According tp Fortune Business Insights, the global geocomposites market size was valued at USD 447.1 million in 2023 and is projected to grow from USD 476.0 million in 2024 to USD 768.6 million by 2032, exhibiting a CAGR of 6.2% during the forecast period. North America dominated the geocomposites market with a market share of 36.48% in 2023. Rising construction activities and increasing awareness of the material’s benefits are expected to fuel the market development. Fortune Business Insights™ presents this information in its report titled “Geocomposites Market, 2024-2032.”
Geocomposites are used for filtration, reinforcement, separation, and drainage of roads. It increases the durability and strength of soil in roadways, thereby increasing its adoption. Rising construction projects and rapid development fuel the adoption of the product. The construction of railways, highways, roads, and others is likely to increase sales. Further, rising awareness regarding geocomposites' benefits is expected to boost its adoption in several construction projects. In addition, rising focus on infrastructure development by governments worldwide may propel market growth.
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List of Key Players Profiled in the Report
CLIMAX SYNTHETICS PVT. LTD. (Gujrat, India)
TenCate Geosynthetics Americas (Georgia, the U.S.)
Leggett & Platt, Incorporated (North Carolina, the U.S.)
GSE Environmental (Texas, the U.S.)
Thrace Group (Alimos, Greece)
ABG Ltd. (Meltham, U.K.)
HUESKER (Gescher, Germany)
Officine Maccaferri Spa (Bologna, Italy)
Terram (Maldon, U.K.)
Ocean Global (New Delhi, India)
SKAPS Industries (Georgia, the U.S.)
Segments
By product, the market is segmented into geotextile - geogrid composites, geomembrane - geogrid composites, geotextile – geomembrane composites, geotextile - geonet composites, and others. As per function, it is categorized into reinforcement, drainage, separation, and others. Based on application, it is classified into soil reinforcement, landfill & mining, road & highway, water & wastewater management, and others. Regionally, it is grouped into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
Drivers and Restraints
Development in the Construction Sector to Propel Market Progress
Rapid developments in the construction industry and the rising demand for effective materials are expected to boost the product's demand drastically. Governments invest heavily in infrastructure developments to develop cities and provide excellent facilities to citizens, which, in turn, may boost the product demand. Furthermore, the emergence of railroads, highways, constructions, and other projects is likely to bolster the material’s adoption. Moreover, rising investments in redevelopment projects are likely to drive market development. In addition, the rapid adoption of the material in residential building developments is expected to drive the geocomposites market growth.
However, fluctuations in raw material prices are expected to hinder the market's progress.
Regional Insights
Rising Investments in Construction Sector to Bolster Market Development in North America
North America is expected to dominate the geocomposites market share due to government and private sector investments in the construction sector. The market in North America stood at USD 138.7 million in 2020 and is expected to gain a majority of the market share in the coming years. Furthermore, the rapid development of residential buildings, roads, transportation, highways, roads, bridges, and other modern infrastructure is expected to bolster the product demand. These factors may propel the market development.
In Asia Pacific, rising demand for the product from the infrastructure and construction industries is expected to foster market development. Furthermore, rising investments in infrastructure development from China, India, and other Southeast Asian countries are expected to foster the product demand. These factors may propel industry development.
Competitive Landscape
Major Players Focus on Acquisition Strategies to Bolster Market Position
The prominent companies operating in the market deploy acquisition strategies to boost their production capacity and improve their market position. For example, Solomax completed the acquisition of TenCate Geosynthetics in June 2021 to improve its resources, geographic presence, and operational capacity, enabling them to boost its market position globally. Furthermore, companies deploy novel product launches to gather consumer attention and boost sales. This strategy may enable the companies to boost their annual revenues. In addition, the adoption of research and development may enable companies to develop better products and improve their brand image.
Information Source: https://www.fortunebusinessinsights.com/geocomposites-market-105292
Industry Development
January 2023- Genap signed an exclusive partnership with Watershed Geo, a key geosynthetics manufacturer, for the distribution and installation of ClosureTurf, a synthetic end capping system for landfills.
February 2022 – Freudenberg Performance Materials, a Germany-based geosynthetics manufacturer, introduced EnkaGrid MAX C, a new geogrid geocomposite. The geocomposite consists of nonwoven geotextiles that are reinforced using geogrids and can provide functions such as separation and filtration in soil media.