Geocomposites Market Forecasts to 2028 – Global Analysis By Product (Geomembrane - Geogrid Composites, Geotextile - Geogrid Composites, Geotextile - Geomembrane Composites, Geotextile - Geonet Composites and Other Products), By Function (Reinforcement, Dr

Geocomposites Market Forecasts to 2028 – Global Analysis By Product (Geomembrane - Geogrid Composites, Geotextile - Geogrid Composites, Geotextile - Geomembrane Composites, Geotextile - Geonet Composites and Other Products), By Function (Reinforcement, Drainage, Separation, Containment and Other Functions), By Application (Road & Highway, Water & Wastewater Management, Soil Reinforcement, Landfill & Mining, Dams and Riverbanks, Erosion Control and Other Applications), By End User (Oil & Gas, Energy & Power, Chemical & Petrochemical, Food & Beverages, Automotive, Healthcare and Other End Users) and By Geography

According to Stratistics MRC, the Global Geocomposites Market is accounted for $496.6 million in 2022 and is expected to reach $1078.7 million by 2028 growing at a CAGR of 13.8% during the forecast period. In order to create geocomposites, composite materials must contain at least one layer of geosynthetic material, such as geotextile, geogrid, geonet, geomembrane, and so on. These combinations are used to speed up installation, increase interface friction angles, and improve capabilities. Depending on the application and aim, different combinations of materials are adopted. The major uses of geocomposites are in the fields of protection, reinforcing, filtration, barrier functions, erosion control, and road building. They are also used in a number of additional applications.

According to India Brand Equity Foundation, Government of India set a target to complete 300 highway projects by March 2019. The total amount of investment is expected to be US$ 2.25 billion in 2019.

Market Dynamics:

Driver:

Construction industry growth

Due to their numerous functions, geocomposites are widely used in the construction sector. As a result, the rise of the construction sector is probably beneficial and will sustain it. Emerging economies, including China, India, and other Southeast Asian nations, are anticipated to make considerable investments during the projection period and undergo major infrastructure development. People's purchasing power and living standards have significantly increased over the past few decades in the Asia-Pacific area, which is the location of more than 60% of the world's population. The need for new homes and companies, highways and railroads, and other infrastructure projects is expected to rise significantly as a result of consumers' increased spending power.

Restraint:

Fluctuations in prices of raw material

According to the designed functionality and application, various geosynthetics are combined to create geocomposites. Jute and coir are instances of naturally occurring materials that can be used to make geosynthetics. Polyester, polyethylene, and polypropylene, among other synthetic polymers derived from crude oil, are used to make the vast majority of composite materials manufactured worldwide. The fluctuating trend of crude oil prices has a significant impact on the pricing of these basic materials. One of the most significant elements affecting the market for geocomposites is the price and supply of raw materials. Therefore, it is anticipated that fluctuating crude oil prices, which have been demonstrated to have a significant impact on the cost of raw materials, will limit market expansion.

Opportunity:

Growing demand from mining industry

Geocomposites are used in the mining industry to build waste barriers for the by-products of mining. During the entire process, including water containment and disposal, mining generates solid wastes such as tailings and waste rock. In the mining industry, geomembrane liners are widely used to line solutions, primarily evaporation ponds, heap leaching, and tailings impoundments. Mining generates over 40% of the world's geomembrane output. For instance, Solmax provides heap leach pads and solution ponds made of LLDPE geomembranes, which are utilized in the mining process. An LLDPE geomembrane called GSE UltraFlex was created to specifically meet the needs of the mining sector.

Threat:

Damage caused due to installation

Construction of waste landfills, tunnels, ponds, dams, highways, and railways all uses geocomposites. As installed, geotextiles can sustain damage that changes their mechanical, hydraulic, and physical characteristics in an unavoidable way. When using geotextiles to design infrastructure, these modifications must be taken into consideration. However, field tests or laboratory tests should be used to assess the damages that occur during the installation process.

