The global Geosynthetics Market is estimated to be valued at US$ million in and is expected to exhibit a CAGR of % over the forecast period (2022-2028), as highlighted in a new report published by Coherent Market Insights.
Market Overview
Geosynthetic is a widespread product in the Engineering. This item, which is extracted from a polymeric substance, is generally utilized on notable compounds of a structure to gain engineering purposes. The first half geo indicates that this product has a lot to do with specific geological substances such as rocks, soil, and earth. A geosynthetic substance is derived from various functions, mainly drainage, strength, separation, control, barrier, the control of surface corrosion, comprising any other work a geosynthetic substances is probable to have.
Competitive Landscape:
Key players involved in the global geosynthetics market are
- Ten Cate Geosynthetics
- Fiber Web PLC
- Huifeng Geosynthetics
- Tenax Corporation
- Officine Maccaferri GSE Environmental
- Leggett & Platt
- Propex Global
- Polymer Group
- GEO Synthetics LLC
- NAUE GmbH & Co. KG
- Agru America Inc.
- Asahi Kasei Corporation
- Low & Bonar PLC
- others
Market Key Drivers:
The growing industrialization and construction industry is anticipated to project growth of global geosynthetics market. For instance, as per Associated General Contractors of America (AGC), the construction sector in the U.S. makes building worth US$ 1.4 trillion annually.
The development of highways and roads are expected to augment the growth of global geosynthetics market. For instance, as per Transportation of America US would need around US$231.4 billion per year to maintain and repair the roads of the region.
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Covid-19 Impact Analysis:
The COVID-19 pandemic has adversely affected the construction industry in 2020, as various projects were delayed owing to the execution of lockdown by the regulatory officials to curb the spread of the virus. The key players in the market noticed least demand for new office spaces and other structure due to the disruption in supply chain.
Key Takeaways:
The global Geosynthetics market is expected to exhibit a CAGR of % during the forecast period owing to the high demand of geosynthetics. For instance, as per AGC, the need for geosynthetics is expected to be around 10.1% by the year 2029.
Among regions, North America, Asia Pacific and Europe anticipated to witness robust growth in the global Geosynthetics market due to rising demand of construction, increasing real estate industry, rising use of geosynthetics in wastewater management and others. For instance, as per IBEF, the real estate sector in India forecast to reach US$ 1 trillion 2030 while it was around US$ 200 million in 2021.
