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Geosynthetics industry Trends
The geomembranes segment accounted for nearly 40% of the market share in 2020 and is expected to maintain its lead through 2030.
WILMINGTON, DE, UNITED STATES, September 19, 2024 /EINPresswire / -- The global geosynthetics market is experiencing significant growth, driven by increased infrastructural investments and rising awareness about waste management practices worldwide. According to a report by Allied Market Research, the market, valued at $13.2 billion in 2020, is expected to reach $37.9 billion by 2030, reflecting a robust CAGR of 11.2% from 2021 to 2030. The report offers an in-depth analysis of market drivers, opportunities, and key segments, along with insights into the competitive landscape and major players.
Market Drivers and Opportunities: Eswara Prasad, Manager of Materials & Chemicals at Allied Market Research, highlighted several factors fueling this growth, including rising demand from the transportation and energy sectors and the cost-efficiency of geosynthetics. However, the market faces challenges from fluctuating petrochemical prices. On the upside, the increasing demand for sustainable products, especially in emerging economies, presents substantial opportunities for further expansion.
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Market Segmentation: The global geosynthetics market is categorized by type, application, and region:
By Type: The geomembranes segment accounted for nearly 40% of the market share in 2020 and is expected to maintain its lead through 2030. The geogrids segment is projected to experience the highest growth, with a CAGR of 12.1% during the forecast period.
By Application: The water/wastewater management segment represented around 40% of total revenue in 2020 and is predicted to dominate the market by 2030. Meanwhile, the energy sector is anticipated to grow at the fastest pace, with a CAGR of 13.0%.
By Region: Asia-Pacific, followed by North America, held the largest market share in 2020, accounting for over one-third of the global market. The region is expected to register the highest growth rate, with a CAGR of 13.3% through 2030.
Key Market Players: Leading companies in the geosynthetics market include Freudenberg Group, Maccaferri S.p.A., Tensar International Corporation, AGRU, Huesker Group, Naue GmbH & Co. KG, Schouw & Co., PRS Geo-Technologies, Solmax, and Tenax Group.
David Correa
Allied Market Research
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