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Geosynthetics Market Expansion to be Persistent by 2021
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The market for geosynthetics was mainly driven by huge projects undertaken by several national governments in order to enhance civic amenities. The usage of geosynthetics has increased immensely in transportation sector and is likely to grow in near future. Geosynthetics provide stability and strength to the underlying soil in railway and roadway tracks. The demand for geosynthetics is likely to grow for industrial waste, hazardous waste and safe dumping of regular waste. Geosynthetics are used in various applications such as mining, erosion control and waste management among others. The major opportunity for geosynthetics is from developed and emerging countries where huge infrastructure and environmental projects are undertaken. However, volatile raw material prices may hamper the growth of the market as most of these materials are downstream products of petrochemicals.
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In terms of demand, Asia Pacific was the leading region for geosynthetics. The demand is huge owing to large investments in the projects associated with civil transportation and waste management. China holds the largest market share for geosynthetics in Asia Pacific region. Countries such as India, South Korea and Malaysia are expected to gain market due to large infrastructure projects. North America had the second-largest market share in global geosynthetics market. European countries had lower share in the market as compared to Asia Pacific and North America however; the scenario is expected to change due to growing number of waste management projects.
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Some of the key players in the geosynthetics market are Propex Global, GSE Environmental, Low & Bonar PLC, FiberWeb PLC and Agru America among others.
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