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Investments in the Upgradation of the Existing Infrastructure To Boost the Revenue for Top Geocomposites Companies

November 29, 2023 | Chemicals & Materials

Recent trends in the geocomposites industry are being impelled by the launch of advanced projects focused on environmental conservation.

In November 2022, Portuguese technological center Fibrenamics launched an innovative project in collaboration with CIMPA, Acorgeo, and the Gaspar Frutuoso Foundation of the University of the Azores. Focused on protecting the Azores’ biodiversity, the project was aimed at developing a solution that would help regenerate and stabilize the slopes of low/medium inclination. For the same, the “Slope Stabilization and Revegetation” project launched a new technology comprising a geocomposite made of mineral matrix in combination with cryptomeria and natural biopolymer fibers. The launch of such initiatives is set to drive the product deployment across numerous applications in the coming years.

According to Fortune Business Insights, the global market size for geocomposites was USD 423.0 million in 2022. The market is anticipated to surge from USD 447.1 million in 2023 to USD 681.4 million by 2030, exhibiting a CAGR of 6.2% over the study period. The market growth can be attributed to the upsurge in construction activities across various regions.

The North America market held 36.5% of the global market share in 2022. The regional market is anticipated to continue its dominance over the analysis period. The leading market share can be credited to the growing investments in the public and private sectors in the region.

Key players in the market are focused on the supply and distribution of various geocomposites to small and medium-sized enterprises for use in various applications. These steps are being deployed for securing a competitive edge in the market.