South Asia Geosynthetics Market is poised to grow at CAGR of 12.2 % by 2033 | Future Market Insights, Inc.
Future Market Insights Global and Consulting Pvt. Ltd.
6 min read
Future Market Insights Global and Consulting Pvt. Ltd.
Heightened Investments in Infrastructural Projects to Fuel the Adoption of Geosynthetics in South Asia: South Asia Geosynthetics Market to Touch US$ 4,982.8 million by 2033.
NEWARK, Del, Nov. 20, 2023 (GLOBE NEWSWIRE) -- The south asia geosynthetics market is forecast to experience a growth of 12.2% CAGR over the estimated time-period, as per FMI’s analysis. The industry’s size is predicted to reach a market value of US$ 1,576 million in 2023.
Geosynthetics are in high demand owing to accelerating projects for water containment and canaling in South Asia. Furthermore, developments of rail networks and road is also surging, thus generating the demand for geosynthetics. Geosynthetics are installed to absorb overlay stress, base reinforcement, subgrade stabilization, drainage facility, and filtration. With the help of geosynthetics, rail networks observe better stability and improved stress propagation.
Governments are also vigorously promoting the development of water containment projects owing to the constant demand for water the world over. Government bodies and private entities can also be seen significantly investing in infrastructural projects like airports, railways, roads, and ports. For this purpose, geosynthetics are being utilized due to their cost-effectiveness when it comes to pavement reinforcement, soil stabilization, and erosion control.
Growing environmental concerns and regulations have led to the adoption of sustainable construction practices. Geosynthetics offers solutions for environmental protection, waste management, and erosion control in line with the region’s sustainability goals.
The adoption of geosynthetics might be hampered due to the dearth of skilled labor for the utilization of geosynthetic materials in infrastructural projects. Additionally, oscillating prices of raw materials utilized in geosynthetic materials are also expected to restrict the acceptance of geosynthetic materials.
Top Highlights from the FMI’s Analysis of the South Asia Geosynthetics Market:
FMI has spotted that the Australian market is expected to provide significant remunerative opportunities over the forecast period. The Australian market is estimated to offer a 6.7% market share in 2023.
India is expected to leave behind all the other South Asian markets for geosynthetics. As per FMI estimates, India is expected to register a CAGR of 9.6% from 2023 to 2033.
Based on product type, geotextile segment is expected to command a market share of 33.2% in 2023.
Polyester material is popularly used in the production of geosynthetics. In 2023, the segment is anticipated to acquire 27.6%.
"In the latest comprehensive market research study on South Asia Geosynthetics Market, an analyst highlights a robust and growing landscape for geosynthetic products across the region. The report underscores key market trends, emerging opportunities, and competitive dynamics, providing stakeholders with valuable insights to make informed decisions in this dynamic sector." opines Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI)
How are Leading Manufacturers Optimizing their Strategies to Boost Revenue Streams?
Leading players in the market are zeroing in on their efforts to boost their visibility in countries where construction activities are thriving. Top companies are strategizing tie-ups with regional distributors, vendors, and construction companies to advertise their products.
Market players are focusing on introducing distinct geosynthetic materials for certain applications. Many market players are emphasizing making investments to lower their carbon footprint and are deploying plastic waste to produce geosynthetic materials. Thus, creating a trend of circular economy.
Rivalries are competing based on innovation, product quality, price, customer service, and technical support. Key participants can gain a competitive edge in the market by investing in research and development, product portfolio, creating strategic partnerships, and concentrating on customer satisfaction.
Core vendors are focusing on collaborating with engineering consultants, government agencies, and contractors to advertise the utilization of geosynthetics in infrastructure projects.
In October 2021, Geofabrics Australasia Pty Ltd., Australasia and New Zealand’s largest producer of geosynthetic products announced that it had obtained Plascorp Holdings Pty Ltd. The latter is a leading manufacturer of industrial products like polyvinyl chloride (PVC) pipe, steel reinforcement, ducting, and hose.
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in the Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
Have a Look at Related Reports in Chemicals & Materials Domain:
Geosynthetics market revenues are expected to reach US$ 15,177.60 million in 2023. It is estimated that US$ 16,710.54 million will be generated by the geosynthetics market by 2033.
Over the recent past, the growth of the reinforcement geosynthetics market has been supported by ongoing infrastructure projects such as high-speed train projects, owing to which the rail sector is expected to register double-digit growth during the initial part of the forecast period.
The global geocells market is projected to expand steadily at a CAGR of 6.1% during the forecast period 2023 to 2033.
The technical textiles market will register positive growth with the overall valuation forecast to surpass US$ 202.93 billion in 2023. The market’s worth will increase at a compound annual growth rate (CAGR) of 6.7% between 2023 and 2033.
The global geomembrane market is expected to reach a market valuation of US$ 2089.9 Million by 2022, accelerating with a moderate CAGR of 5.2% through 2032.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
