Published Date : Mar 21, 2016
Geosynthetics are polymeric products that are made by man and are used to stabilize terrain by enhancing their properties and used in geotechnical activities such as construction, sedimentary control or soil erosion. They are widely used to solve civil engineering problems due to their various beneficial characteristics such as flexibility, high tensile strength, durability, low weight, resistance to corrosion, and less usage of airspace.
According to a report published by Transparency Market Research, the global geosynthetics market, which was valued at US$9.57 bn in 2014, is anticipated to reach US$20.8 bn by 2023, expanding at a CAGR of 9.1% between 2015 and 2023.
Growing Environmental Concerns Boosts the Geosynthetics Market
Geosynthetics are readily available and offer several benefits such as permeability and reduced thickness, thus boosting the market. Increasing investments in infrastructure is one of the key driving factors of the global geosynthetics market. Moreover, the growing environmental concerns regarding soil erosion has also boosted the market. Increasing usage of geosynthetics for green roof construction or green wall construction is expected to act as an opportunity for the geosynthetics market in the future.
However, low cost alternatives such as jute fiber and rocks expected to challenge the geosynthetics marker in the forthcoming years.
Geotextiles Segment Held the Largest Share in Geosynthetics Market
Due to increasing usage in construction activities, the geotextiles segment held the largest market share in 2014, accounting for more than one-third of the total market share in terms of volume. Asia Pacific was the largest and the fastest growing market in 2014.