Global Geosynthetics Market Projected to Cross USD 20.0 Billion by 2023
Geosynthetics are synthetic products used to stabilise the topography of any land. These are generally polymeric products basically used to solve civil engineering problems. Geosynthetics includes following main categories – viz., geotextiles, geogrids, geonets, geomembranes, geosynthetic clay liners, geofoam, geocells & geocomposites.
According to research findings, the global geosynthetics market was valued at more than USD 9.0 Billion in 2014 and is projected to cross USD 20.0 Billion by 2023, with a healthy compound annual growth rate CAGR of 9.1% during the period 2015 to 2023. Currently, North America is the major consuming region for geosynthetics market.
Out of all the types of geosynthetics, geotextiles was the major type of geosynthetics, and it accounted for more than 50% share of the market in 2013, followed by geomembranes. Geosynthetics can also be segmented based on reinforcement, containment, separation, drainage and filtration. On the basis of demographics, Asia-Pacific region (APAC), accounted for more than 30% share of the global geosynthetics market in 2014. Increasing construction projects & major mining activities are the driving factors for the spread of this industry. Consistently increasing prices of raw materials in the construction industry is one of the major obstacles restraining growth of geosynthetics market. To improve the ability to find alternatives to such expensive materials is going to be one of the key challenges for the global geosynthetics market.
Government policies that are in favour with the geosynthetics market will be giving a boost to the spread of the vertical. These will also be creating great opportunities for global geosynthetics market across the globe. Emerging countries such as India nd China are also one of the important and potential marketplaces for the global geosynthetics market. Looking at the rapidly increasing number of construction projects in these countries, geosynthetics market can undoubtedly & successfully spread its wings widely across the developing countries.
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