By 2026, the geosynthetic material market will reach US$45.25 billion; massive use of sustainable building materials to promote growth: Fortune Business Insight™

April 2, 2020, Pune (GLOBE NEWSWIRE)-The scale of the global geosynthetic material market will receive attention due to the increasing use of sustainable building materials. The earth system reduces the use of natural materials (such as aggregate and sand), thereby simplifying construction activities. For example, in a typical cross section, the depth of the aggregate layer can be cut away, thereby reducing the amount of mining required for road construction.
The above information was released by Fortune Business Insights™ in the latest report, titled “Geosynthetics market size, share and industry analysis, by product (geotextile geogrid, geonet, geocell, geofoam, geosynthetics) Clay lining, geocomposite materials), divided by application and region” forecast 2019-2026. According to the report, the geosynthetics market reached US$27.16 billion in 2018. By 2026, it will reach US$45.25 billion, with a compound annual growth rate of 6.6% during the forecast period.
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The market consists of many large, medium and small enterprises. They mainly focus on enhancing their business by delivering products to various end-use application industries. The following are the latest industry developments:
“Fortune Business Insight™” lists companies operating in the geosynthetics market. They are as follows:
Today, geosynthetics are used to create waste barriers for mining by-products. Mining activities will generate a large amount of solid waste, that is, waste rock and tailings throughout the process, including waste treatment and containment. In this field, geomembrane linings are widely used in lining solutions, such as tailings ponds, heap leaching and evaporation ponds. Many organizations also provide several geomembrane solutions for the mining industry. This department uses about 40% of the global geomembrane products. These factors will promote the growth of the geosynthetics market in the next few years. However, geogrids are often damaged when exposed to ultraviolet rays and low temperatures. This may hinder market growth.
In terms of products, the market is divided into geocomposites, geotextiles, geosynthetic clay linings (GCL), geonets, geogrids, geofoams, geomembranes and geocells. Among them, the geosynthetics market accounted for 30.47% of the geosynthetics market share in 2018. This increase is attributed to the increasing use of geotextiles in construction applications (such as drainage structures, landfills, ports, roads and railways) to improve soil stability. In addition, governments of all countries are investing huge sums of money, which in turn will promote growth in this area.
In addition, they are developing an awareness program about the functional advantages of these products, which is different from conventional materials. Some of these benefits include excellent load carrying capacity, high tensile strength, permeability and flexibility. Therefore, it guarantees the penetration of such products in agriculture, road maintenance, drainage, road construction and soil erosion. They are mainly composed of polypropylene, polyethylene or polyvinyl chloride (PVC). These further help prevent erosion by stabilizing the soil.
Geographically, the market is divided into Latin America, North America, Middle East and Africa, Asia Pacific and Europe. Among them, North America has $10.27 billion in geosynthetic material market revenue in 2018 and will continue to maintain its dominant position. The main reason for the growth is the strong demand for metals such as gold, bauxite, zinc, silver and copper. It is strengthening the mining industry in the United States. In addition, the growing demand for various metals in the construction, automotive, and electronics industries has attracted the attention of many companies. Therefore, they began to expand their mineral exploration projects. What follows is that ongoing infrastructure projects and rapid industrialization will drive market growth in the region in the coming years.
On the other hand, Europe is likely to remain in the second position after North America. The growing demand for buildings in the residential sector has stimulated this growth. A large number of publicity campaigns on building environmentally friendly infrastructure will also contribute to market growth in the region. Finally, due to the increase in the disposable income of the people and the increase in the number of infrastructure development and renovation, the Asia-Pacific region is expected to achieve substantial growth.
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Post time: Jan-22-2021