Geosynthetics Market to Witness Comprehensive Growth by 2024
The global market for geosynthetics is expected to remain as a largely fragmented one, owing to the ease with which companies can manufacture most synthetic fibers. While a majority of the market value was taken up by regional players in 2014, the three leading players at the time had held a collective share of 27.7%. TenCate Geosynthetics, GSE Environmental, Inc., and Officine Maccaferri S.p.A., the leading players of 2014, hold massive production capacities present in key locations across the world.
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According to a new publication by Transparency Market Research, geogrids are expected to lead all geosynthetic product types in terms of market attractiveness till 2023.
The global market for geosynthetics is expected to expand at a CAGR of 9.1% within a forecast period from 2015 to 2023, with respect to its revenue. By the end of 2016, this revenue is expected to reach US$11.3 bn, and reach US$20.8 bn by the end of 2023.
The product segment of geotextiles is expected to remain dominant till 2023, by which year it is expected to take up 39.7% of the overall volume. Geogrids are expected to show an increase in market share till 2023.
“Geosynthetics excel in being a protective layer for a large number of chemicals and materials, including all types of soil. This is crucial as the use of geosynthetics can be used to prevent the rampant soil erosion that is degrading soil quality across the world. Geomembranes are also being used in wastewater management as well as other applications such as soil binding,” states a TMR analyst.
The use of geosynthetics to prevent soil erosion can massively improve soil quality by preventing the soil’s loss of nutrients and moisture, thereby helping farmers retain their overall planting area and production rate.
Outside of agriculture, the growing rate of soil erosion is also causing eutrophication, increasing the chances of floods, increasing sedimentation issues, and creating a loss of biodiversity. The need for geosynthetics is therefore becoming more apparent over the years.
Naphtha is the core material used for the production of polypropylene, polyethylene, and polyester, which are the main raw materials for the manufacture of geosynthetics. Naphtha being derived from crude, the entirety of geosynthetics manufacture thus depends on the pricing and availability of crude oil in a particular region.
Depleting natural reserves of crude oil combined with the higher demand for crude in the production of fuel is creating a major hindrance for geosynthetics manufacturers in procuring raw materials at reasonable prices. This is deterring many players from entering the market as well.
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The scope of utility of geosynthetics is expected to grow over the coming years, more likely in green roof and green wall construction projects. This is a key opportunity that manufacturers can look in to.
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