Geosynthetics are largely used in waste management, and infrastructure development applications such as railroads, roadways, soil reinforcement and stabilization, heap leach pads, landfills, and containment sites. The basic functions of geosynthetic materials are separation, reinforcement, filtration, drainage, and barrier. The increasing spending on infrastructural development and demand for waste management is expected to offer opportunities for manufacturers during the forecast period.
COVID-19 pandemic has significantly disrupted the global construction sector in 2020, with projects being halted due to lockdown restrictions owing to the non-availability of workforces, supply chain disruptions, country-wide lockdowns, and temporary closures of infrastructure projects, and limited availability of raw materials. Companies have witnessed lower demand for new office spaces, shops, and others which resulted in a decline in revenue. However, due to the easing of the norms by the government with preventive measures such as social distancing and relief funds, the end-use industries are recovering. Moreover, the construction sector was exempted from the lockdown restrictions in a few countries such as Australia as it falls under essential services. In Indonesia, preventive lockdown measures hampered supply chains, and delays in infrastructure projects are major reasons for the decline in the construction industry in the country. The US construction industry was affected majorly due to the limited availability of raw materials as the imports from various other countries such as China were restricted due to the pandemic. However, stimulus package by various government globally has helped the countries to support the declining economy, which is also expected to support the construction industry and lead to economic recovery post the COVID-19 crisis by boosting infrastructural growth.
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The global geosynthetics market is projected to reach USD 13.2 billion by 2026 from USD 9.9 billion in 2021, at a CAGR of 6.0% between 2021 and 2026 The rising demand for geosynthetics is majorly due to Increasing investments in infrastructural developments, and rising concerns over waste and water management globally. Market growth is largely driven by the increasing population and urbanization, coupled with increasing industrial activities in the APAC and South America which is expected to offer opportunities for manufacturers during the forecast period. Developments in the field of material technology, and growing demand for sustainable products are presenting opportunities for the geosynthetics market.
Geosynthetics market is dominated by APAC in 2020. The region is growing at a faster rate which accounts for the high growth of the geosynthetics market. The emerging market of India, China, and other countries of the APAC are growing and boosting the regional market growth. Rapidly increasing population, urbanization, and industrialization are expected to drive the geosynthetics market in APAC. Rising investment In the development of public infrastructure and growing demand for solid waste management system are the major factors driving the geosynthetics demand in the region.
Key players in the geosynthetics market are SOLMAX (Canada), NAUE GmbH & Co. KG (Germany), Officine Maccaferri Spa ( Italy), Berry Global Inc ( US), and Agru America, Inc ( US) are the major players in the market.
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