Geosynthetics Market is Expected to Reach $37.9 Billion by 2030—Allied Market Research

According to a new report published by Allied Market Research, titled," Geosynthetics Market by Type and Application: Global Opportunity Analysis and Industry Forecast, 2021-2030

The global geosynthetics market was valued at $13.2 billion in 2020, and is projected to reach $37.9 billion by 2030, growing at a CAGR of 11.2% from 2021 to 2030.

There are many manufacturers of geosynthetic materials currently that produce a comprehensive range of geosynthetics. Geosynthetics have found a variety of applications such as reinforce soil walls in bridges, flyovers, roads and highways; drainage and erosion control in waste water treatment plants; landslide prevention and more. When used with the local sub graded soil, it significantly reduces the carbon footprint by 30%. Some of the major advantages of using geosynthetics include reduction in structural maintenance and increase in its shelf life. Geosynthetics have excellent flexibility and filtration characteristics that has enabled it to be used in a variety of applications. In addition, the quality of the material can be controlled as per the requirement, due to which prices can be controlled. The transportation sector is one of the biggest end use areas of geosynthetic materials and will drive the growth of the geosynthetics market significantly in the future. The opportunities for geosynthetics in energy sector are also endless, namely from the oil, gas, as well as nuclear energy. Due to the increasing energy demand, more power plants will be commissioned in the coming years, thus making use of geosynthetic materials for soil stabilization and leakage protection. Moreover, geosynthetics are known to increase the lifespan of the structure and reduce maintenance costs over the longer run. Both these factors contribute to the cost effectiveness of geosynthetic materials, thus driving the market growth during the forecast period.

The prices of petroleum greatly influence the prices of synthetic fibers, thereby controlling the final price of geosynthetic materials. Rising crude oil prices will drive up petrochemical costs, in turn, increasing the price of plastics. Thus, any fluctuation in the crude oil prices will negatively impact the price of geosynthetics, this could hamper the global geosynthetics market growth during the forecast period.  Geosynthetics majorly use plastics such as Polypropylene, Polyester, and Polyethylene. A shift toward recycled plastic will open a fresh product offering among various key players. For instance, Huesker has a line of geosynthetics based on recycled raw material. More such product developments will increase the sustainability of the market in the long run.

The global geosynthetics market is segmented on the basis of type, application and region. Based on type, the market is segmented into geotextiles, geomembranes, geogrids, geocomposites, geonets, and others. Geomembranes accounted for the largest market share in 2020. Geomembranes are widely used for solid waste containment, mining as well as water containment in the wastewater, energy, and civil construction markets. Applications include water/wastewater management, transportation infrastructure, civil construction and mining, energy, and others. Water/wastewater Management accounted for the largest market share in 2020, owing to the use of various types of geosynthetics to improve the process of storing and treating wastewater. Based on the region, the global geosynthetics market is analyzed across North America, Europe, Asia Pacific, and LAMEA. Asia Pacific accounted for the largest market share in 2020, owing to the presence of various end users of geosynthetics such as wastewater treatment plants and civil infrastructure projects. Key players engaged in the production of geosynthetics include AGRU, Freudenberg Group, HUESKER Group, Maccaferri S.p.A., NAUE GmbH & Co. KG, PRS Geo-Technologies, Schouw & Co., Solmax, TENAX Group, and Tensar International Corporation.

Key findings of the study

• Based on type, Geomembranes accounted for the largest market share in 2020, and is expected to grow at a CAGR of 11.0%.
• Based on application, the water/wastewater management segment accounted for the largest market share in 2020, and is expected to grow at CAGR of 10.6%.
• On the basis of region, Asia-Pacific accounted for the largest market share in 2020, closely followed by North America.