Covid-19 Impact:

Construction, infrastructure, and transportation are among the key industries that have been severely damaged by the COVID-19 outbreak. Owing to decreased demand, a lockdown, and a labor shortage, the majority of infrastructural and commercial building projects were abandoned, which reduced geocomposites' capacity to be produced. This can be attributed to severe interruptions in their own supply chains and manufacturing processes as a result of various limitations that have been imposed by governments all around the world. Furthermore, consumer demand has decreased as a result of people's desire to cut non-essential costs from their personal budgets as a result of this outbreak's significant impact on the general economic situation of the majority of individuals.

The geotextile - geonet composites segment is expected to be the largest during the forecast period

Geotextile - geonet composites segment is anticipated to dominate the market throughout the extrapolated period, for activities requiring separation, filtration, reinforcement, and drainage, geotextile-geonet is frequently used. It also improves the infrastructure sector's efficiency in terms of cost. They are also effective at preventing rust in the materials. The separation and filtering capabilities are always met, whether geotextile is used above or below a geonet or if geotextile-geonet is laminated. Additionally, if positioned horizontally, these devices offer outstanding drains for water running upward in a capillary zone when frost heave or salt migration are considerations.

The drainage segment is expected to have the highest CAGR during the forecast period

Due to the extensive capacity for in-plane drainage, which makes them outstanding as drainage components, the drainage segment is anticipated to experience lucrative expansion over the projection period. Stone alternatives that are simple to install are filter-net-filter composites, which are utilized for general area drainage. As a cut-off drain, the filter-net-membrane composites are used, draining from one side alone and blocking the other. However, both kinds can be arranged vertically or horizontally. In drainage applications for landfills, roads, railways, retaining walls, and other constructions, composites are widely used.

Region with largest share:

Asia pacific region is expected to dominate the geocomposites market over the forecast period, owing to the rising demand, the growing area has made investments in the infrastructure sector, which facilitates the geocomposites market's expansion. Numerous government programs, such as One Belt, One Road, Smart Cities, and others, will contribute to the growth of the geocomposites market in nations like China and India. Additionally, government initiatives that emphasize sustainable development and cost-effective working practices will contribute to the market's expansion in the region.

Region with highest CAGR:

Due to rising infrastructure and development spending in developing nations like China and India, the Asia-Pacific region is anticipated to experience the most rapid expansion in the geocomposites market over the forecast period. Therefore, it is anticipated that the geocomposites market in the Asia Pacific will increase over the projected period because of the considerable growth in construction and infrastructure projects, supporting government policies, and stringent environmental protection demands. However, the widespread usage of geosynthetic materials in the construction industry is anticipated to be beneficial, and market growth will probably keep up with the region's rapid construction industry growth.

Key players in the market

Some of the key players in Geocomposites market include ABG LTD, Crafco Inc., Thrace Group, GSE Environmental Inc., HUESKER Synthetic GmbH., Koninklijke Ten Cate B.V. Geosynthetics, Low & Bonar PLC, Maccaferri S.P.A , NAUE GmbH & Co. KG, Officine Maccaferri S.p.A, SKAPS Industries , Tensar International Corporation, Terram Geosynthetics Private Limited, Leggett And Platt, Inc., TenCate Geosynthetics, Officine Maccaferri Spa and Hans Geo Components.

Key Developments:

In October 2021, Geofabrics Australasia announced the acquisition of Plascorp. The acquisition will establish one of Australia's and New Zealand's largest private companies, manufacturing and marketing highly engineered industrial products and solutions. The acquisition will strengthen Geofabrics' competitive edge in constructing major road, rail, and mining infrastructure using Australian manufactured and recycled materials.

In June 2021, Solmax acquired TenCate Geosynthetics. This acquisition will improve its operational capacity, geographic reach, and resources, allowing it to establish a stronger position in the geosynthetics sector.

Products Covered:
• Geomembrane - Geogrid Composites
• Geotextile - Geogrid Composites
• Geotextile - Geomembrane Composites
• Geotextile - Geonet Composites
• Other Products

Functions Covered:
• Reinforcement
• Drainage
• Separation
• Containment
• Other Functions

Applications Covered:
• Road & Highway
• Water & Wastewater Management
• Soil Reinforcement
• Landfill & Mining
• Dams and Riverbanks
• Erosion Control
• Other Applications

End Users Covered:
• Oil & Gas
• Energy & Power
• Chemical & Petrochemical
• Food & Beverages
• Automotive
• Healthcare
• Other End Users

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements