Thecompetitive landscape of the global geosynthetics market isfragmented with the presence of several international and local players, saysTransparency Market Research (TMR). Some of the prominent playersoperating in the global geosynthetics market are TenCate Geosynthetics,Officine Maccaferri S.p.A., GSE Environmental, Inc., Low & Bonar PLC andNAUE Gmbh & Co. KG.
OfficineMaccaferri S.p.A, GSE Environmental, Inc. and TenCate Geosynthetics accountedfor the majority of share in year 2014. Significant rise in number ofregional players operating in the geosynthetics market is further expected tointensify competition in the geosynthetics market.
InMay 2014, GSE Environmental Inc, a key player in the geosynthetics marketinaugurated a new manufacturing unit in Suzhou, China. Such initiatives by theplayers will expand production capacity in emerging region. Thus expected toremain a critical success factor for manufacturers during forecast period
Accordingto the TMR, the global geosynthetics market was noted at a valuation of US$ US$11.3 billion in the year 2015. The market is expected to riseat an impressive 9.1% CAGR during the forecast period. Rising at this CAGR, theopportunities in the geosynthetics market are expected to surpass a revenueof US$20.8 bn by end of 2023.
On thebasis of product type, the geotextiles segment is projected to witnessattractive growth by the end of forecast period. This is mainly due to theincreasing demand for the geotextile from the end users. Based on theregion, Asia Pacific is anticipated to lead the global geosyntheticsmarket, the region is expected to account for 40.2% share in terms of volume by2023.
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RisingDemand from Construction Industry to Boost Demand
Thegeosynthetics market is expected to rise at a significant pace during theforecast period. This is mainly due to the growing need for cost-effectivesolutions and technologies in civil engineering. The increasing application ofgeosynthetics in construction industry owing to its several favourableproperties is propelling the growth of the geosynthetics market. Additionally,growing innovations in the manufacturing of the geosynthrtics coupled withgrowing infrastructural reforms especially in emerging countries is anotherfactors expected to drive the geosynthetics market.
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The termgeosynthetics refers to synthetic products that are used to stabilizeterrain related problems in the civil engineering related projects.
Increasingapplication of geosynthetics in coastal engineering, construction, civil andenvironmental applications is another factor expected to boost the geosynteticsmarket in the coming few years. In future as well, the geosynthetics are usedfor separation, filtration, soil reinforcement, and erosion control. Theproduct is expected to witness a rising demand in wastewater treatment andlandfills on account of growing awareness regarding environment conservation.
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Stringent Governmental Law toHamper Market Prospects
However,stringent governmental laws towards the use of vulcanize carbon is a prominentfactor expected to hamper the growth of geosynthetics market in the coming fewyears. Along with this, fluctuating prices of raw material due to f crudeoil and oil and gas prices volatility is another factor hindering the growth ofthe geosynthetics market.
Nevertheless,rise in new construction activities across developing economies Is a strongfactor expected to catalyse the demand for geocomposites, geogrids, andgeotextiles in the coming few years thus offer a significant boost to thegeosyntetics market. Further, the demand for geosynthetics are expected toincrease owing to the rising application of geosythetics in several area suchas reinforcement, separation, drainage, containment and protection, barriers,and erosion control.
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