South Asia Geosynthetics Market was valued at US$ 1,404.8 Mn in 2022 and is estimated to reach US$ 3,775.5 Mn by 2030, exhibiting a CAGR of 13.1% during the forecast period (2023-2030). According to South Asia Geosynthetics Market Report, By Product Type (Product Type (Geotextile, Geomembrane, Geogrid, Goenet, Geocomposite, Geosynthetic Clay Liner, Others (Geofoam and Geocell)), By Material Type (Polyethylene (HDPE/LLDPE, Others), Polypropylene (PP), Polyester, Natural fibers, Others (PVC, Synthetic Rubber, etc.)), By Primary Function (Separation, Drainage and Filtration, Reinforcement, Containment), By Application (Road (Paved & Unpaved), Railways, Retaining Walls, Dams, Riverbanks, Waterworks, Landfill & Erosion Control, Others (Agriculture, Nursery, etc.)), By Geography (North America, Latin America, Europe, Asia pacific, Middle East & Africa) as highlighted in a new report published by Coherent Market Insights.
Geosynthetics are engineered materials that are used across construction projects. They are polymeric products that make them suitable for underground projects that require high levels of durability and they can also be used across the exposed application.
Drivers
Growing demand for geosynthetics from the mining industry
Growing demand for geosynthetics from the mining industry for various applications is primarily fueling the market growth of geosynthetics. Heap leaching, leak detection, grade separation, waste management, tailing facilities, water resource management, and other structural as well as non-structural applications. Moreover, the growth of geosynthetics can also be attributed to growing mining capacity and associated with production. Hence, the growing mining industry around the globe is projected to propel the market growth of geosynthetics.
Market Opportunities
Increasing application of geosynthetics in agriculture applications
Increasing application of geosynthetics in agriculture applications such as irrigation is expected to augment the market growth of geosynthetic over the forecast period. These products protect the agriculture farm ponds and water harvesting catchments. Moreover, they are also used to protect soils, groundwater, and surface waters from being get polluted by animal waste. Therefore, the rising usage of geosynthetic in agriculture applications is expected to augment the market growth.
Market Restraints
High cost of geosynthetics is hampering the market growth
The high cost of construction based on geosynthetic materials is projected to hinder the market growth of geosynthetics. The use of geosynthetics products increases the overall cost of construction which is expected to restrict the market growth of geosynthetics. Moreover, the use of geosynthetics products requires expensive geosynthetics materials which are further expected to hamper the market growth of geosynthetics over the forecast timeframe.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/south-asia-geosynthetics-market-3669
Key Takeaways
- On the basis of material type, in 2022, polypropylene (PP) accounted for the largest market share of 51% in terms of value, followed by polyester and polyethylene (HDPE/LDPE/Others), respectively.
- Some of the major applications of geosynthetics are roads, railroads, reservoirs, embankments, airfields, retaining structures, dams, canals, erosion control, sediment control, landfill covers, aquaculture, mining, and agriculture.
- Pre-fabricated vertical drains, geonets, geogrids, geomembranes, geosynthetic clay liners, geotextiles, geocells, and geocomposites. All these products help to reinforce the structure, provide filtration behind hydraulic structures, prevent erosion, and protect soil & basal.
Market Trends
Growing trend of using natural geotextile
Many manufacturers are introducing innovative geosynthetic products to cater to rising demand in South Asia is expected to propel the market growth over the forecast period. The growing trend of using natural geotextile due to the rising need to reduce carbon footprint is expected to accelerate the market growth. For instance, jute is an excellent natural geotextile that provides high moisture-absorbing capacity, and effective drainage properties and does not promote greenhouse emissions like synthetic geotextiles. This factor is expected to fuel the market growth of geosynthetic over the forecast period.
Competitive Section
Key players operating in the South Asia Geosynthetics market include Koninklijke TenCate NV., GSE Environmental Inc., HUESKER Synthetic GmbH, Geofabrics Australasia Pty. Ltd., Tensar International Corporation, Poly fabrics Australasia Pty Ltd., NAUE Gmbh & Co. KG., Global Synthetics Pty Ltd., and Enviro Geosynthetics Pvt. Ltd.
South Asia Geosynthetics Market- Impact of Coronavirus (Covid-19) Pandemic
The COVID-19 outbreak has severely harmed the entire supply chain and had a significant negative impact on the industries. The emergence of the COVID-19 pandemic disrupted the global economy and had numerous consequences on its various sectors such as the electrical and electronics industry, transportation industry, medical industry, industrial, defense and security, chemical, residential, commercial, etc. During the first and second waves of the pandemic, the South Asia geosynthetics market was also affected. Throughout the pandemic, operations have been difficult to maintain due to labor shortages and practical difficulties caused by social distancing and other precautionary measures. Furthermore, the lack of raw materials and interruption in the supply chain are major factors that hamper the market growth.
