According to Global Market Insights, Inc., “Geosynthetics Market size was over USD 7 billion in 2016 and industry expects consumption above 11 billion square meters by 2024.” The profitability quotient of geosynthetics market is forecast to escalate tremendously over the ensuing years, primarily augmented by the transformative construction industry. In response to the material being typecast as one of the well-established construction materials for environmental and geotechnical applications, geosynthetics industry, in the year 2016, pegged a valuation of USD 7 billion.
Geosynthetics market growth potential from geotextiles
Geotextiles, an integral product vertical of geosynthetics market, have been experiencing a preferential position in today’s construction projects such as upkeep of roads, dams, harbors, airfields, and canals. This is due to the fact that non-woven geotextiles provide viable solutions to projects where conventional granular construction materials are not readily available.
While civil workers were initially reluctant of deploying these new filter materials, the notable difference it has brought in designing the base and stabilizing the terrain, has led to an increased geotextile consumption in repair activities. Aided by the benefits of its inherent superior properties like permeability, retention, porosity, retention, and tensile strength, experts claim that geotextile market from pavement repair applications is expected to exceed USD 480 million in 2024.
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A precise archive of the application diversification of geotextiles in massive constructional projects:
- A recent precedent aptly depicting penetration of geotextiles in critical construction projects is Canada’s permanent road to Arctic coast. Reportedly, the 120km highly construction involved integrating of geotextile fabric between the road and the ground by employing a fill technique that ensures projection of the permafrost. Experts claim this to be one of the flagship projects that the regional geosynthetics marketplace has lately witnessed, given the fact it is Canada’s first ever road linking the country’s Artic coast with the towns of Inuvik, which until now were only accessible by airplane.
- Citing another noteworthy instance in geosynthetics industry- recently the national airport in Minsk has made to the headlines with the announcement of its plan of renovating the primary runway. Amidst the various initiatives implemented by the regional government under this runway reinforcement project, it is reported that the new runway would comprise of a base layer that is reinforced with Multitex PET from Machina. Allegedly, these geotextile-geogrid materials manufactured by Machina not only deliver excellent runway reinforcement but also ensure proper drainage support and soil separation.
A glimpse into the competitive landscape of geosynthetics market
The commercial production of geosynthetics involves raw materials like PVC, polyethylene, polypropylene, EPDM, and Polyester. Thus, it is quite conspicuous that any fluctuations in the price trend of these intermediates would have a direct impact on the revenue graph of geosynthetics industry, on account of their extensive demand from other burgeoning domains.
Companies partaking in geosynthetics market, in a bid to respond to this challenge, are increasingly focusing on production capacity enhancement and strategic collaborations to expand their business beyond regions. For instance, toward the end of last year, Groupe Solmax, the Canadian based geosynthetics market giant, acquired Quebec headquartered GSE Environmental from a private equity firm named Littlejohn & Co. and funds owned by investment manager, Strategic Value Partners.