Asia-Pacific, followed by North America, held the highest share in 2020, accounting for more than one-third of the global geosynthetics market.
WILMINGTON, DELAWARE, UNITED STATES, February 23, 2024 /EINPresswire.com/ — As per a report from Allied Market Research, the global geosynthetics market garnered $13.2 billion in 2020 and is expected to reach $37.9 billion by 2030, exhibiting a CAGR of 11.2% from 2021 to 2030. The report includes a comprehensive analysis of the primary drivers and opportunities, key segments, investment opportunities, competitive landscape, and prominent market players. Eswara Prasad, a Manager at Allied Market Research, attributes the market growth to increased demand from the transportation sector, rising demand for geosynthetics from the energy sector, and the cost-efficiency of geosynthetics. However, the market is hindered by the volatility in petrochemical prices. Nevertheless, the surge in demand for sustainable products in emerging economies presents lucrative opportunities for the market.
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The COVID-19 pandemic had a significant impact on the global construction and infrastructure activities, leading to a decline in the demand for geosynthetics materials. The production of geosynthetics was also limited due to a lack of workforce and disrupted supply chains.
The global geosynthetics market is segmented by type, application, and region. The geomembranes segment accounted for nearly two-fifths of the market share in 2020 and is projected to lead by 2030. The geogrids segment is expected to exhibit a CAGR of 12.1% from 2021 to 2030.
In terms of application, the water/wastewater management segment held nearly two-fifths of the market revenue in 2020 and is expected to dominate by 2030. The energy segment is anticipated to manifest the fastest CAGR of 13.0% from 2021 to 2030.
By region, Asia-Pacific, followed by North America, held the highest share in 2020, accounting for more than one-third of the global geosynthetics market. Asia-Pacific is also expected to exhibit the fastest CAGR of 13.3% during the forecast period.
Key players in the global geosynthetics market include Freudenberg Group, Maccaferri S.p.A., Tensar International Corporation, AGRU, Huesker Group, Naue GmbH & Co. KG, Schouw & Co, PRS Geo-Technologies, Solmax, and Tenax Group.
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