by The global Geosynthetics Market is estimated to be valued at US$ 14.63 Bn in 2023 and is expected to exhibit a CAGR of 6.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Geosynthetics are synthetic or natural materials used in civil engineering projects to solve and mitigate problems related to soil mechanics, hydraulics, and other environmental issues. They are used as separation layers, reinforcement, drainage material, or filtration in transportation infrastructure, environmental construction, geomembranes, soil erosion control, and liquid containment. Some key products in this market include geotextiles, geomembranes, geogrids, geofoams, and geocomposites. Owing to their advantages such as high durability, permeability, tensile strength, and resistance to microbial degradation, geosynthetics are increasingly being used in various infrastructure projects.
Market key trends:
Rapid infrastructure development activities across the world are expected to be a major driver for the geosynthetics market during the forecast period. According to the World Bank, global infrastructure spending is expected to grow by an average of 3.9% annually till 2040 to reach $94 trillion. Rising investment in roadways, railways, water supply, drainage systems and other construction projects will lead to higher demand for geosynthetic materials. Another key trend is the increasing penetration of geosynthetics in waste containment applications. Growing awareness regarding environmental protection is propelling the use of geosynthetics for lining landfill sites, capping, and sealing hazardous waste disposal areas. Product innovation with regards to development of multifunctional and lightweight geosynthetics combined with superior properties is also fueling market growth.
Porter’s Analysis
Threat of new entrants: The geosynthetics market requires high R&D investment and established distribution networks, restricting new players.
Bargaining power of buyers: Large buyers such as government agencies and construction companies can negotiate lower prices but influence is relatively low due to diverse product portfolio.
Bargaining power of suppliers: Major raw material suppliers dominate the market but availability of substitutes provides some balance in bargaining power.
Threat of new substitutes: Substitution threat is low as geosynthetics provide unique properties like separation, reinforcement, drainage, containment etc. required in end use industries.
Competitive rivalry: The market is consolidated with few international players holding majority share. Competition is based on product quality, reliability of supply and service.
Key Takeaways
The Global Geosynthetics Market Demand is expected to witness high growth, exhibiting CAGR of 6.7% over the forecast period, due to increasing investment in infrastructure development worldwide.
Regionally, Asia Pacific dominates the global geosynthetics market and is expected to grow at highest CAGR during the forecast period, led by increase in construction activities and government investments in infrastructure development in countries such as China and India.
Key players operating in the geosynthetics market are AGRU, Freudenberg Group, HUESKER Group, Maccaferri S.p.A., NAUE GmbH & Co. KG, PRS Geo-Technologies, Schouw & Co., Solmax, TENAX Group, and Tensar International Corporation. Major players are focusing on new product development and expansion in emerging markets through strategic collaborations to gain competitive advantage.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
