The global geosynthetics market was valued at US$10.553 billion in 2017 and is projected to reach US$21.090 billion by 2023 exhibiting a CAGR of 12.23% during the forecast period.
This market will erupt in developing regions such as Asia-Pacific, Africa, and the Middle East owing to massive infrastructural developments across the regions. Geosynthetics has a wide range of applications in the development of roads and railways. Geosynthetic products are also used in landfills and filtration. It provides a firm grip to the railway tracks and roads and also enhance their quality, and hence its market is projected to grow at a progressive rate in upcoming years.
On the basis of product type, this market can be segmented as geotextiles, geomembranes, geogrids, and geonets among others. Geotextiles and geomembranes share the largest market share in their segment. However, geotextiles have the maximum number of share in its segment.
The market driver responsible for the catalytic growth of this market is the regulations enforced for environmental protection. Applications of geosynthetics are widely distributed in the areas which include waste management, mining, soil enforcement, and erosion control among others which are discussed in detail in this report. On the basis of composition, the market is segmented as polypropylene, HDPE, polyester, PVC, and synthetic rubber among others.
Use of geosynthetics has resulted in the more robust roads and railways along with better drainage systems which in turn have decreased the number of accidents and casualties due to improper roads and railway lines and faulty drainage systems. The awareness about the use of geosynthetics and its applications among the people has resulted in high rate of adoption which in turn is attracting many private players into this market. The market of geosynthetics will become very competitive in the upcoming years. The cost of the raw materials for developing geosynthetics products is high, restraining the growth of geosynthetics market around the globe.
Geographically, geosynthetics market can be segmented as North America, South America, Europe, Middle East and Africa, and Asia-Pacific. North America holds the largest market share across the globe owing to high investments, and developed economy. However, Asia-Pacific will be the most rapidly growing market by the end of the forecast period owing to the immense growth of infrastructure, developing economy, and presence of some of the key global vendors in the region.