Geosynthetics Market Revenue is Expected to Reach US$ 22 billion by 2027
Future Market Insights has conducted a comprehensive study of the global geosynthetics market in its recent report ‘Geosynthetics Market: Global Industry Analysis 2012-2016 and Opportunity Assessment 2017-2027’. The geosynthetics market is expected to grow at an exponential CAGR of 10.1% for the forecast period and be worth more than US$ 22 billion by end 2027.
Material Type – Polypropylene Used in Textile Industry and in Consumer Products
Polypropylene based geosynthetics are anticipated to have a market share of more than 50% of the geosynthetics market at the end of the forecast period. Polypropylene is useful in manufacturing packaging materials, consumer products, fabrics, and plastic parts and is also used in geotextiles and related composites. Polyethylene is primarily used to produce geomembranes giving it added flexibility and waterproofing. The polyethylene segment accounts for the second largest share in the geosynthetics market.
Product Type – Low Cost of Geotextiles Makes It Desired in Geosynthethics Market : The geotextile segment is the largest in the geosynthetics market in terms of volume sales and is poised to push past 6.6 billion square metres by end 2027. Geotextiles are more cost-effective than other products available in the geosynthetics market and this explains their comparatively lower value share.
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Primary Application – Reinforcement Binding Factor in Geosynthetics Market : The reinforcement segment in the geosynthetics market is projected to gain a massive 390 BPS from 2012 to 2027, making it imperative for key stakeholders to be present in this segment. Along with reinforcement, separation and containment segments hold great scope in the geosynthetics market. Containment materials are required in canals, erosion control, dams, etc. and have an incremental dollar opportunity of more than US$ 2 billion over the course of the study period.
End Use – Water Containment Critical to Prevent Impending Water Scarcity : Large scale infrastructure projects planned across developed and emerging economies should directly benefit the geosynthetics market. China, India, and the US in particular have the maximum ongoing infrastructural improvement activities in place and companies are advised to focus on these huge and dynamic nations. An exploding population has led to high water consumption and a looming water crisis of the future. Thus, governments are rushing to conserve their limited water resources for both present and future generations. Governments, NGO’s, and private companies are actively involved in water containment projects for industrial and irrigation applications. Geocomposites are the preferred option for waterproofing or water containment as they form a layer that avoids water absorption.
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Region – Modernisation and Urbanisation in APEJ Outpaces all Other Regions : The APEJ region is riding high on the strong economic growth in China, India, and a number of ASEAN nations and the region is on track to witness an exponential CAGR of 12.8% from 2017 to 2027. The rapid modernization in these countries and the shift of millions of people from rural to urban areas is creating limitless opportunities for all companies in the geosynthetics market. The region has the added advantage of surplus labour allowing manufacturers to offer their products at a relatively lower cost, thus boosting adoption in the APEJ geosynthetics market.
Competition Dashboard in the Geosynthetics Market : The companies profiled in the geosynthetics market report are Low & Bonar PLC, Raven Industries, AGRU Kunststofftechnik GmbH, Tensar Corporation, Thrace Group, Officine Maccaferri, GSE Environmental, HUESKER Synthetic GmbH, Koninklijke Ten Cate B.V., Solmax International, Garware-Wall Ropes, Advanced Drainage Systems, Cooley Group, Geofabrics Australasia, NAUE GmbH & Co, Propex Operating Company, and Taian Modern Plastic Co.
Insights on the Geosynthetics Market : Companies could try to establish their manufacturing units in high-demand zones to provide geosynthetic products at a lower cost by reducing transportation and distribution expenses. In addition to this, innovation may create new products that could serve multiple industries and use-cases at lower prices and this might even turn into a USP for differentiation in the geosynthetics market.