Geosynthetics market valuation to cross the 12-billion-dollar mark by 2024, fueled by massive demand for geotextiles and geomembranes
Publisher : Fractovia | Published Date : 2018-01-11Request Sample
Geosynthetics market has depicted a massive ascent in its growth rate in the last couple of decades, driven by widespread urbanization and increased number of governmental initiatives for the improvement of infrastructure. Given the crucial role geosynthetic products play in the stabilization of terrain, it comes as no surprise that companies have been utilizing the same to enhance construction and lessen environmental damages. For instance, recently, it had been reported that the national airport in Minsk has been undergoing construction with regards to the runway, the base layer of which has been reinforced with the Multitex PET from Machina – a geotextile-geogrid material that delivers excellent runway reinforcement along with drainage support and soil separation. These geosynthetic reinforcements apparently contribute to not only saving on inert materials, but also providing an exceptional structure and achieving the necessary modulus of elasticity. On these grounds, it is undeniable to state that geosynthetics market is indeed on its way to emerge as a niche vertical in the years ahead. As per estimates, geosynthetics market size exceeded USD 7 billion in 2016.
U.S. Geosynthetics Market Size, By Product, 2016 & 2024, (USD Million)
Geotextiles form a major component of geosynthetics industry, given that these products find extensive application in most civil engineering processes such as upkeep of roads, harbors, air fields, dams, canals and reservoirs. Geotextiles have been found ideal in major construction and refurbishment works, as they allow adequate permeability combined with prevention of soil erosion. Estimates claim geosynthetics market size from non-woven geotextiles to grow by 5.5% over 2017-2024, driven by their application in drainage, filtration, separation, road construction, and railroad projects.
Geogrid has also witnessed a major growth in sales, which has undoubtedly contributed toward the expansion of geosynthetics market. Construction companies often prefer geogrids for roads and railways construction, since the material contributes toward longer lifespan and better aesthetics of infrastructure. In accordance, analysts claim geogrids-based geosynthetics market size from road constructions to surpass USD 840 million by 2024.
It is prudent to mention that geosynthetics are used to protect the environment from many man-made inconveniences such as seeping of harmful chemicals into the subsoil and underground water table. Geomembrane liners are geosynthetic materials that create a very potent lining and exhibit superior strength, UV resistance and weatherability, on account of which they are used in lining vast containers that contain hazardous materials. HDPE based products in fact, are massively used for mining and waste management, owing to which HDPE-based geomembrane market is estimated to register a CAGR of 4.5% over 2017-2024, thereby providing stimulus to the geosynthetics industry.
Speaking of the vast product landscape of geosynthetics market, polypropylene based geocells are widely used for the prevention of soil erosion, degradation of soil quality, and reinforcement of soft soil surface. Depending on the construction type, they can also allow the growth of plants through geo pockets. PP geocells are preferred as a very ecofriendly option by construction companies, on the grounds of which it has been forecast that PP-based geocells market will grow at a rate of 5.5% over 2017-2024, inherently contributing toward the growth of geosynthetics industry.
Due to rapid urbanization and expansive construction and infrastructural development in the developing nations, countries like India, China and Brazil will emerge as major growth grounds for geosynthetics market. China geosynthetics industry is estimated to surpass USD 1.5 billion by 2024 owing to extensive application of geosynthetics in construction, water treatment and waste management. Japan will also contribute to the expansion of APAC geosynthetics market, due to the rising deployment of geocells for soil structure retention, driven by the product’s superior properties of soil erosion prevention while allowing water passage.
LATAM and Europe are also expected to observe substantial growth in geosynthetics market. Owing to the Growth Acceleration Program (PAC) initiated by the Brazilian government that will concentrate on the expansion of commercial and industrial construction as well as urbanization in the country, Brazil geosynthetics industry is expected to witness a 5.5% growth rate over 2017-2024. Europe on the other hand, will register a 4% growth with Italy, Germany, UK and France leading the industry. With the rising government concerns for the degrading environmental conditions, the importance of green buildings, railways, roads and airports is being brought to the forefront, which will contribute toward impelling geosynthetics market share.
Geosynthetic properties are dominated by plastics from which they are derived. As plastics are derived from crude oil, the variation of crude oil prices also regulates the market price for geosynthetics. This factor may prove to be a major hindrance to the steady growth of the geosynthetics industry. But as geosynthetics have already proven to be crucial not only to lasting construction operations but also environmentally sustainable construction, geosynthetics market growth is likely to remain consistent. Estimates claim geosynthetics industry size to cross 11 billion square meters by 2024, in terms of volume.
