Geosynthetics Market to be Worth US$20.8 Billion by 2023 due
ALBANY, New York, Feb. 8, 2019 /PRNewswire/ -- Transparency Market Research (TMR) witnesses the global geosynthetics market has a moderately fragmented market scenario owing to a number of companies in the market. Some of the companies operating in the global geosynthetics market are Officine Maccaferri S.p.A., TenCate Geosynthetics, GSE Environmental, Inc., NAUE Gmbh & Co. KG, and Low & Bonar PLC. Top three players such as Officine Maccaferri S.p.A., TenCate Geosynthetics, GSE Environmental, Inc. accounted for the 27.7% shares in the year 2014. A robust number of regional players operating in the geosynthetics market is intensifying competition in the overall market.
According to TMR, the global geosynthetics market is expected to account for the revenue of US$20.8 bn by end of 2023 from the value of US$ US$11.3 billion by expanding with a CAGR of 9.1% over the forecast period from 2015 to 2023.
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Based on product type, the geotextiles and geogrids segments are expected to witness attractive growth by the end of 2023. Based on the region, Asia Pacific dominated the global geosynthetics market and expected to account for 40.2% share in terms of volume in the overall market by the end of 2023.
Booming Demand from Construction Industry to Propel Growth
The growing need for cost-effective solutions and technologies in civil engineering and construction primarily with the raw materials is propelling the growth of the geosynthetics market. Additionally, growing innovations coupled with rapidly growing infrastructural developments that are across numerous countries globally and primarily in the developing regions is leading to propel the growth of the geosynthetics market.
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The growing new construction activities across developing economies are catalyzing the demand for geocomposites, geogrids, and geotextiles. This demand is higher from applications including reinforcement, separation, drainage, containment and protection, barriers, and erosion control. Growing uptake of these processes is propelling the growth of the global geosynthetics market.
Geosynthetic materials are emerging as a protective layer for numerous chemicals in construction and for new and advanced infrastructures based on land and soil. This sort of land and soil might have a high risk of soil erosion. Thus, the geosynthetics market is gaining traction from the past few years and will likely to drive the growth of the market.
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Growing Demand for Green Wall Construction Projects to Offer Lucrative Opportunities for Growth
The volatility prices of raw material due to fluctuations in prices of crude oil and oil and gas prices along with its availability are hindering the growth of the geosynthetics market. Especially, demand for the naphtha due to its pricing has affected which is a key material as intermediate. The price-sensitive regions are restraining growth of the geosynthetics market. Nonetheless, the emerging areas including green wall construction are expected to offer lucrative opportunities for growth. The potential usage of geosynthetics products for making a green roof is opening up the lucrative opportunities for market players.
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This information is encompassed in the report by TMR, titled "Geosynthetics Market (Product – Geotextiles, Geomembranes, Geogrids, Drainage Composites, and Geosynthetic Clay Liners; Function – Containment, Reinforcement, Filtration and Drainage, and Separation) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015–2023."
For the study, the geosynthetics market has been segmented as follows:
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