Reinforcement Geosynthetics Market REPORT OVERVIEW
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The global reinforcement geosynthetics market size was USD 208 million in 2022 and market is projected to touch USD 395.4 million by 2031, at a compound annual growth rate (CAGR) of 7.4% during the forecast period.
Geosynthetics are primarily used in wide-ranging reinforcement applications for several infrastructures and site development projects. Reinforcement geosynthetics have a huge market demand in various developing regions as they undertake construction and development projects. The main application sectors in the reinforcing geosynthetics industry are the redevelopment of slopes and walls, embankment of soft soils, roads and railways, and construction. One of the most critical applications is erosion control activity by construction companies and governments in developing countries.
Reinforcement geosynthetics are used for subgrade separation, filtration, stabilization, drainage, and overlay stress absorption. The separation of different layers and coarse granules is often needed during construction. In constructing rail tracks, roads, and shallow foundations, geosynthetic materials are placed at the interface of soil and the overlying granular layer, which is essential for proper stress distribution among the layers. The reinforcement and geosynthetics materials are the additional structural and load-carrying capacity to pavement systems for transferring load to the materials.
"COVID-19 Impact: Shutdown of Construction Activities Impeded Market Requirement"
During the pandemic, the global shutdown of construction and development activities severely impeded the market growth and demand for the geosynthetics industry. The ban on industrial activities, non-availability of human labor, lockdowns, lack of funds, and rising inflation were the significant factors that restrained the market demand for the industry, leading to massive losses for investors and leading global players. However, the market will witness a demand surge in activities, leading to post-pandemic profits for the geosynthetics industry.
LATEST TRENDS
"Development Activities in Developing Regions to Boost Market Growth"
The rising road development activities in emerging economies have boosted the demand for the reinforcement and geosynthetics industry. Road and railway constructions have spurred the requirement for several geotextiles, thus stirring the expansion of the geosynthetics market. The structure of highways and road works has prompted using these materials in urban areas. Moreover, the rising demand for high-strength fabrics has strengthened the prospects of the reinforcement industry along with the massive pace of urbanization worldwide.
Reinforcement Geosynthetics Market SEGMENTATION
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- By Type
The market is categorized based on types into geogrids, geocells, high-strength woven fabrics, and others.
- By Application
The market is subcategorized based on other applications into slopes & walls, embankments over soft soils, roads and railways, and others.
DRIVING FACTORS
"Infrastructure Projects Worldwide to Spur Market Growth and Demand"
Over the years, the reinforcement geosynthetics market growth has been supported by initiatives such as infrastructure projects comprising high-speed train projects, due to which the rail sector will register exponential growth during the forecast period. The construction of thousands of acres of land and its exposure to soil erosion, through wind and water, due to natural processes has been shaping agricultural landscapes worldwide, thereby increasing demand for geosynthetics.
"Increasing Investment in Waste Management Systems to Drive Growth"
The increasing investments in waste management systems by emerging economies worldwide will lead to the industrial growth of the product, leading to profits and revenues for investors and stakeholders. Growing urbanization owing to the rising population has necessitated the development of waste management in developing countries, thereby increasing the demand for reinforcements and geosynthetics as they are used as landfill caps to prevent the transfer of fluids into landfills.
RESTRAINING FACTORS
"Fluctuating Raw Material Prices to Hamper Market Growth"
The fluctuating raw material prices due to ongoing tensions in the European region will restrain the growth of reinforcement geosynthetics due to inflation and decreased disposable incomes. The rise of inflation is due to the non-availability of resources and human labor, leading to losses for investors and leading global players worldwide. Thus, manufacturers must consider these factors before investing in the industry during the forecast period.
Reinforcement Geosynthetics Market REGIONAL INSIGHTS
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"Asia Pacific to Lead Market Share Owing to Rise of Development Activities"
The Asia Pacific market will lead the reinforcement geosynthetics market share as the activities of reconstruction and development catch pace in the area. The demand for urbanization post-pandemic is spurring the market growth and share of the region, which will bring revenues and profits for major stakeholders in the industry. As the world experiences inflation, investors will divert their funds to the Asian markets owing to the affordability of resources and labor. Thus, countries such as Japan and India will lead a significant market share with their developmental activity demands.
KEY INDUSTRIAL PLAYERS
"Developing Countries to Lead Major Industrial Stakes"
The report has analyzed various global market players in the industry, and the information has been published after analysis of trends, key technological developments, and innovations. The report also includes research on companies, technical outcomes, and emerging industries' impact and risks. After a comprehensive analysis, the study considers all the points, thus generating future possibilities for the reinforcement geosynthetics enterprise. Therefore, the factors specified in the report are subject to change as the market dynamics fluctuate. The Asia Pacific region will lead the industrial and supply chain production owing to innovations and product launches.
List of Market Players Profiled
- TenCate (Netherlands)
- Low & Bonar PLC (Britain)
- GSE (France)
- Propex (U.S.)
- Asahi Kasei Advance (Japan)
- Maccaferri (India)
- Hanes GEO Components (U.S.)
- Tensar Corporation (U.S.)
- Tenax (India)
- Huesker (Germany)
- ACE Geosynthetics (Taiwan)
- NAUE (Belgium)
- Feicheng Lianyi (China)
- Taian Modern Plastic (China)
- Shandong Hongxiang New Geo-Material (China)
- Taian Road Engineering Materials (China)
INDUSTRY DEVELOPMENT
"October 2022:" TenCate, the leading geosynthetics organization, and Saxion University of Applied Sciences have announced their commitment to seek innovations in fabric sustainability, comfort, and performance. This partnership is essential in unlocking new protective breakthroughs for the geosynthetics industry, leading to increased market shares and profits and recognizing the advantages of their combined resources and industry experience.
REPORT COVERAGE
The report has examined elements that will affect the demand & supply and estimate forces for the forecast period. After thoroughly evaluating the industrial factors, the report provides an extensive, comprehensive SWOT analysis and estimates all the factors mentioned, taken into consideration after thorough research. The report also includes information on segmentation, market trends and the latest worldwide developments, key industry mergers and acquisitions, and an analysis of the risks of the reinforcement geosynthetics industry. The report has listed the worldwide leading manufacturers and the regions that will experience growth during the period.
REPORT COVERAGE | DETAILS |
---|---|
Market Size Value In |
US$ 208 Million in 2022 |
Market Size Value By |
US$ 395.4 Million by 2031 |
Growth Rate |
CAGR of 7.4% from 2022 to 2031 |
Forecast Period |
2024-2031 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type and Application |
Frequently Asked Questions
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What value is the reinforcement geosynthetics market expected to touch by 2031?
The global reinforcement geosynthetics market is expected to touch USD 395.4 million by 2031.
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What CAGR will the reinforcement geosynthetics market exhibit by 2031?
The reinforcement geosynthetics market will exhibit a CAGR of 7.4% by 2031.
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What are the reinforcement geosynthetics markets driving factors?
The reinforcement geosynthetics markets major driving factors are rising development activities in developing regions, increasing investments in waste management systems, and the growth of infrastructure projects worldwide by governments.
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What are the leading companies operating in the geosynthetics market?
TenCate, Low & Bonar PLC, Maccaferri, Hanes GEO Components, Shandong Hongxiang New Geo-Material, GSE, Propex, Tensar Corporation, Tenax, Huesker, ACE Geosynthetics, NAUE, Feicheng Lianyi, Taian Modern Plastic, asahi Kasei Advance, and Taian Road Engineering Materials are the leading players in the reinforcement geosynthetics market.