by The global Geosynthetics Market encompasses geosynthetic products such as geotextiles, geomembranes, geogrids, geonets, geocomposite that have wide range of applications in various end-use industries like construction, waste management, mining, erosion control, and landfills. Geosynthetics are polymeric products used with foundation soil, rock, earth or other geotechnical-related material as an integral part of a man-made project, structure or system to perform various functions like separation, filtration, drainage and others. They are used in various applications such as separation, filtration, drainage, reinforcement, barriers and erosion control in civil construction, hydraulic and coastal defense structures.
The global Geosynthetics Market is estimated to be valued at US$ 14.63 Bn in 2023 and is expected to exhibit a CAGR of 9.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. The infrastructural activities across the globe are witnessing significant growth which is expected to drive the demand for geosynthetics over the forecast period. Geosynthetics find wide application in construction of roads, highways, railways, dams, canals, and landfill liners.
Market Dynamics:
Robust growth of construction industry is expected to boost the global geosynthetics market over the forecast period. Rapid urbanization and industrialization has led to rise in infrastructural development activities worldwide. According to World Bank report, annual investment in global infrastructure is expected to reach US$ 3.7 trillion by 2030 with emerging economies spearheading the growth. Further, growth in roadway construction projects aided demand for geosynthetics in applications such as separation, drainage, and reinforcement. For instance, according to African Development Bank report 2020, 45% of total paved road construction across Africa is projected during 2020-2030 period. This is expected to create demand for geosynthetic materials in the region.
Another key driver for the market is use of geosynthetic materials in sound barriers. The noise pollution levels have been rising which has fuelled adoption of sound barriers across regions. Geosynthetics are widely used as structural element, separation layer, and filter in sound barriers. For instance, according to European Environment Agency, over 100 million people in Europe are exposed to road traffic noise levels exceeding 55 dB during daytime. These drivers are thus expected to fuel the demand for geosynthetics over the forecast
Segment Analysis
The global geosynthetics market is dominated by the geotextiles sub-segment. Geotextiles find wide application in transportation infrastructure such as roads, railways, and erosion control & landscape applications which is driving higher adoption. The increasing spending on road infrastructure development across both developed and developing countries is supplementing strong growth in demand for geotextiles.
PEST Analysis
Political: Large infrastructure development projects undertaken by governments worldwide to boost economic growth is having a positive impact on the demand for geosynthetics. Supportive regulations regarding use of geosynthetics in construction projects are also encouraging its uptake.
Economic: Strong growth in economies and rising disposable incomes has led to higher investments in infrastructure, transportation, and construction industries which require geosynthetics. The affordable costs of geosynthetics makes it an appealing solution.
Social: Rapid urbanization and growing population migrating to cities is increasing the need for more residential and commercial infrastructure development projects involving geosynthetics.
Technological: Advancements in production technologies have improved the strength and durability of geosynthetics. Development of innovative geosynthetic materials catering to specialized applications is also boosting the market.
Key Takeaways
Global Geosynthetics Market Size is expected to witness high growth over the forecast period. The Asia Pacific region dominates the market and is expected to grow at fastest pace owing to massive infrastructure development programs underway in countries such as China and India.
Regional analysis
The Asia Pacific region accounted for around 35% of the global market share in 2023 led by China, India & Southeast Asian countries. This can be attributed to the multiple mega infrastructure projects related to highways, rail networks & dams currently under construction. With continued government focus on infrastructure spending, the Asia Pacific geosynthetics market is forecast to witness rapid expansion through 2030.
Key players
Key players operating in the geosynthetics market are Toray Industries, Inc., Avery Dennison Corporation, Nan Ya Plastics Corporation, Jindal Poly Films Ltd (B.C. Jindal Group), Uflex Limited, SRF Limited, Cosmo Films Limited, API Group Plc, K LASER Technology Inc., and Polinas Plastik Sanayi ve Ticaret A.S. Key players are focused on capacity expansions and new product launches to consolidate their position in high growth regions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
