According to the new market research report on "Geocomposites Market by Product (Geotextile-Geonet, Geotextile-Geocore, Geotextile-Geogrid, Geotextile-Geomembrane), Function (Drainage, Containment), Application (Water Management, Road, Landfill, Soil Reinforcement), and Region - Global Forecast to 2023", published by MarketsandMarkets™, the Geocomposites Market is projected to grow from an estimated USD 423.7 million in 2018 to USD 740.0 million by 2023, at a CAGR of 11.8% between 2018 and 2023. The growing infrastructure activities with supportive government policies and evolving environmental protection regulations are driving the Geocomposites Market, as they offer better properties and are cost-effective.
Based on product type, geotextile-geocore geocomposite segment of the Geocomposites Market is projected to grow at the highest CAGR, in terms of value, during the forecast period.
The Geocomposites Market is dominated by the geotextile-geocore geocomposite segment, in terms of value as well as volume. The geotextile-geocore geocomposite is the most popular product type widely used in the Geocomposites Market for applications such as bridge abutment, lightweight void fill, structural fill, tunnel and construction repair of existing tunnel, metro underground stations, railway tunnels, and others.
The drainage segment of the Geocomposites Market is projected to grow at the highest CAGR during the forecast period, in terms of value.
Geocomposites used in the drainage function is the largest segment of the market, in terms value as well as volume. Geocomposites are widely used in bridge abutment, lightweight void fill, structural fill, tunnel construction, repair of existing tunnel, metro underground stations, railway tunnels, and other applications in the drainage segment.
The road & highway application is projected to account for the largest share in the Geocomposites Market during the forecast period, in terms of value and volume.
Geocomposites are used for basic functions of roadways such as separation, drainage, filtration, and reinforcement. Geocomposites can be used to increase the strength and stability of underlying soil in roadways. Geotextiles-geogrid geocomposites are the most preferred geosynthetics used in the road & highway application. Geocomposites increase road life and are cost-effective for the road industry. These composites are used under the railway tracks to provide stabilization and reinforcement. In addition, they are used as a filter separator between ballast and sub-grade, providing lateral drainage system. Thus, road & highway is the dominant application of the Geocomposites Market.
North America is estimated to be the largest market for geocomposites, in terms of value, in 2018.
The continuous rise in the number of construction projects has resulted in high demand for geocomposite products. The growth and innovations in the US construction & infrastructure industry are estimated to generate a positive impact on the Geocomposites Market in the country. In addition, the initiatives taken by the governments of the countries in this region in building new highways are expected to further increase the demand for geocomposites from the construction industry. All these factors make North America the largest Geocomposites Market.
The major players operating in the industry are GSE Environmental (US), TenCate Geosynthetics (US), Maccaferri S.P.A. (Italy), SKAPS industries (US), ABG Ltd. (UK), Hans Geo Components (US), Huesker Synthetics GmbH (Germany), and Thrace Group (Greece).
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