Large scale growing infrastructure, roads and highways construction and the property of durability are the key factors contributing to the high CAGR of the geocomposite market. Furthermore, technological progressions, collaborations and product launches are fueling the growth of geocomposite market
Market Size – USD 385.8 million in 2018, Market Growth – CAGR of 11.9%, Market Trends – Product Launches and Research for Advanced Tech Developments
NEW YORK, June 06, 2019 (GLOBE NEWSWIRE) -- Based on current analysis, the global geocomposite market was valued at USD 385.8 million in 2018 and is expected to reach USD 956.0 million by 2026, at a CAGR 11.9% Geocomposites are planar sheets made of composite materials that contain at least one layer of geosynthetic products involving geotextile, geogrid, geonet, geomembrane, etc. They are mainly used as liners in drainage facilities, for erosion control, road constructions and in several other applications. Geocomposite materials are the combinations of different materials in such a way that different applications are addressed in an optimal manner and at a minimum cost. Geocomposites maximize the benefit/cost ratio. The geotextiles provide increased resistance to puncture, tear propagation, and friction related to sliding, as well as providing tensile strength in and of themselves. Quite often, however, the geotextiles are of the nonwoven, needle-punched variety and are of relatively heavy weight. Several large-scale construction undertakings are expected to take place over the coming years, which may suggestively enhance the demand for recomposites materials during the forecast period.
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Growing demand for water inhibitions and canaling projects is also one of the driving factors for the growth of the geocomposites material market in various regions. On the other hand, fluctuation of raw material prices is may hamper the overall progress of the geocomposite market. Due to solid infrastructure, North America is successful in dominating the geocomposite market with market share of 43.5% and will continue to do so during the forecasted period.
Further key findings from the report suggest
- GSE Environment’s team of engineers collaborated with resin producers to develop innovative HDPE resin formulations for use in high temperature applications. When used in conjunction with GSE’s proprietary high temperature stabilization formula, the result is a liner that delivers the same durability and chemical resistance as any GSE geomembrane and will retain these properties when exposed to sustained temperatures up to 100°C
- The geotextile-geocore product type accounted for a major market share of 48% in 2018, due to its large-scale application in road & highway applications
- Water and wastewater application are the fastest growing application with a growing CAGR of 12.5 %
- The polyester woven geotextile reinforced open graded asphalt concrete overlay shows the largest fabric effectiveness factor of 4.349 units and the largest base isolation effectiveness factor of 7.871units in opening mode of displacement. Hence it is the best choice in purely opening mode of displacement
- Growing competition among the local and global producers is primarily leading towards expansion of advanced products to expand the dominance in the market. Substantial investments in the research and development sector for the production of efficient and innovative products is an ongoing trend in the geocomposites market
- Large-scale operations, namely, One Belt and One Road, Maritime Silk Road, and Silk Road Economic Belt projects in China are anticipated to uplift the demand for geocomposites in the region over the coming years
- Geotextiles exhibit a relatively wide range of volumetric flow rate per unit area across the plane of the fabric, with discharge capacity again being largely determined by attributes of the polymer strand and the manufacturing process
- Asia-Pacific regional segment of the geocomposite market is expected to register itself as highest growing segment during the forecasted period, at a CAGR of 13.0%; owing it to the qualitative as well as quantitative market potential offered in developing nations such as China & India
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Segments covered in the report:
This report about global geocomposite market forecasts revenue growth at a global, regional and country level also, provides an analysis on the industry trends in each of the sub segments from 2016 to 2026. For the purpose of this study, the market is segmented on the basis of type, applications, functions and regions:
Type (Revenue in USD Million; 2016–2026)
- Geotextile–geonet
- Geotextile-geocore
- Geotextile-geogrid
- Geotextile-geomembrane
- Others
Applications (Revenue in USD Million; 2016–2026)
- Water & wastewater management
- Road & highway
- Landfill & mining
- Soil reinforcement for civil construction
- Others
Function (Revenue in USD Million; 2016–2026)
- Drainage
- Containment
- Others
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Regional Outlook (Revenue in USD Million; 2016–2026)
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of the Europe
- Asia Pacific
- China
- India
- Japan
- Rest of Asia-Pacific
- Middle East & Africa
- Latin America
- Brazil
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