Geosynthetics Market to Reach US$20.8 Billion by 2023, Expanding at a CAGR of 9.1% Between 2015 and 2023: Transparency Market Research

ALBANY, New York, December 7, 2015 /PRNewswire/ --

Transparency Market Research has released a new market report titled "Geosynthetics Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023." According to the report, the global geosynthetics market was valued at US$9.57 Billion in 2014 and is anticipated to reach US$20.8 Billion by 2023, expanding at a CAGR of 9.1% between 2015 and 2023.

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Geosynthetics are man-made polymeric products used to stabilize terrain by enhancing their properties. Geosynthetics can be classified based on their characteristics into several types such as geocomposites, geotextiles, geofoam, geogrids, geonets, geosynthetic clay liners, geomembranes, and geocells. Different functions of geosynthetics are drainage and containment, separation, reinforcement, and filtration. These can be applied in geotechnical activities such as construction, sediment control, and soil erosion. Geosynthetics are synthetic substances that are usually made up of polyethylene, polypropylene, and polyester. They possess striking characteristics such as good flexibility, high tensile strength, permeability, durability, resistance to corrosion, and enhanced thickness owing to their polymeric nature. Other features such as reduced thickness, low weight, less usage of airspace, easy availability, and good durability play an important role in various applications of geosynthetics. Storage, installation, and handling of geosynthetics require skilled workers; hence, companies manufacturing geosynthetics also undertake activities such as site development and construction projects. Growing environmental concerns regarding soil erosion and increasing investments in infrastructure development are anticipated to drive the global geosynthetics market during the forecast period. On other hand, availability of low cost and natural alternatives such as rocks and jute fiber are anticipated to act as restrain in growth of the geosynthetics market in the next eight years. Furthermore, increasing usage of geosynthetics in green wall and green roof construction is expected to act as an opportunity for the market in the near future.

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In terms of volume, geotextiles was the largest product segment of the geosynthetics market in 2014. Geotextiles accounted for more than one-third share of the global geosynthetics market in 2014 due to its increasing usage in construction activities. Asia Pacific was the largest and fastest-growing market for geotextiles in 2014. Geogrids are used for reinforcement purposes. It is expected to be the fastest-growing segment of the geosynthetics market during the forecast period. Geomembranes are mostly used in containment purposes, whereas geonets are applied in drainage purposes.

In terms of volume, containment was the largest segment of the geosynthetics market, accounting for more than 35% share of the global geosynthetics market in 2014. Geomembranes, some geocomposites, and geosynthetic clay liners perform the function of containment by acting as a barrier for gas or liquids in landfill liners. These are also employed in hydraulic applications such as canals, dams, and tunnels. In terms of volume, the others segment, which includes separation function, is expected to be the fastest-growing function segment of the geosynthetics market. Key players operating in the geosynthetics market include Low & Bonar PLC, AVINTIV Inc., Officine Maccaferri S.p.A., NAUE GmbH & Co. KG, Agru America, Inc., Propex Operating Company, LLC, TenCate Geosynthetics, GSE Environmental, Inc., Tenax Corporation, and Tensar International Corporation.