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COVID-19 Impact Affects Geosynthetics Market Globally in 2020

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Prapti Hinge
COVID-19 Impact Affects Geosynthetics Market Globally in 2020

The above information is published by Fortune Business Insights™ in a recent report, titled, “Geosynthetics Market Size, Share and Industry Analysis, By Product (Geotextile Geogrid, Geonets, Geocells, Geofoam, Geosynthetic Clay Liner, Geocomposites), By Application and Regional Forecast 2019-2026.” As per the report, the geosynthetics market size stood at USD 27.16 billion in 2018. It is set to reach USD 45.25 billion by 2026, exhibiting a CAGR of 6.6% during the forecast period.

Competitive Landscape:

HUESKER Unveils ecoLine Geogrids; Groupe Solmax Acquires GSE Environmental

The market consists of numerous big, small, and medium enterprises. They are mainly focusing on enhancing their businesses by delivering their products to various end-use application industries. Below are a couple of the latest industry developments:

July 2019: HUESKER, a provider of high-quality geosynthetics for various applications, based in Germany, introduced its new ecoLine geogrids. They are made from recycled polyethylene terephthalate (PET). The main aim of the company is to offer environmentally friendly solutions that would help in conserving natural resources during production process.

December 2017: Groupe Solmax, a manufacturer of geosynthetics headquartered in Canada, completed its acquisition of GSE Environmental, a marketer and manufacturer of geosynthetic barrier systems based in Houston. As per the company officials, this acquisition would help in transforming Solmax into an industry leader. It would also gain several opportunities to help in remoulding the industry, based on drivers, namely, deep R&D capabilities, superior quality products, efficiency, and operational excellence.

Drivers & Restraints:

Rising Demand from Mining Sector to Propel Growth

Nowadays, geosynthetic materials are utilized for making waste barriers for mining by-products. Mining activities give out plenty of solid wastes, namely, waste rocks and tailings throughout the entire process that consists of waste disposal and containment. In this sector, geomembrane liners are extensively used for lining solutions, such as tailings impoundments, heap leaching, and evaporation ponds. Numerous organizations are also providing several geomembrane solutions to the mining sector. This sector uses around 40% of the geomembrane production worldwide. These factors are set to boost the geosynthetics market growth during the forthcoming years. However, geogrids are often damaged when they are exposed to UV light and low temperatures. It may hinder the market growth.

Regional Analysis:

North America to Dominate Owing to Rapid Industrialization

Geographically, the market is segregated into Latin America, North America, the Middle East and Africa, Asia Pacific, and Europe. Amongst these, North America held USD 10.27 billion geosynthetics market revenue in 2018 and is set to remain in the dominant position. The main reason for growth is the high demand for metals such as gold, bauxite, zinc, silver, and copper. It is enhancing the mining sector in the U.S. Besides, the ever-increasing demand for various metals from construction, automobile, and electronic industries has thereby, attracted the attention of many companies and hence, they have begun expanding their mineral exploration projects. Coupled with this, ongoing infrastructure projects and rapid industrialization would drive the growth of the market in this region in the coming years.

Europe, on the other hand, is likely to remain in the second position after North America. This growth is stoked by the rising demand for buildings from the residential sector. High number of awareness campaigns about constructing environment-friendly infrastructure would also aid in the market growth in this region. Lastly, Asia Pacific is anticipated to experience substantial growth because of the increasing disposable income of the masses, as well as rising number of infrastructure development and renovation.

Source: https://www.fortunebusinessinsights.com/geosynthetics-market-102545

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