The global geosynthetics market sizeis set to gain traction from the increasing usage of sustainable buildingmaterials. Geosystems reduce the usage of natural materials, such as aggregatesand sand, thereby simplifying construction activities. In a typicalcross-section, for instance, the depth of the aggregate layer can be cut off sothat less mining is needed for the construction of roads.
The above information is published by Fortune BusinessInsights™ in a recent report, titled, “Geosynthetics MarketSize, Share and Industry Analysis, By Product (Geotextile Geogrid, Geonets,Geocells, Geofoam, Geosynthetic Clay Liner, Geocomposites), By Application andRegional Forecast 2019-2026.” As per the report, the geosyntheticsmarket size stood at USD 27.16 billion in 2018. It is set toreach USD 45.25 billion by 2026, exhibiting a CAGR of 6.6%during the forecast period.
An Overview of the Impact of COVID-19 on this Market:
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Drivers & Restraints:
Rising Demand from Mining Sector to Propel Growth
Nowadays, geosynthetic materials are utilized for making wastebarriers for mining by-products. Mining activities give out plenty of solidwastes, namely, waste rocks and tailings throughout the entire process thatconsists of waste disposal and containment. In this sector, geomembrane linersare extensively used for lining solutions, such as tailings impoundments, heapleaching, and evaporation ponds. Numerous organizations are also providingseveral geomembrane solutions to the mining sector. This sector uses around 40%of the geomembrane production worldwide. These factors are set to boost thegeosynthetics market growth during the forthcoming years. However, geogrids areoften damaged when they are exposed to UV light and low temperatures. It may hinderthe market growth.
Segment:
Geotextile Segment to Lead Backed by Their Possession of VariousAdvantages
In terms of product, the market is grouped into geocomposites,geotextile, geosynthetic clay liners (GCLs), geonets, geogrids, geofoams,geomembranes, and geocells. Out of these, the geotextile segment held 30.47%geosynthetics market share in 2018. This growth is attributable to the risingusage of geotextiles in construction applications, namely, drainage structure,landfills, harbors, roads, and railroads to improve soil stabilization. Apartfrom that, the governments of various countries are investing huge sums, which,in turn, would boost the growth of this segment.
Moreover, they are conducting awareness programs regarding thefunctional advantages of these products unlike the conventional materials. Afew of the benefits consist of superior load bearing capacity, high tensilestrength permeability, and flexibility. Hence, it is upsurging the penetrationof such products in agriculture, pavement repair, drainage, road construction,and soil erosion. They are mainly made up of polypropylene, polyethylene, orpolyvinyl chloride (PVC). These further aid in preventing erosion bystabilizing soil.
Regional Analysis:
North America to Dominate Owing to Rapid Industrialization
Geographically, the market is segregated into Latin America, NorthAmerica, the Middle East and Africa, Asia Pacific, and Europe. Amongst these,North America held USD 10.27 billion geosynthetics market revenue in 2018 andis set to remain in the dominant position. The main reason for growth is thehigh demand for metals such as gold, bauxite, zinc, silver, and copper. It isenhancing the mining sector in the U.S. Besides, the ever-increasing demand forvarious metals from construction, automobile, and electronic industries hasthereby, attracted the attention of many companies and hence, they have begunexpanding their mineral exploration projects. Coupled with this, ongoinginfrastructure projects and rapid industrialization would drive the growth ofthe market in this region in the coming years.
Europe, on the other hand, is likely to remain in the secondposition after North America. This growth is stoked by the rising demand forbuildings from the residential sector. High number of awareness campaigns aboutconstructing environment-friendly infrastructure would also aid in the marketgrowth in this region. Lastly, Asia Pacific is anticipated to experiencesubstantial growth because of the increasing disposable income of the masses,as well as rising number of infrastructure development and renovation.
Get Detailed Insights of this Research Report with TOC, theshort-term and long-term impact of COVID-19 on this Market:
https://www.fortunebusinessinsights.com/geosynthetics-market-102545
