Study Shows Geosynthetics Market Size to Reach $27.08 Billion by 2022

The global geosynthetics market is expected to reach $27.08 billion by 2022, according to a new study by Grand View Research Inc. Construction industry growth in India, China and Middle East, on account of rising expenditure on infrastructure development is expected to be a crucial driving factor for geosynthetics market growth.

Increasing application of geotechnical products for controlling seepage problems in building and irrigation projects is expected to have a favorable impact. Growing shale gas production in U.S. and Canada on account of increasing expenditure on hydraulic fracturing at domestic level may drive industry growth in the near future.

Geotextiles market were the largest product segment with demand estimated over 4,300 million sq meters in 2014. They find application in erosion control and soil reinforcement on account of properties such as flexibility, permeability and enhanced thickness.

Further key findings from the report suggest:

Global geosynthetic market size was 6,124 million sq meters in 2014 and is expected to reach above 9,000 million sq meters by 2022, growing at a CAGR of 5.1% from 2015 to 2022.
Roads & pavements accounted for more than 30% of global volume in 2014. Geogrids and geotextiles are incorporated for soil reinforcement and facilitating filtration during road construction.
Containment and wastewater application is expected to witness the fastest growth in terms of volume, at a CAGR of 5.7% from 2015 to 2022. Rising importance of wastewater treatment in mining and upstream oil and gas sectors is expected to increase geotechnical product use in the near future.
Asia Pacific geosynthetic market was valued at more than $6,100 million in 2014. The government of India announced the Make in India Campaign in September 2014, which is aimed at increasing manufacturing output through foreign direct investment at domestic level. This supportive plan is expected to increase expenditure in construction industry and thus likely to have a positive impact on the market.
Key geosynthetic manufacturers include Agru America Inc, TenCate, NAUE, Low & Bonar PLC, GSE, Asahi-Kasei and Officine Maccaferri. In February 2015, Propex launched erosion control solution under the brand name, Propex TeetoGreen technology, intended for the golf course industry. This technology is designed for providing solution to challenges pertaining to soil erosion faced by club managers, golf course owners, builders and superintendents.

Source: Grand View Research Inc.