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The construction industry in China and India is anticipated to experience substantial growth because of increased government expenditure on big infrastructure projects and a rise in disposable income. This is expected to propel market growth over the forecast period.
New York, United States, Jan. 10, 2024 (GLOBE NEWSWIRE) -- Geomembrane is a thin sheet of flexible polymeric materials used as an impermeable membrane liner. It does a great job of blocking the flow of water and other fluids. Compared to other rigid materials, it offers flexibility and integrity. Numerous industries employ geomembrane for various purposes, including canal linings, fish farming, lined security bunds for the petrochemical industry, lagoons for wastewater treatment, potable water reservoirs, and many more.
Growing Use in Lining Application Drives the Global Market
According to Straits Research, “The global geomembranes market size revenue was valued at USD 1,902.14 million in 2022. It is estimated to reach USD 2,900.12 million 2031, growing at a CAGR of 4.81% over the forecast period (2023–2031).” Geomembranes provide a nearly impenetrable barrier to hold liquids and gases on a large scale efficiently. As a result, geomembranes are created with the lowest permeability possible depending on the application and chemicals utilized for the lining application. Geomembrane liners are the most often used for the primary and secondary containment of hazardous substances. For specialized locations, such as refineries and airports, secondary containment strategies must be in place to fortify storage systems for dangerous, flammable, reactive, explosive, or corrosive substances. Geomembranes are also used to line primary, secondary, and tertiary solid waste landfills. Additionally, rainwater from pits can be diverted using these liners, saving a tonne of money.
Increasing Spending on Infrastructure Development Creates Tremendous Opportunities
Building water supply and treatment facilities, roads, tunnels, dams, trains, airports, bridges, telecommunications networks, schools, and hospitals are all examples of infrastructure development. The output of residential and non-residential (including commercial, industrial, and other) infrastructures will increase by 85% in volume by 2030, predicts the Confederation of International Contractors' Associations (CICA). Geomembranes have a wide range of uses in the construction industry. The market will benefit from the long shelf life and outstanding physical and mechanical qualities of geomembranes. Thus, expanding infrastructure projects are anticipated to open up new prospects for the geomembranes market over the forecast period.
Regional Analysis
Asia-Pacific geomembranes market Share is expected to grow at a CAGR of 6.61% during the forecast period. Some of the biggest coal mining companies, such as Yanzhou Coal Mining, China Coal Energy, and Shenhua Group, are based in China. Jianxi Copper Company is the most well-known copper mining company in China. It is also one of the most significant gold and silver mining companies. The nation's housing market may be significantly impacted by the need for more living space in urban areas due to urbanization and middle-class urban dwellers' desire to improve their living conditions. This will likely lead to an increase in residential construction across the country, which will benefit the geomembranes market there. Untreated sewage is still being released into the environment, affecting 14 million people. The developed Japanese water treatment industry is expected to grow considerably throughout the forecast period.
North America is expected to grow at a CAGR of 4.72%, during the forecast period. The United States is also one of the top countries in the world for the exploration of unconventional crude oil reserves, suggesting that there are many unrealized potentials in the market. The oil price from hydraulically fractured wells is significantly increasing compared to oil produced from conventionally fractured wells. The United States continues to rely on imports for various raw and processed mineral products. Leading nations for non-fuel mineral products include China and Canada. The United States is one of the more developed markets for agricultural technologies because of its long history of use in agriculture. Geomembranes are again needed in farming due to more modern urban rooftop farming techniques.
Key Highlights
Based on raw material, the global geomembranes market is bifurcated into high-density polyethylene (HDPE), low-density polyethylene (LDPE), linear low-density polyethylene (LLDPE), polyvinyl chloride (PVC), ethylene propylene diene monomer (EPDM), polypropylene (PP), and others. The high-density polyethylene (HDPE) segment is the highest contributor to the market and is expected to grow at a CAGR of 5.93% during the forecast period.
Based on application, the global geomembrane market is bifurcated into water management, waste management, mining, construction, agriculture, soil management, and others. The waste management segment owns the highest market share and is expected to grow at a CAGR of 5.95% during the forecast period.
Asia-Pacific is the most significant shareholder in the global geomembranes market and is expected to grow at a CAGR of 6.61% during the forecast period.
Competitive Players
The global geomembranes market’s major key players are GRU America, Inc., ATARFIL, S.L., Dajin Geosynthetics, Firestone Building Products Company LLC, Istanbul Teknik, Jutta Ltd., NAUE GmbH & Co. KG, Nilex Inc., Officine Maccaferri Spa, Plastika Kritis SA, Raven Industries, Inc., Shanghai Yingfan Engineering Material Co., Ltd, SOLMAX, Sotrafa, and Texel Industries.
Recent Developments
In January 2022, AGRU America and HK Solutions improved maintenance hole technology using geomembranes.
In August 2022, Dajin Geosynthetics announced an open solicitation to work on the development of a new GSI specification for the EIA geomembrane.
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