by Geosynthetics products are gaining popularity with growing infrastructure development activities across regions. Geosynthetics are polymeric products used in construction applications to provide reinforcement, separation, filtration, drainage, and containment functions. They include geotextiles, geogrids, geonets, geomembranes and geofoams. Geotextiles are used as a separator or reinforcement material when constructing roads, retaining walls and slope protection. Geogrids are used for soil reinforcement in roadway construction and slope stabilization. Geomembranes are utilized as liquid and vapor barriers in various containment applications. Geosynthetics provide effective barrier functions, enhance bearing capacities of soils, and improve the drainage abilities of soils.
The Global Geosynthetics Market is estimated to be valued at US$ 16.86 Bn in 2024 and is expected to exhibit a CAGR of 4.5% over the forecast period from 2024 to 2030.
Key Takeaways
Key players: Key players operating in the Geosynthetics are Nippon Paper Industries Co., Ltd.,Mondi Plc,Metsa Board Oyj,WestRock,Oji Holdings Corporation. These companies are focusing on new product launches and expansion strategies to improve their market share.
Growing demand: There is growing demand for geosynthetics from construction and infrastructure industries driven by increasing infrastructure projects worldwide. Geosynthetics are widely used in applications like drainage, containment, erosion control and rehabilitation in the construction sector.
Global expansion: Leading geosynthetics manufacturers are expanding their production facilities and geographical presence globally to cater to the growing demand. Many players are focusing on emerging Asian and Latin American markets for new opportunities.
Market key trends
The increasing use of geosynthetics in infrastructure development projects is one of the key trends in the Geosynthetics Market Value. Governments worldwide are investing heavily in roadways, railways, dams and other infrastructure projects which is driving the demand for geosynthetics. They provide effective solutions for soil erosion control, containment, and drainage in various construction applications which is boosting their adoption.
Porter’s Analysis
Threat of new entrants: Low capital requirements for production and widespread availability of raw materials makes entry easy for new players in the market. However, the presence of several regulations and standards set by government organizations poses a challenge.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitute products in the market. However, demand for geosynthetics from end-use industries including construction, mining keeps buyers dependent on existing suppliers.
Bargaining power of suppliers: The geosynthetics market is fragmented with presence of number of manufacturers globally. This gives buyers opportunities to switch between suppliers easily affecting the bargaining power of individual suppliers in the market.
Threat of new substitutes: No direct substitute product for geosynthetics is available as they offer unique properties like separation, reinforcement, drainage, and containment. Their distinct benefits make threat of substitution very low in the market.
Competitive rivalry: The global market is moderately competitive due to presence of large number of players operating internationally. Large multinational firms focus on expanding production capacity and new product development to gain advantage.
North America accounts for the largest share in the global geosynthetics market, both in terms of value and volume. The region witnesses high demand from construction activities especially in residential and infrastructure sectors. Asia Pacific exhibits fastest growth and is expected to surpass North America to dominate the market during forecast period. China, India, Indonesia, Vietnam are major countries driving the regional market growth due to rising construction of roads, dams, landfills.
Africa and Latin America have shown rising adoption of geosynthetics in construction of canal linings, landfill applications estimated to support market expansion at a steady rate over coming years. Middle East market continues to grow on back of new construction projects for buildings, roads initiated under vision 2030 plans of GCC nations.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
