Geosynthetics is Estimated to Witness High Growth Owing to Opportunity in Infrastructure Development

 

Geosynthetics Market

Geosynthetics are man-made products used in construction for several applications like separation, reinforcement, drainage, and containment. Consisting of geotextiles, geogrids, geomembranes, and geofoams, geosynthetics are widely adopted in road construction, water management, waste management, erosion control, and railway lines. They offer various advantages like improving soil strength and permeability, controlling erosion, and contain liquids and prevent leakage.

 

The global Geosynthetics Market is estimated to be valued at US$ 14.63 Bn in 2023 and is expected to exhibit a CAGR of 4.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

 

Market Dynamics:

As mentioned in the heading, rising infrastructure development is estimated to be a major driver propelling the growth of the Geosynthetics Market. There has been a growing investment in road construction, railways, water management projects, and other civil engineering activities globally which has increased the adoption of geosynthetics. According to World Bank, global infrastructure investment grew to $3.4 trillion in 2020 from $3.3 trillion in 2019. Additionally, another driver fueling the market growth is growing usage of geosynthetics as a substitute to conventional materials like concrete and asphalt owing to benefits like cost-effectiveness and ease of installation. However, stringent regulatory policies around polymer manufacturing and volatility in raw material prices can hamper the market growth.

 

SWOT Analysis

 

Strength: Geosynthetics have applications in various industries such as infrastructure, mining, energy & power, agricultural, and defense. They provide long term durability and are cost effective in construction and soil erosion activities. Their mechanical properties make them ideal for reinforcing slopes and retaining walls.

 

Weakness: Low awareness regarding various applications of geosynthetics can hamper the market growth. Fluctuations in raw material prices pose a challenge.

 

Opportunity: Increasing investments in infrastructure projects globally present an opportunity. Rapid urbanization and industrialization are growing application areas. Advances in material science help broaden the product portfolio.

 

Threats: Stagnant economic conditions can reduce infrastructure spending affecting demand. Stringent environmental regulations around plastics recycling pose compliance challenges. Substitute products gaining popularity threaten market share.

 

 

Key Takeaways

 

The Global Geosynthetics market Demand is expected to witness high growth. It was valued at US$ 14.63 Bn in 2023 and is projected to reach US$ 20.58 Bn by 2030, expanding at a CAGR of 4.5% during the forecast period. Rapid industrialization and infrastructure development will drive the need for erosion control and reinforcement in construction.

 

Regional analysis: Asia Pacific dominates currently with a market share of over 35% in 2023. China, India, Japan, South Korea and other developing economies are witnessing continued investment in roads, railways, buildings and land development activities. This fuels demand for geosynthetics in applications such as retaining walls, drainage layers and agricultural. North America and Europe are other major markets whereas regions such as Middle East, Africa and Latin America are projected to expand at high single digit CAGRs through 2030.

 

Key players: Key players operating in the Geosynthetics market are Nippon Paper Industries Co., Ltd., Mondi Plc, Metsa Board Oyj, WestRock, and Oji Holdings Corporation. These companies have a well-established manufacturing and distribution network to cater to the growing product demand. R&D investment helps them develop a comprehensive portfolio of geosynthetic materials and roll out application specific innovations.


Get More Insights Here

https://www.newswirestats.com/geosynthetics-market-size-share-growth-outlook-2023/

https://www.newsintv.com/health/genetic-symphony-precision-medicines-melody-for-tailored-health-and-wellness/

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