The Geosynthetics Market is estimated to be valued at US$ 14.63 Bn in 2023 and is expected to exhibit a CAGR of 6.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Geosynthetics products include geotextiles, geomembranes, geogrids, geonets, and geocomposites that are used in various applications such as drainage systems, barriers for soil retention and separation, barriers to prevent leaching and contamination, reinforcement for embankments, unpaved roads and slopes. They are primarily used in construction, environmental containment and waste management activities due to their advantages which includes versatility, durability, lightweight, ease and speed of installation.
Market key trends:
The geosynthetics market is estimated to witness high growth owing to rising demand from construction sector. Geosynthetics find major applications in roads construction, highways, dams, mining and landfill activities globally. As per estimates, global construction sector is projected to grow at 5% annually during 2023-2030 period. Growing construction of roads & highways along with rising focus on infrastructure development in developing regions will augment the demand for geosynthetics in the forecast period. Additionally, stringent regulatory norms and focus towards sustainability is further fueling the adoption of geosynthetics across environmental containment and waste management applications. All these factors are expected to drive the geosynthetics market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: New entrants face high capital requirements to manufacture geosynthetics. Established players have strong economies of scale and supply chain networks.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes. However, switching costs associated with changing suppliers provide stability to incumbent suppliers.
Bargaining power of suppliers: Few raw material suppliers exist globally giving them some control over pricing. However, availability of substitutes balances their influence.
Threat of new substitutes: Alternate stabilization and moisture barriers have been introduced. However, geosynthetics properties of strength and durability make substitutions difficult in construction industry.
Competitive rivalry: Major players compete on pricing, product quality and distribution networks keeping rivalry high.
SWOT Analysis
Strengths: Geosynthetics are cost-effective, versatile and provide long-term reinforcement and separation functions. They lower project installation and life-cycle costs.
Weaknesses: Limited awareness in emerging markets and fluctuating raw material prices affect margins. Evolving regulations around recyclability present challenges.
Opportunities: Rising infrastructure spending in Asia Pacific and Middle East markets will drive volume growth. New applications in waste containment offer scope.
Threats: Slowdown in construction industry would impact demand. Stiffer competition from local players and alternates pose threat.
Key Takeaways
The Global Geosynthetics Market Growth is expected to witness high, exhibiting CAGR of 6.7% over the forecast period, due to increasing investment in infrastructure development and rising demand from geosynthetics applications like stabilizing weak soils and separation functions.
Regionally, Asia Pacific dominates the geosynthetics market owing to presence of developing economies with large population and increasing urbanization. China accounts for over one-third of global demand. Western Europe and North America are also major regional marketsalthough mature.
Key players operating in the Geosynthetics market are 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. Players are focused on capacity expansion, new product development and gaining leadership in niche applications like mining, waste containment and erosion control to strengthen market position.
Explore more information on this topic, Please visit-
Comments
0 comment