Global geosynthetics market is expected to reach USD 27.08 billion by 2022, according to a new study by Grand View Research, Inc. Construction industry growth in India, China and Middle East, on account of rising expenditure on infrastructure development is expected to be a crucial driving factor for geosynthetics market growth.
Increasing application of geotechnical products for controlling seepage problems in building and irrigation projects is expected to have a favourable impact. Growing shale gas production in U.S. and Canada on account of increasing expenditure on hydraulic fracturing at domestic level may drive industry growth in the near future.
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Further key findings from the study suggest:
- Global geosynthetic market size was 6,124.0 million square meters in 2014 and is expected to reach above 9,000.0 million square meters by 2022, growing at a CAGR of 5.1% from 2015 to 2022.
- Roads & pavements accounted for over 30% of global volume in 2014. Geogrids and geotextiles are incorporated for soil reinforcement and facilitating filtration during road construction.
- Containment & waste water application is expected to witness the fastest growth in terms of volume, at a CAGR of 5.7% from 2015 to 2022. Rising importance of waste water treatment in mining and upstream oil & gas sectors is expected to increase geotechnical product use in the near future.
- Asia Pacific geosynthetic market was valued over USD 6,100 million in 2014. The Government of India announced Make in India Campaign in September 2014 which is aimed at increasing manufacturing output through foreign direct investment at domestic level. This supportive plan is expected to increase expenditure in construction industry and thus likely to have a positive impact on the market.
- Key geosynthetic manufacturers include Agru America Inc, TenCate, NAUE, Low & Bonar PLC, GSE, Asahi-Kasei and Officine Maccaferri. In February 2015, Propex launched erosion control solution under the brand name, Propex TeetoGreen technology, intended for the golf course industry. This technology is designed for providing solution to challenges pertaining to soil erosion faced by club managers, golf course owners, builders and superintendents.
Grand View Research has segmented the global geosynthetics market on the basis of product, application and region:
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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