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| Global Geosynthetics Market Size |
Geosynthetics include geotextiles, geogrids, geonets, and geomembranes that are
used in various applications related to civil engineering, construction, soil
erosion control, water containment, and waste management. Geosynthetics offer
advantages such as cost-effectiveness, durability, and higher tensile strength
compared to conventional materials. The need for geosynthetics has increased
significantly with growing infrastructure development activities around the
world.
The global geosynthetics market is estimated to be valued at US$ 14.63 billion in 2023 and is
expected to exhibit a CAGR of 9.8% over
the forecast period 2023 to 2030, as highlighted in a new report published by
Coherent Market Insights.
Market Opportunity
Geosynthetics finds extensive usage in infrastructure projects such as roads,
dams, canals, and landfill due to its ability to stabilize soil and subgrade,
separate layers, and prevent erosion. The global infrastructure industry is
anticipated to witness substantial growth over the coming years supported by
ongoing infrastructure development programs in emerging economies. According to
United Nations projections, over US$ 90 trillion will be invested globally in
infrastructure by 2040. This rising infrastructure investment is expected to
boost the demand for geosynthetics in construction projects, thereby driving
market growth over the forecast period.
Porter's Analysis
Threat of new entrants: The global geosynthetics market has moderate threat of
new entrants due to the high capital investment required in machinery and
R&D. Bargaining power of buyers: The bargaining power of buyers is moderate
as geosynthetics products are not significantly differentiated and switching
costs are low. Bargaining power of suppliers: The bargaining power of suppliers
is moderate due to the availability of substitute raw materials. Threat of new
substitutes: The threat of substitutes is low as geosynthetics offer unique
benefits over conventional materials used for similar applications. Competitive
rivalry: The competitive rivalry in the global market is high due to the
presence of numerous international and regional players.
SWOT Analysis
Strengths: Geosynthetics offer high tensile strength, stability, and
impermeable properties. They find wide applications in construction, erosion
control, and liquid containment. Weaknesses: Initial costs associated with
geosynthetics are high compared to conventional materials. Opportunities:
Growing infrastructure projects and landfill activities across developing
nations provide significant growth opportunities. Threats: Volatility in raw material
prices poses a major threat. Environmental regulations on plastic usage act as
a challenge.
Key Takeaways
Global
Geosynthetics Market Size is expected to witness high growth over the
forecast period on account of robust investments in infrastructure development
worldwide. The Asia Pacific region currently dominates the market and is
projected to grow at the fastest pace during the analysis period. Countries
such as China, India, Indonesia, and Vietnam are major contributors to market
expansion in the region.
Regional analysis
The Asia
Pacific region holds the largest share in the global geosynthetics market due
to ongoing infrastructure development projects in the region. China, India,
Japan, Indonesia, and other Southeast Asian countries are at the forefront of
major development initiatives such as roads, ports, airports, railways, and
water management systems. This, in turn, is generating high demand for
geosynthetics.
Key players
Key players
operating in the geosynthetics market are Toray Industries, Inc., Avery
Dennison Corporation, Nan Ya Plastics Corporation, Jindal Poly Films Ltd (B.C.
Jindal Group), Uflex Limited, SRF Limited, Cosmo Films Limited, API Group Plc,
K LASER Technology Inc., and Polinas Plastik Sanayi ve Ticaret A.S. Toray Industries
and Jindal Poly Films hold a substantial share in the international market.
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