02-Sep-16 The global geosynthetics market was valued at US$9.57 bln in 2014 and is anticipated to reach US$20.80 bln by 2023, expanding at a CAGR of 9.1% between 2015 and 2023, as per Transparency Market Research.
In terms of volume, Asia Pacific accounted for more than 30% share of the global geosynthetics market in 2014. Increase in construction projects and mining activities is expected to drive the global geosynthetics market during the forecast period. Volatile raw material prices and availability of inexpensive alternatives are projected to act as a challenge for the geosynthetics market until 2023. Factors such as increased usage of geosynthetics in green roof and green wall coupled with government initiatives to promote usage of natural geosynthetics are anticipated to act as an opportunity for the geosynthetics market during the forecast period.
Middle East & Africa is anticipated to be the fastest-growing market for geosynthetics during the forecast period owing to increasing demand from the construction industry. Asia Pacific constituted the largest share of the geosynthetics market in 2014. Demand for geosynthetics in the region is estimated to be largely driven by rapid rise in demand of geosynthetics in India, China, and ASEAN. Growth in the mining sector and increasing infrastructure development are projected to drive demand for geosynthetics in Asia Pacific in the next few years. The geosynthetics market in North America is projected to witness decent growth after the steady recovery from the economic slowdown. This trend is likely to continue up to 2023. The market for geosynthetics in Europe is likely to display moderate growth due to continuous economic downturn. The geosynthetics market in Latin America is estimated to witness sluggish growth in the next eight years primarily due to average demand from end-user industries.
The geosynthetics market is highly fragmented. High degree of competition exists between manufacturers. Key players operating in the geosynthetics market include Low & Bonar PLC, AVINTIV Inc., Officine Maccaferri S.p.A., NAUE GmbH & Co. KG, Agru America, Inc., Propex Operating Company, LLC, TenCate Geosynthetics, GSE Environmental, Inc., Tenax Corporation, and Tensar International Corporation.
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