Trends and Future Prospects for the Global Geocomposites Market
RELEASE DATE: Jul 2024 Author: Spherical Insights Request Free Sample
Overview
Combinations of two or more geosynthetic materials are known as geocomposites, and they are used in civil engineering applications to accomplish a variety of geosynthetic tasks. These tasks include drainage, containment, reinforcement, filtration, and separation. The expansion of the global geocomposites market is driven by an increase in construction activities, such as building roads, highways, railways, and other infrastructure, because of its high tensile strength, ease of installation, affordability, and durability.
Combinations of two or more geosynthetic materials are known as geocomposites, and they are used in civil engineering applications to accomplish a variety of geosynthetic tasks. These tasks include drainage, containment, reinforcement, filtration, and separation. The global geocomposites market size is expected to grow from USD 446.23 million in 2023 to USD 811.1 million by 2033, at a CAGR of 6.16% during the forecast period 2023-2033. The expansion of the global geocomposites market is driven by an increase in construction activities, such as building roads, highways, railways, and other infrastructure, because of its high tensile strength, ease of installation, affordability, and durability.
Marketing Excellence: Strategies of Geocomposites Brands
The geocomposites market has a well-established and diverse ecosystem involving various government bodies, raw material suppliers, manufacturers, vendors, and end-users. GSE Environmental and TenCate Geosynthetics, both based in the US, along with Maccaferri S.P.A. in Italy, SKAPS Industries in the US, and ABG Ltd. are all major players in the geosynthetics industry. Some of the leading companies in the geocomposites industry include Hans Geo Components (US), Huesker Synthetics GmbH (Germany), and Thrace Group (Greece), in addition to those based in the UK. For instance, a geocomposites product called SoilTain Protect System was unveiled by HUESKER. It combines a nonwoven cushion layer with a woven filter cloth. Geomembranes are shielded from abrasions and punctures by this technology. Furthermore, GSE RoaDrain is a synthetic drainage layer that GSE Environmental created. It is intended for use on roads with strong hydraulic conductivity and compressive strength.
Government Initiative & Regional Demand
It is expected that the construction sector will have a major impact on assisting different countries globally in revitalizing their economies. One instance is the formation of the Bipartisan Infrastructure Law by the U.S. administration with the aim of generating high-paying employment opportunities. The aim of the government in this initiative is to provide backing for infrastructure projects, such as diverse civil construction projects across the United States, with a projected budget of USD 1.2 trillion. Because of the rapid expansion of the geocomposites industry in terms of both value and volume, North America currently holds a significant portion of the worldwide market. Currently holding a 43% market share, it is the top player in the industry and is expected to remain in that position for the foreseeable future. Increasing demand from developing countries and rising government investment in infrastructure projects are the main factors driving market growth in North America.
Insights and Projections: Global Geocomposites Market Analysis
The report provides a summary of the global top trends and future prospects for the global geocomposites market based on historical data sets (current trends, industry statistics, and emerging trends shaping the geocomposites industry’s future, preliminary estimates from 2020-2021, 2022, and 2023), as well as projections for the global geocomposites trends and future prospects for global regions in 2024 and 2025. According to Spherical Insights LLP, this data-driven research offers users an industry-wide view of emerging technologies and innovative insights to help them make critical business decisions.
Growth Factors and Emerging Trends in the Geocomposites Industry
- Boosting market growth through higher product adoption from the rapidly expanding building and construction industry.
Anticipated market growth is being driven by increased demand from the construction industry in different parts of the world. Geocomposites play a crucial role in a wide range of infrastructure projects such as roads, bridges, airports, and buildings, ensuring stability, reinforcement, drainage, and erosion control. The extreme conditions found in various climate zones cause traditional building materials to be less effective than geocomposites in terms of performance and functionality. Furthermore, geocomposites offer better long-term cost efficiency when compared to traditional construction materials like concrete and asphalt. Geocomposites need less maintenance, have longer lifespans, and can be installed faster than the typically used construction materials, leading to lower construction costs and time. They are also seen as sustainable and eco-friendly choices. This factor makes them a popular choice in construction projects that emphasize environmental sustainability.
- Infrastructure Development
The growing demand for infrastructure development, particularly in developing countries, is a major factor driving the geocomposites market. Geocomposites are essential for the construction and upkeep of bridges and tunnels. They are utilized for slope stability, strengthening foundations, and waterproofing purposes. As older infrastructure needs to be repaired and replaced, there is a growing need for geocomposites to maintain structural strength and durability. The World Bank estimates that by 2040, there will be a significant need for geocomposites in road construction, bridges, and tunnels as global infrastructure spending is expected to hit USD 9 trillion per year. Moreover, the need for housing and transportation infrastructure increases as urbanization and population growth speed up. The United Nations predicts that approximately 68% of the worldwide population will reside in urban areas by 2050. This change in the population emphasizes the need for geocomposite solutions to address the challenges of urban growth and protecting the environment.
