Geosynthetics Market Growth & Trends
The global geosynthetics market size is expected to reach USD 24.59 billion by 2030, registering a CAGR of 6.7% over the forecast period, according to a new report by Grand View Research, Inc. Rapid infrastructure development in emerging economies, such as India and Brazil, is anticipated to fuel the market growth over the forecast period. Infrastructure development in India, China, and the Middle East in light of regulatory inclination to increase expenditure on road transport is expected to drive the market. The European Union directive 2008/98/EC sets the basic regulations for waste management and ways for efficient landfill containment.
This regulatory inclination in Europe is expected to increase the application of geosynthetics in the near future. The product is widely used for base reinforcement, separation, and stabilization of roads and pavements. These products also find application in subsurface drainage systems for dewatering, road base, and structure drainage. The market is characterized by the presence of large-scale manufacturers catering to the global demand. The demand for geosynthetics is high in developing economies including India and China, owing to the sanction and commencement of infrastructural development projects in the developing economies. Key market players are undertaking mergers and collaborations to expand their reach and increase production capacity, thereby advancing their market share.
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Geosynthetics Market Report Highlights
Geotextiles led the market and accounted for more than 48.54% share of the revenue in 2022.
Geocells is expected to be the fastest-growing product segment during the forecast period. The product is used in multiple military operations including the construction of bridge approach roads over soft ground, transportation of heavy equipment, and filling of the construction materials
The geonet segment is projected to register the second-fastest growth rate from 2022 to 2030
The high product demand is attributed to its wide application scope coupled with its use for the reinforcement of layers during road construction as well as during the restoration of existing roads
Asia Pacific region accounted for the maximum market share in 2022 owing to the rapid urbanization in emerging countries, such as India and China, boosting the demand for soil reinforcement in the foundation work of residential buildings
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