Portland, OR -- (SBWire) -- 06/14/2017 --Geomembrane Market report, published by Allied Market Research, forecasts that the global market is expected to garner $3,537 million by 2022, registering a CAGR of 7.8% during the period 2016 - 2022. In 2015, extrusion technology segment held almost half of the total market share.
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Geomembranes create a barrier to movement of water, fluids, and other soluble materials, and are specifically manufactured using synthetic polymers that are impermeable in nature. These membranes have proven to be far more effective in regards to impermeability than traditional products such as concrete, asphalt, and compacted clay. They possess significant characteristics such as superior elongation, flexibility, tear & impact resistance, and water containment quality. Owing to these properties, these membranes are widely used in solid waste containment, potable water storage, mining, and water containment.
The growth of the global geomembrane market is driven by rise in application of these membranes, owing to the development in water management technologies, and the favorable regulatory policies about waste management. This evolution in waste and water management technologies is further expected to provide lucrative growth opportunity to the market players in the near future. However, volatile raw material prices are anticipated to hamper the market growth.
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High-density polyethylene (HDPE) is the leading raw material segment, owing to its enhanced elasticity and flexibility, ease in installation, and cost and operational advantage. The extrusion technology segment generated the highest revenue in 2015, with almost half of the total market share, followed by the calendaring segment. Geomembranes with desired thickness can be developed using the extrusion manufacturing process.
The mining application segment dominated the global market, with one-third share in 2015. In this industry, these membranes are used in drainage system, barren & processing ponds, surplus groundwater storage lagoons, caps & interlift covers, and tailings storage.
Key findings of Geomembrane Market
- In 2015, North America dominated the global market, with around one-third share, in terms of revenue.
- Low-density polyethylene (LDPE) segment is estimated to display the highest growth rate, in terms of revenue, registering a CAGR of 8.2% from 2016 to 2022.
- Asia-Pacific is projected to grow at the highest CAGR of 8.0%, in terms of volume.
- Water management is projected to grow at the highest CAGR of 8.2%, in terms of revenue.
- The calendaring technology segment shows the highest growth rate, in terms of revenue, registering a CAGR of 8.0%.
In 2015, North America dominated the global market, owing to the increase in adoption of geomembranes in numerous applications and favorable environmental policies regarding waste management. Furthermore, Asia-Pacific is projected to witness the highest CAGR, followed by Europe at a CAGR of 7.9% from 2016 to 2022.
The major companies profiled in the report include GSE Environmental LLC, Agru America Inc., Solmax International Inc., Nilex Inc., Carthage Mills, NAUE GmbH & Co. KG, Officine Maccaferri S.p.A., Geofabrics Australasia Private Limited, Carlisle Syntec Systems, and Huifeng Geosynthetics.
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Geomembrane Market to Reach $3,537 Million, Globally, by 2022
Growth in industrial sector coupled with increase in awareness about waste management are prime drivers of the global geomembrane market.