Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.
Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.
We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.
In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months. Request Insights
IN THE NEWSJuly 2019: As per Industrial Fabrics Association International (IFAI), Huesker launched the world’s first geogrid made from 100% recycled polyethylene terephthalate (PET), the company is focusing on more environmentally friendly solutions such as use of innovative products and applications made of geosynthetics.
Introduction to Geosynthetics
Geosynthetics are the engineering materials made from various types of polymers which are designed to enhance and improve the mechanical and physical properties of soil. Geosynthetics are light, flexible, possess high tensile strength, stability and durability and are extendable on the application of loads. These products possess the ability to retain their properties when exposed to severe environmental conditions. Geosynthetics are available in a wide range of forms and materials to serve different purposes. They have a wide range of applications in projects such as transportation, hydraulic, roads, embankments, reservoirs, canals, dams, erosion and sediment control, landfill covers, mining, and agriculture.
Market Size and Forecast
Increasing demand from the infrastructure sector and rapid development in the construction industry along with the extensive usage of geosynthetics in waste management and irrigation projects are some of the significant factors boosting the market growth. The geosynthetics market is anticipated to record a significant CAGR over the forecast period, i.e., 2020-2028. The market is segmented by product into geotextile, geomembrane, geocell, geocomposite, geosynthetic liner, geonet, geofoam and geogrid. Among these segments, the segment for geomembrane is anticipated to hold the leading share in the market on account of rise in application of geomembrane as a lining systems and waterproofing solution in waste water management, landfill lining, tunnel and railways. Furthermore, the demand for usage of geomembrane in transportation, mining, agricultural and roads & highways is significantly increasing. CLICK TO DOWNLOAD SAMPLE REPORT
Growth Drivers
Significant Demand in Infrastructure, Irrigation and Waste Management Projects to Boost the Market Growth
According to Geosynthetic Materials Association, geosynthetics are used in various applications such as roads and pavements, subsurface drainage, erosion and sediment control and seepage control systems.
The geosynthetics are widely used in huge projects to enhance civic amenities like infrastructure, environmental and transportation projects owing to its excellent material properties such as chemical and thermal resistivity, weatherability, stability, strength, and durability. Additionally, they are also used immensely in various applications such as mining and waste management and any other type containment facilities where they serve as a barrier from waste containment. Further, the market growth is attributed to ability of geosynthetics to provide reinforcement to the soil for preventing erosion and control seepage losses in irrigation projects. These factors are anticipated to significantly expand the geosynthetics market.
Supportive Government Regulations
The presence of government initiatives and regulations imposed on the usage of geosynthetics is anticipated to boost the market growth. Under the Resource Conservation and Recovery Act (RCRA), United States Environmental Protection Agency’s (EPA) has mandated the application of geosynthetics in landfills and enforcement of lining coal ash sites.
Focus on Uplifting Small-Scale Fabric Industry to Drive the Market
Global geosynthetic products are gaining high demand owing to the leading woven and non-woven textile producing countries facilitating trade with major infrastructure developing countries. On the back of these, the geosynthetics market is predicted to grow over the forecast period.
Restraints
Price Volatility of Raw Materials to Hamper the Market Growth
Despite wide-scale application of geosynthetics, there is a large volatility in prices of raw material owing to their existence in downstream products of petrochemicals. This is estimated to hinder the growth of geosynthetics market in the future.
Market Segmentation
Our in-depth analysis of the geosynthetics market includes the following segments:
By Product
By Material
By Application
By End User
By Region
On the basis of regional analysis, the geosynthetics market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
The market for geosynthetics in Asia Pacific is anticipated to hold the largest share in the market on account of presence of leading market players in the region which manufacture and market geosynthetics. Moreover, the huge investments in construction industry in this region along with the favorable government policies for boosting infrastructural development, especially in countries such as India and China further increase the product demand. The market in Asia Pacific region is predicted to grow at the highest rate during the forecast period as a result of increasing demand of geosynthetics by public infrastructure, renewable energy, and commercial projects associated with civil transportation and waste management. Additionally, offering cost-effective products by the manufactures in this region combined with the growing demand for soil reinforcement in foundation work of residential buildings further raise the demand for geosynthetics.
The geosynthetics market is further classified on the basis of region as follows:
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