According to Stratistics MRC, the “Global Geosynthetics Market” is valued at $8.47 billion in 2015 and projected to grow at a compound annual growth rate (CAGR) of 12.1% reaching $18.92 billion by 2022. Some of the prominent factors that the market is witnessing include increasing investments in infrastructure and environmental projects by both, developing and developed countries are likely to drive the growth of the market share.
Additionally, rising regulatory standards, Increasing demand for durable materials that offer superior mechanical protection and opportunities associated with oil & gas and mining industries act as future growth opportunities for the market in the coming years. However, the volatility of raw material prices used in the manufacturing process is a major restraint to the growth of the market.
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Geosynthetics are synthetic products used to stabilize terrain? Itis a planar product manufactured from polymeric material used with soil, rock, earth, or other geotechnical engineering-related material as an essential part of a man-made project, structure, or system. These products or materials can be used, often in conjunction with natural materials, for an enormous variety of purposes. They are generally polymeric products used to solve civil engineering problems. It has been used on all surfaces of the transportation industry, including roadways, airports, railroads, and waterways. The polymeric nature of the products makes them suitable for use in the ground where high levels of durability are required. They can also be used in exposed applications.
Based on Type, geotextiles segment is expected to grow at a significant market share during the forecast period as they are incorporated as separation media in the collection of foundation wall systems in drainage, pavement drainage systems, and methane gas collection. Moreover, increasing penetration of the product in erosion control owing to its attributes of slowing down the surface runoff is probably going to complement the segment growth. The product protects from the migration of small sand aggregates. It is utilized to fill gaps between the roads to improve soil structure and thereby helps in the maintenance of roads for a longer span. Rising urbanization has increased the demand for high performance and smooth going roads which will drive the product demand in the market.
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Depending on the application, drainage systems segment is expected to grow at the significant market share during the forecast period as geosynthetics can be effectively used as drains and filters in civil and environmental works in addition to or in substitution to traditional granular materials. These materials can be used in works such as retaining structures, embankments, erosion control, waste disposal areas, etc. As a drain, a geosynthetic can be specified to attend hydraulic requirements that allow free flow of liquids or gases throughout or across its plane
Depending on end-user, the transportation segment is expected to grow at the significant market share during the forecast period as it is widely used in railway construction on account of the product's capacity to act as separators, filters, and help in the transmission of water through drainage. In addition, geonets are consolidated for reinforcement of tracks for a decrease in pressure and thus guarantees long-term execution, thereby leading its demand for railway construction. The increasing application of geomembranes as a lining system and waterproofing solution in railroad foundation, for example, rail bridges, tunnels and railway terminals are expected to drive product demand.
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By geography, Asia Pacific is projected to witness the largest market share during the forecast period due to increasing demand for soil reinforcement in foundation work of residential buildings in the emerging economies of China and India and infrastructural spending owing to favorable government initiatives accompanied with growth towards the central National New-Type Urbanization Plan in China. The Chinese construction industry is populated with state-owned and private enterprises. Japan’s construction sector is expected to grow at a moderate pace over the next five years, owing to the increasing investments in public infrastructure, renewable energy, infrastructure, and commercial projects; in turn, improving, both, the consumer and investor confidence.
Major players in the geosynthetics market include ADS Incorporated, Agru America, Inc., AMCOL International Corporation, Asahi Kasei Corporation, Ashimori Industry Company Limited, CETCO, Dow Chemical Company, GSE Environmental, Inc, Hanes Geo Components, Low & Bonar plc, NAUE GmbH & Co. KG, Officine Maccaferri S.p.A., Polymer Group Inc., Propex Operating Company LLC, and Raven Industries, Inc.
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