Geosynthetics products are used in construction and geotechnical engineering applications. The geosynthetic product is used with soil, rock or any other geotechnical material to perform five major tasks including separation, filtration, reinforcement, drainage and moisture barrier.
The increase in adoption of geosynthetics in past few years has boosted the growth of global geosynthetics market. Meanwhile, rising investment in environmental projects and infrastructure by both developing and developed nations will drive the demand in geosynthetics market.
The geosynthetic material is majorly used in the construction of roads, it is also used in the construction of railways where it provides stability and stress propagation. According to the latest report by Future Market Insights (FMI), among all the regions, South Asia is expected to register the highest growth in geosynthetics market, registering 12.7% CAGR during 2017-2027. Moreover, heavy investments being made by the government in the region for developing road and rail infrastructure is fueling the demand for geosynthetics in the region.
The government in India is also expected to invest around $14 billion in infrastructure projects. Meanwhile, the construction of national highways in the country approximately 10,000 km is under approval. The government is also planning to expand road network in coming years.
ASEAN countries are investing heavily in the construction and infrastructure for better connectivity. Hence, all these factors are set to boost the demand for geosynthetics market.
Lack of skilled labour and increasing cost of construction to restrict the growth of geosynthetics market
The fact that geosynthetics material increases the cost of construction, most of the contractors and builders don’t use this material. Moreover, the construction of roads, dams and other projects require the several layers of different geosynthetics and the equipment to apply geosynthetics material is also expensive to be used by the skilled person. Hence, contractors are avoiding the use of geosynthetics in the construction projects. Lack of awareness about the benefits of geosynthetics is also hampering the growth of geosynthetics market.
In terms of application, road segment is expected to remain dominant in South Asia geosynthetics market. While geosynthetics application in dams, waterworks and riverbanks are anticipated to show significant growth in during 2017-2027.
Meanwhile, geosynthetics market is witnessing a phenomenal growth due to increasing construction projects in countries like Indonesia, Vietnam and India. The geosynthetics market is also becoming highly competitive due to a large number of manufacturers dominating this market. Cost-effective production techniques and new production technologies will provide opportunities for manufacturers of geosynthetics material.