Opportunities and Future Prospects in the Geocomposites Industry
There is a worldwide increase in sustainable infrastructure practices, indicating a rising interest in green building and eco-friendly construction materials. There is a growing demand for geocomposites that are created with recycled materials or customized to minimize their environmental effects in order to support sustainability efforts. This change is in line with the global trend towards sustainable infrastructure development, driven by environmental concerns and regulations. Moreover, geocomposite materials are commonly used in road construction and rehabilitation projects for different reasons such as soil stabilization, subgrade reinforcement, and erosion control. These adaptable substances are essential in increasing the longevity of roads, cutting upkeep expenses, and improving safety regulations.
List of Key Companies in the Geocomposites Industry
- CLIMAX SYNTHETICS PVT. LTD.
- TenCate Geosynthetics Americas
- Leggett & Platt, Incorporated
- GSE Environmental
- Thrace Group
- ABG Ltd.
- HUESKER
- Officine Maccaferri Spa
- Terram
- Ocean Global
- SKAPS Industries
- Others
Top 5 Players in the Geocomposites Industry
- Nicolon Corporation
Headquarters: Pendergrass, Georgia, United States
Nicolon Corporation operates under the name Tencate Geosynthetics North America, providing textile and apparel services. The Company offers geosynthetics and industrial fabric items. Tencate Geosynthetics North America provides services to customers located in the United States.
- SKAPS Industries
Headquarters: Athens, Georgia
SKAPS Industries manufactures and supplies a variety of extrusion-based geosynthetic products and technical textiles, making them a top industry leader. By providing a diverse range of products, they have established a significant market foothold in more than 60 countries. their extensive manufacturing experience allows them to provide top-quality products, including geosynthetics, fiberglass fabrics, and structural core material. Regardless of the level of difficulty of civil, environmental, or industrial applications required for customer project, SKAPS assures that their products will surpass customer expectations.
- GSE Environmental, LLC
Headquarters: Gundle Road, Houston.
GSE Environmental, Inc. produces and sets up geosynthetic lining materials. The company manufactures geomembrane liners, geonets, geosynthetic clay liners, and specialized products like manholes, sumps, and pipe penetration boots. GSE Environmental has a global presence.
- Thrace Group
Headquarters: Alimos (Athens), Attiki
For over 38 years, Thrace Group has been transforming over 100 thousand tons of polypropylene and polyethylene into a World of Materials & Solutions. Since 1995, Thrace Plastics Co S.A. has been listed on the Athens Stock Exchange and has been growing strategically through acquisitions in Greece and internationally. Currently, the company has operations in 10 countries with production and trading facilities, as well as an expanding sales network in 24 market segments across more than 80 countries.
5.ABG Geosynthetics Ltd
Headquarters: Holmfirth, West Yorkshire
ABG excels in creating, producing, and offering technical assistance for advanced geosynthetic systems for various built environment applications. Established in 1988, situated in Meltham, at the center of the Pennines, ABG has earned a strong reputation for creating top-notch products and providing exceptional service. The quick development of products ensures that engineering challenges like basal lining systems, capping systems, reinforced earth applications, and high-performance drainage can be solved with innovative, up-to-date, and cost-effective solutions. ABG has been working with geosynthetics for over thirty-five years, providing a wide range of products designed for challenging technical applications. Throughout this time frame, we have delivered projects on a global scale totaling more than 50 million square meters.
Recent Development
- In February 2024, Dörken Systems Inc. launched DELTA - TERRAXX and DELTA - TERRAXX PLUS, innovative drainboard systems featuring anti-clogging geotextile for various drainage needs such as horizontal, vertical, and blindside applications.
- In February 2024, Core & Main Inc. purchased Dana Kepner Company LLC and its related entities. Dana Kepner distributes water, wastewater, storm drainage, and geotextile products, as well as specialty tools and accessories.
- In January 2022, Genap established a special partnership with Watershed Geo, a prominent geosynthetics producer, for the distribution and installation of ClosureTurf, a synthetic landfill end-capping system.
- In February 2022, Freudenberg Performance Materials, a manufacturer of geosynthetics based in Germany, unveiled a new geogrid geocomposites called EnkaGrid MAX C. The geocomposites are made up of geotextiles that are not spun and are strengthened with geogrids, offering functions like segregation and filtering in soil materials.
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