisitions, geographical development, new product launches, and product creation to stay competitive in the marketplace; this is expected to positively impact significant market growth. Hence owing to the development and manufacturing of innovative solutions, the geosynthetics market is augmenting its growth over the forecast period. For instance, in June 2021, SOLMAX drafted TenCateGeosynthetics, the Netherlands-based provider of geosynthetics and industrial fabrics. The investment is expected to improve the innovation capabilities and global reach of the company. The acquisition is expected to bring more business opportunities for the company in containment and infrastructure applications in mining, transportation, energy, waste management, and civil engineering. Furthermore, in June 2019, SOLMAX is expanding its operations by launching a new geosynthetics facility in Nevada, US. The development is expected to bring a competitive advantage to the company through the development of innovative and more reliable products to cater to different end-use industries. Moreover, In February 2019, Strata System launched a new production facility in Gujarat, India. The company is expected to manufacture StrataGridgeogrid and HDPE geocells to cater to the rising demand for geosynthetic materials. The new structure is expected to have sufficient production ability to cater to the Indian geosynthetics market along with international exports.

Geosynthetics Market: Restraints

Fluctuating Raw Material Prices Due to Volatility in Prices of Crude Oil to Hamper Market Growth

The prices and availability of raw materials are the immediate factors that affect the prices of end products. Most raw materials required for geosynthetics (polyethylene, polypropylene, polyvinyl chloride, and ethylene propylene diene monomer) are powerless against fluctuations in crude oil prices. The rise or fall in crude oil prices directly impacts the prices of the raw materials required to manufacture geosynthetics. However, growing the pandemic, almost all countries have denied domestic and international travel. This has resulted in a significant reduction in the demand for fuel for transportation, which has also affected crude oil prices and hampered market growth.

Geosynthetics Market: Segment Overview

Geogridsto Dominate Market due to its Utilization in Railways

The market for geogrids grows in the market during the forecast period. Geogrids are increasingly used in railway and road infrastructure development for reinforcement of the structural base over soft soils on account of their outstanding bearing capacity. Moreover, geogrids are employed in retaining walls for reinforcement of railway abutments and bridges. Thus, the above factors are expected to bolster the market growth over the forecast period. Geonets are incorporated as detachment media in the group of landfill leachates, foundation wall systems in drainage, road and pavement drainage systems, and methane gas collection. The product's growing penetration in erosion management due to its characteristics of diverting down the surface runoff is likely to complement the segment growth.

Waste Management Dominates Market due to an Increase in Demand for Filtration

Waste management is expected to hold the largest share of the market. Geosynthetics are utilized in waste management for performing various functions such as filtration, separation, drainage, barrier, and reinforcement. It includes the proper collection, transport, treatment, recycling, and disposal of residential, industrial, and commercial waste. Geosynthetics are important for controlling the leakage of contaminated gas and liquid into groundwater, rivers, aquifers, and other freshwater sources. Due to the increase in population, urbanization, and industrialization, the need for waste management activities is expected to increase during the forecast period.

Geosynthetics Market: Regional Landscape

Asia Pacific to Dominate Market due to Growing Preference for Crude Oil

The Asia Pacific dominated the market in 2021 and accounted for the largest global revenue share. The growing demand for oil help in the foundation of residential buildings in the emerging economies of China and India is expected to drive the overall regional market over the forecast period. Europe accounted for a significant share owing to various construction directives, such as 89/106/EEC and M/107 European Union, which have mandated the application of geosynthetics for infrastructure projects. Furthermore, the German government levied stringent regulations associated to waste management procedures in the municipal and industrial sectors.

Increasing infrastructural activities in the aborning economies of Central and South America, including Brazil, will likely grow geosynthetics service over the forecast period. Growing product use in water management practices is anticipated to boost the regional market growth. The regional market is also driven by the flourishing offshore oil and gas sector in Argentina, Venezuela, and Brazil. The Middle East and Africa are occurring markets for geosynthetics. Growing civil and commercial construction movements in the region, such as the building of stadiums and hotels, are possible to fuel the market for composite building materials, such as geosynthetics, over the forecast period.

Global Geosynthetics Market: Competitive Landscape

In July 2020,  NAUE produced its first biodegradable nonwoven geotextile product under the brand Secutex Green. The product is developed from organic and renewable materials for civil engineering applications. Furthermore, In March 2021, Fibertex Nonwovens had USD 48 million to expand its production capacity of the manufacturing facility in the US. The new facility is expected to have a spunlace operation line to focus on tolerable product development to cater to the rising demand from the North American market.

Few of the players in the Geosynthetics Market include GSE Holdings, Inc.; Propex Operating Company, Koninklijke Ten Cate N.V.; OfficineMaccaferriS.p.A.; NAUE GmbH & Co. KG; LLC; Low and Bonar PLC; TENAX Group; Fibertex Nonwovens A/S; Global Synthetics; AGRU America; TYPAR; HUESKER Group; PRS Geo-Technologies

Global Geosynthetics Market is Segmented as Below:

By Type:

  • Geotextiles
  • Geomembranes
  • Geogrids
  • Geofoam
  • Geonets
  • Others

By Application

  • Waste Management
  • Water Management
  • Transportation Infrastructure
  • Civil Construction
  • Others

By Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • UK
    • France
    • Germany
    • Russia
    • Rest of Europe
  • Asia Pacific
    • Japan
    • South Korea
    • India
    • China
    • Rest of Asia-Pacific
  • LAMEA
    • Latin America
    • Middle East
    • Africa

Key Elements Included In The Study: Global Geosynthetics Market

  • Geosynthetics Market by Product/Technology/Grade, Application/End-user, and Region
  • Executive Summary (Opportunity Analysis and Key Trends)
  • Historical Market Size and Estimates, Value and Volume, 2018 - 2021
  • Volume Consumption at Regional and Country Level, 2022 - 2029
  • Market Dynamics and Economic Overview
  • Market Size in Value and Volume, Growth Rates, and Forecast Figures, 2022 - 2029
  • Competitive Intelligence with Financials, Key Developments, and Portfolio of Leading Companies 
  • Regional and Product/Grade/Application/End-user Price Trends Analysis
  • Value Chain and Five Force’s Analysis
  • Regional/Sub-region/Country Market Size and Trend Analysis
  • Company Market Share Analysis and Key Player Profiles

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