Yahoo Finance Geosynthetics Market s projected to increase US$ 26 Bn by the end of 2032 - Persistence Market Research
Market Study on Geosynthetics: Manufacturers Can Look to Asia Pacific for Higher Sales Volumes
New York, Sept. 29, 2022 (GLOBE NEWSWIRE) -- The global geosynthetics market is bound to reach US$ 26 Bn by the year 2032 at a CAGR of 6.5% between 2022 and 2032. As of now, it stands at US$ 13.9 Bn.
Construction activities are growing at an alarming rate across the globe. This has, in turn, resulted in increasing applications in landfills, erosion control, filtration, and separation. These factors are bound to take the geosynthetics market by storm in the near future. The materials used herein are made out of various polymers, especially for enhancing, modifying, or improving behavior of several civil engineering works. These materials are being customized for usage in drainage systems, railroads, and construction based on tensile strength and the ability of developing subsurface drainage. Apart from environmental protection, geosynthetics make way for providing fluid barrier reinforcement.
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Geosystems are known for simplifying sustainable construction by reducing application of natural materials like aggregates and sand. For instance – aggregate layer’s depth in a conventional cross-section for construction of roads could be curtailed, so that mining won’t be needed much.
Deep patch could be referred to as one of the repair procedures widely used on the low-volume roads, especially in the northwestern part of the Asia-Pacific. It mitigates land sliding in a cost-effective manner.
Geosynthetics are also known for preventing accidents as they are well-versed in tolerating differential settlements and big lateral deformations. Geogrid or geotextiles are used for enhancing performance or cutting down on thickness of permanent road.
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At the same time, the fact that geotextiles could be subject to damage during installation can’t be ignored. This damage could bring about permanent changes in hydraulic, mechanical, and physical properties. Geogrids could also get damaged due to excessive exposure to UV light and low temperatures.
Key Takeaways from Geosynthetics Market
Geotextiles hold the largest market share and the scenario is expected to continue even in the forecast period.
North America contributes for maximum share of market revenue due to an increasing demand for metals like silver, copper, bauxite, zinc, and gold resulting in expansion of mining industry in the US.
Geogrids are expected to dominate the geosynthetics market going forward.
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“Growing industrial activities in LATAM and the Asia-Pacific are bound to foster the geosynthetics market in the forecast period” says an analyst from Persistence Market Research
Market Competition
Persistence Market Research has listed down the key developments in geosynthetics market.
Ferguson Enterprises, in July 2019, completed acquisition of Action Plumbing Supply and Innovative Soil Solutions for expanding erosion control capabilities as well as geotextile business all across the US.
SOLMAX, in June 2021, did acquire TenCate Geosynthetics for expanding innovation capabilities and bringing extra business opportunities in transportation, mining, waste management, energy, and civil engineering.
Fibertex, in March 2021, invested US$ 48 Mn for expanding the manufacturing capacity in the US.
NAUE, in May 2019, did expand the geogrid manufacturing capacity with novel production line at Adorf (Germany).
NAUE, in July 2020, tabled its first biodegradable non-woven geotextile product under brand name “Secutex Green”. It is developed from renewable and organic materials pertaining to civil engineering applications.
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What does the Report Cover?
Persistence Market Research offers a unique perspective and actionable insights on the geosynthetics market in its latest study, presenting historical demand assessment of 2016 – 2021 and projections for 2022 – 2032.
The research study is based on the type of product (geotextiles, geomembranes, geogrids, and geonets).
For additional insights on how growth of the geosynthetics market will unfold over the next decade, write to the analyst at media@persistencemarketresearch.com
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