Geosynthetics Market worth $13.2 billion by 2026 : Growing at a CAGR of 6%

CITY, Country, 2021-Oct-21 — /EPR Network/ — The report “Geosynthetics Market by Type (Geotextile, Geomembranes, Geogrids, Geofoams, Geonets), Application (Waste Management, Water Management, Transportation Infrastructure, Civil Construction), and Region – Global Forecast to 2026” The  global geosynthetics market is projected to reach USD 13.2 billion by 2026 from USD 9.9 billion in 2021, at a CAGR of 6.0% between 2021 and 2026 The rising demand for geosynthetics is majorly due to Increasing investments on infrastructural developments, and rising concerns over waste and water management globally. Market growth is largely driven by the increasing population and urbanization, coupled with increasing industrial activities in the APAC and South America which is expected to offer opportunities for manufacturers during the forecast period. Developments in the field of material technology, and growing demand for sustainable products are presenting opportunities for the geosynthetics market.

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Based on type, geotextiles is estimated to be the largest market in the overall geosynthetics market in 2021.

Geotextiles are permeable, durable, and engineered fabrics made from fibers. These are non-biodegradable materials hence are used in engineering projects. Geotextiles are used in geotechnical engineering applications such as heavy construction, buildings, pavement construction, hydrogeology, and environmental engineering. They are also used for drainage and erosion control, pavement and repairs, soil reinforcements & stabilization, embankments, asphalt overlays, and others.
Based on application, waste management is expected to be the largest geosynthetics-consuming application in 2021.

Waste management contributes for the largest market share for the geosynthetics market in 2020. Geosynthetics are used 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 essential for controlling the leakage of contaminated gas and liquid into groundwater, rivers, aquifers, and other freshwater sources. The rising demand for waste management owing to increase in population, urbanization, and industrialization is expected to drive the geosynthetics market during the forecast period.

Based on region, APAC is projected to grow the fastest in the geosynthetics market during the forecast period.

Geosynthetics market is dominated by APAC in 2020. The region is growing at a faster rate which accounts for the high growth of the geosynthetics market. The emerging market of India, China, and other countries of the APAC are growing and boosting the regional market growth. Rapidly increasing population, urbanization, and industrialization are expected to drive the geosynthetics market in APAC. Rising investment In the development of public infrastructure and growing demand for solid waste management system are the major factors driving the geosynthetics demand in the region.

Key players in the geosynthetics market are SOLMAX (Canada), NAUE GmbH & Co. KG (Germany), Officine Maccaferri Spa ( Italy),  Berry Global  Inc ( US), and Agru America, Inc ( US) are the major players in the market.

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COVID-19 impact on Global Geosynthetics Market

Geosynthetics are largely used in waste management, and infrastructure development applications such as railroads, roadways, soil reinforcement and stabilization, heap leach pads, landfills, and containment sites. The basic functions of geosynthetics materials are separation, reinforcement, filtration, drainage, and barrier. The increasing spending on infrastructural development and demand for waste management is expected to offer opportunities for manufacturers during the forecast period.

COVID-19 pandemic has significantly disrupted the global construction sector in 2020, with projects being halted due to lockdown restrictions owing to the non-availability of workforces, supply chain disruptions, country-wide lockdowns, temporary closures of infrastructure projects, and limited availability of raw materials. Companies have witnessed lower demand for new office spaces, shops, and others which resulted in a decline in revenue. However, due to the easing of the norms by the government with preventive measures such as social distancing and relief funds, the end-use industries are recovering. Moreover, the construction sector was exempted from the lockdown restrictions in few countries such as Australia as it falls under essential services. In Indonesia,  preventive lockdown measures, hampered supply chains, and delays in infrastructure projects are major reasons for the decline in the construction industry in the country. The US construction industry was affected majorly due to the limited availability of raw material as the imports from various other countries such as China was restricted due to the pandemic. However, stimulus package by various government globally has helped the countries to support the declining economy, which is also expected to support the construction industry and lead to economic recovery post the COVID-19 crisis by boosting infrastructural growth.

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