The global geosynthetics market is set to gain traction from the increasing usage of sustainable building materials. Geosystems reduce the usage of natural materials, such as aggregates and sand, thereby simplifying construction activities. In a typical cross-section, for instance, the depth of aggregate layer can be cut off so that less mining is needed for the construction of roads.
This Report Answers the Following Questions:
- How big is the market?
- What are the geosynthetics market trends and growth drivers?
- Which region would remain at the forefront in the near future?
- Which are the top companies present in the market?
- What are the challenges that the market may face in the coming years?
Drivers & Restraints-
Rising Demand from Mining Sector to Propel Growth
Nowadays, geosynthetic materials are utilized for making waste barriers for mining by-products. Mining activities give out plenty of solid wastes, namely, waste rocks and tailings throughout the entire process that consists of waste disposal and containment. In this sector, geomembrane liners are extensively used for lining solutions, such as tailings impoundments, heap leaching, and evaporation ponds. Numerous organizations are also providing several geomembrane solutions to the mining sector. This sector uses around 40% of the geomembrane production worldwide. These factors are set to boost the geosynthetics market growth during the forthcoming years. However, geogrids are often damaged when they are exposed to UV light and low temperatures. It may hinder the market growth.
Segment-
Geotextile Segment to Lead Backed by Their Possession of Various Advantages
In terms of product, the market is grouped into geocomposites, geotextile, geosynthetic clay liners (GCLs), geonets, geogrids, geofoams, geomembranes, and geocells. Out of these, the geotextile segment held 30.47% geosynthetics market share in 2018. This growth is attributable to the rising usage of geotextiles in construction applications, namely, drainage structure, landfills, harbors, roads, and railroads to improve soil stabilization. Apart from that, the governments of various countries are investing huge sums, which, in turn, would boost the growth of this segment.
Moreover, they are conducting awareness programs regarding the functional advantages of these products unlike the conventional materials. A few of the benefits consist of superior load bearing capacity, high tensile strength permeability, and flexibility. Hence, it is upsurging the penetration of such products in agriculture, pavement repair, drainage, road construction, and soil erosion. They are mainly made up of polypropylene, polyethylene, or polyvinyl chloride (PVC). These further aid in preventing erosion by stabilizing soil.
Regional Analysis-
North America to Dominate Owing to Rapid Industrialization
Geographically, the market is segregated into Latin America, North America, the Middle East and Africa, Asia Pacific, and Europe. Amongst these, North America held USD 10.27 billion geosynthetics market revenue in 2018 and is set to remain in the dominant position. The main reason for growth is the high demand for metals such as gold, bauxite, zinc, silver, and copper. It is enhancing the mining sector in the U.S. Besides, the ever-increasing demand for various metals from construction, automobile, and electronic industries has thereby, attracted the attention of many companies and hence, they have begun expanding their mineral exploration projects. Coupled with this, ongoing infrastructure projects and rapid industrialization would drive the growth of the market in this region in the coming years.
Europe, on the other hand, is likely to remain in the second position after North America. This growth is stoked by the rising demand for buildings from the residential sector. High number of awareness campaigns about constructing environment-friendly infrastructure would also aid in the market growth in this region. Lastly, Asia Pacific is anticipated to experience substantial growth because of the increasing disposable income of the masses, as well as rising number of infrastructure development and renovation.
Information Source-https://www.fortunebusinessinsights.com/geosynthetics-market-102545
