Valley Cottage, NY -- (SBWIRE) -- 10/12/2017 -- The geosynthetics market has been witnessing a phenomenal growth over the past few years. Above-average GDP growth in the developing South Asian economies such as Vietnam, India, and Indonesia has resulted in an exponential growth of construction activities, which in turn is fuelling the demand for geosynthetics across these regions. Moreover, the geosynthetics market is becoming competition-intensive, owing to the presence of a large number of manufacturers.
Key players in the South Asia geosynthetics market include Enviro Geosynthetics Pvt. Ltd., Global Synthetics Pty Ltd, NAUE GmbH & Co. KG, Polyfabrics Australasia Pty Ltd, Tensar International Corporation, Geofabrics Australasia Pty Ltd, HUESKER Synthetic GmbH, GSE Environmental, Inc., E.I. du Pont de Nemours & Co., and Koninklijke Ten Cate NV.
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India Continues to Remain the Most Lucrative Country for Geosynthetics in South Asia
Future Market Insights (FMI), in its report titled, "Geosynthetics Market: South Asia Industry Analysis and Opportunity Assessment 2017-2027" projects the global geosynthetics market to expand at an impressive double-digit CAGR of 12.6% during the forecast period in terms of volume. FMI estimates that sales of geosynthetics will surpass 1700 Mn m² in South Asia by 2027. India is expected to be the most lucrative country in South Asia geosynthetics market, followed by ASEAN (Association of Southeast Asian Nations). India is expected to account for more than 700 Mn m² sales of geosynthetics by 2027.
Polypropylene Remains the Most Sought-After Geosynthetic Material
By product type, geotextile is likely to continue its dominance over the South Asia geosynthetics market, expanding at a volume CAGR of 13.9%. Geomembrane, another prominent product type, is expected to reach 274.3 Mn m² by the end of the forecast period.
Polypropylene remained the most lucrative material in the South Asia geosynthetics market, and is expected to remain so during the forecast period. This segment is anticipated to account for 55.5% market volume share by 2027.
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Separation continues to be the leading primary function for geosynthetics, whereas containment primary function is estimated to witness fastest volume growth at 14% CAGR during the forecast period.
Demand for geosynthetics from road construction sector is expected to remain robust during the forecast period. Future Market Insights estimates demand from this segment to surpass 900 Mn m² by 2027. In addition, 'dams, riverbanks & waterworks' will remain the second largest application segment in the South Asia geosynthetics market during the forecast period.
Emphasis on Increasing Mining Capacity to Fuel the Demand for Geosynthetics in South Asia
Geosynthetic materials find widespread adoption in road development projects, mainly utilised for subgrade separation & stabilisation, filtration & drainage facility, base reinforcement, along with an overlay stress absorption & reinforcement. The application of geosynthetics in railway lines facilitates improved stress propagation and provides better stability. Applications in these sectors will continue to fuel the demand for geosynthetics in South Asia.
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Geosynthetic materials are also witnessing robust demand from the mining industry. Emphasis on increasing mining capacity and related productivity has compelled miners in propagating deep mining. Moreover, water containment or waterproofing applications utilise geosynthetic materials, particularly geomembranes, for avoiding water absorption by forming a layer. These factors are influencing the growth of the South Asia geosynthetics market.
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Several governments are focusing on investing significantly in the development of road and rail infrastructure in the South Asian region, which in turn is expected to fuel the demand for geosynthetics in this region during the forecast period. In contrast, requirement of high-cost specialised equipment, lack of skilled personnel, absence of awareness on the long-term benefits of geosynthetics among contractors and construction companies is expected to restrain market growth.