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The global geosynthetic market was valued at $ xx billion in 2017. Owing to the rising demand of infrastructure, the geosynthetic industry is expected to grow at a significant compound annual growth rate of xx% during the forecast period and reach an estimated value of $ xx billion by the year 2025.
Geotextile is extensively used in the construction industry, and accounts for the largest product share, more than 35% in the geosynthetic market. It is expected to grow substantially during the forecast period. It is closely followed by geomembrane, and geogrid. Geosynthetic is a product that is manufactured by using a polymeric material, and it is most commonly used to stabilize terrain. It offers numerous applications in engineering, like transportation, hydraulic, civil, foundation, soil mechanics, etc., along with private applications like roads, railroads, airfield, dams, canals, reservoirs, landfills, mining, agriculture, erosion control, and other structures. The geosynthetic market can be classified into geotextiles, geomembranes, geogrid, geosynthetic clay liner, geocomposite, and geonet.
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The demand for improved roads, highways, and railway networks is increasing, and this has given opportunities to vendors. It is used on pavements and roads, because it is superior in quality, porous, flexible, erosion resistant, compatible, permeable, and tensile. It is increasingly being used in mining activities because it can withstand high ranges of temperature. It is often used to contain liquids in mining sites, like treatment ponds, waste (solid or liquid) storage, drainage passage, and it is also used to retain chemical solutions. The geosynthetic market is a great example of how technology has been transferred internationally. With a need for sustainable development, and increasing awareness amongst the customers about what is safe for the environment and their own health, the geosynthetic industry has spread its roots across the globe, offering a world class technology to the developing countries. Many leading distributors and manufacturers have expanded globally for the supply of this product, making it cost effective. Moreover, it is environment friendly.
The Asia Pacific region is the dominant market in the global geosynthetic industry. The government of China has heavily invested in several road and transportation projects. There are various housing projects as well as smart city projects in India, which are about to drive the growth of the geosynthetic market furthermore. The Asia Pacific region is expected to grow significantly during the forecast period. The North American region is the second largest market in this industry, with the USA accounting for more than 15% of the global demand, according to a research conducted in 2014. The market is expected to grow in this region, due to several construction projects mandated by the governmental organizations of various countries. The growing infrastructure need, along with an increasing concern about preserving the environment is expected to boost the growth of geosynthetic products during the forecast period.
Some of the major competitors in this industry are Low & Bonar PLC, AGRU America Inc., GSE Environmental Inc., ADS Inc. etc.
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