Global Geosynthetics Market: Snapshot
The current boom in infrastructure is a key driver for the global geosynthetics market. Railway stations, dams, airports, roads, and bridges are the more common infrastructure end-user areas of geosynthetics. They can make full use of the excellent physical properties that geotextiles, geogrids, and geocomposites have to offer in terms of reinforcement for new construction projects. The scope of utilization for geosynthetics is immense in the modern construction industry, which is showing a high growth rate in key parts of emerging economies.
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Another extremely favorable use for geosynthetics that has grown in popularity over the past years is to promote environmental protection strategies. A wide array of geosynthetics can be used as barriers and reinforcements for natural landscapes to prevent the growing rate of soil erosion in the world. This is expected to become a massive driver for the use of geosynthetics over the years to come.
There are, however, quite a few problems that manufacturers of geosynthetics are facing. The leading factor deterring many players is the volatility of raw material costs. Polyethylene, polypropylene, and polyester, the three main raw materials used to manufacture geosynthetics, are all derivatives of crude oil products. Crude oil is a highly demanded product in the world today, and coupled with its depleting natural reserves, the prices of crude oil are subject to high volatility.
The overall revenue growth of geosynthetics can be summarized in a 9.1% projected CAGR from 2015 to 2023. By the end of 2016, this revenue is expected to reach US$11.30 bn and US$20.80 bn by 2023.
APAC Booming Construction Industry Attracts Global Geosynthetics Makers
Asia Pacific, with its burgeoning set of economies and equipped with a robust growth rate in the construction industry, is set to be the leading consumer of geosynthetics till 2023. By the end of 2023, 40.2% of the total volume of geosynthetics in the world is expected to be taken up by Asia Pacific. Over half of the annual demand for geosynthetics in Asia Pacific comes from China, a rapidly developing economy in the region and already a highly attractive country for geosynthetics manufacturers to enter.
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Other regions with a high growth rate in the demand for geosynthetics include ASEAN and the GCC. These are regions that have been showing a consistently high growth in construction activity and infrastructure development. Similar growth in geosynthetics demand is expected to be witnessed in Japan, Brazil, and most of the MEA, while geosynthetics sakes in North America are Europe are showing a moderate amount of attractiveness for manufacturers.
Geotextiles and Geomembranes to Become Top Geosynthetics Functions
By 2023, 43.1% of the globally produced volume of geosynthetics is expected to be taken up in the geotextiles. Formed by weaving polymer fibers together, geotextiles are porous and very flexible. As a result, the construction industry finds them extremely useful in various areas.
Geomembranes are another function of geosynthetics that are finding their way to all corners of the world and getting a high demand. Geomembranes are usually provided in sheets that are thin and highly resistant to chemicals. They are primarily used to channelize of store fluids. Geomembranes are also finding massive scope of use n landfill protection and other environmental functions.
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