The competitive landscape of the global geosynthetics market is fragmented with the presence of several international and local players, says Transparency Market Research (TMR). Some of the prominent players operating in the global geosynthetics market are TenCate Geosynthetics, Officine Maccaferri S.p.A., GSE Environmental, Inc., Low & Bonar PLC and NAUE Gmbh & Co. KG.
Officine Maccaferri S.p.A, GSE Environmental, Inc. and TenCate Geosynthetics accounted for the majority of share in year 2014. Significant rise in number of regional players operating in the geosynthetics market is further expected to intensify competition in the geosynthetics market.
In May 2014, GSE Environmental Inc, a key player in the geosynthetics market inaugurated a new manufacturing unit in Suzhou, China. Such initiatives by the players will expand production capacity in emerging region. Thus expected to remain a critical success factor for manufacturers during forecast period
According to the TMR, the global geosynthetics market was noted at a valuation of US$ US$11.3 billion in the year 2015. The market is expected to rise at an impressive 9.1% CAGR during the forecast period. Rising at this CAGR, the opportunities in the geosynthetics market are expected to surpass a revenue of US$20.8 bn by end of 2023.
On the basis of product type, the geotextiles segment is projected to witness attractive growth by the end of forecast period. This is mainly due to the increasing demand for the geotextile from the end users. Based on the region, Asia Pacific is anticipated to lead the global geosynthetics market, the region is expected to account for 40.2% share in terms of volume by 2023.
Rising Demand from Construction Industry to Boost Demand
The geosynthetics market is expected to rise at a significant pace during the forecast period. This is mainly due to the growing need for cost-effective solutions and technologies in civil engineering. The increasing application of geosynthetics in construction industry owing to its several favourable properties is propelling the growth of the geosynthetics market. Additionally, growing innovations in the manufacturing of the geosynthrtics coupled with growing infrastructural reforms especially in emerging countries is another factors expected to drive the geosynthetics market.
The term geosynthetics refers to synthetic products that are used to stabilize terrain related problems in the civil engineering related projects.
Increasing application of geosynthetics in coastal engineering, construction, civil and environmental applications is another factor expected to boost the geosyntetics market in the coming few years. In future as well, the geosynthetics are used for separation, filtration, soil reinforcement, and erosion control. The product is expected to witness a rising demand in wastewater treatment and landfills on account of growing awareness regarding environment conservation.
Stringent Governmental Law to Hamper Market Prospects
However, stringent governmental laws towards the use of vulcanize carbon is a prominent factor expected to hamper the growth of geosynthetics market in the coming few years. Along with this, fluctuating prices of raw material due to f crude oil and oil and gas prices volatility is another factor hindering the growth of the geosynthetics market.
Nevertheless, rise in new construction activities across developing economies Is a strong factor expected to catalyse the demand for geocomposites, geogrids, and geotextiles in the coming few years thus offer a significant boost to the geosyntetics market. Further, the demand for geosynthetics are expected to increase owing to the rising application of geosythetics in several area such as reinforcement, separation, drainage, containment and protection, barriers, and erosion control.