Geocomposites Market to Grow Gradually by Achieving a Valuation of USD 681.4 Million by 2030 with a CAGR of 6.2% during the Forecast Period

The geocomposites market size is projected to grow from USD 447.1 million in 2023 to USD 681.4 million by 2030. As per a report by Fortune Business Insights™ titled “Geocomposites Market Size, Share & COVID-19 Impact Analysis, By Product (Geotextile - Geonet Composites, Geotextile - Geomembrane Composites, Geomembrane - Geogrid Composites, Geotextile - Geogrid Composites, and Others), By Function (Separation, Drainage, Reinforcement, and Others), By Application (Water & Wastewater Management, Road & Highway, Landfill & Mining, Soil Reinforcement, and Others), and Regional Forecast, 2023-2030”. The market stood at USD 423.0 million in 2022. It is set to exhibit a CAGR of 6.2% during 2023-2030. 

Geocomposites are majorly used for the functioning of roadways such as filtration, drainage, reinforcement, and separation. They help increase the strength and stability of underlying soil in a roadway. Growing construction activities, such as railways, roads, highways, and others, owing to easy installation, durability properties, high tensile strength, and cost-effectiveness are estimated to propel the geocomposites market growth.

Decline in Production Capacity Due to Lockdown Restrictions Owing to COVID-19 Pandemic

The sudden COVID-19 outbreak and stringent lockdowns have harmed several industries, including construction and infrastructure. During the initial phase of the lockdown, due to stringent lockdown, the construction material supply chain was severely impacted due to lockdown restrictions imposed by several governments. Due to reduced order intake, manufacturers worldwide lowered their production capacity, and the temporary shutdown of production facilities was observed.

Freudenberg Performance Materials Launched EnkaGrid MAX C to Drive Market Growth

Freudenberg Performance Materials, a Germany-based geosynthetics manufacturer, launched EnkaGrid MAX C, a new geogrid geocomposite. The geocomposite consists of nonwoven geotextiles that are reinforced using geogrids and can deliver functions such as filtration and separation in soil media.

Surging Growth in Construction Industry Post-Pandemic to Propel Market Growth

The growing demand from the construction sector across various parts of the world is estimated to propel the market growth. Consumers’ growing purchasing power is expected to considerably increase the demand for new highways and railroads, residential and commercial construction, and other infrastructure projects. The global construction industry has been augmenting considerably over the past few decades and is estimated to continue its growth trend. The geocomposites market share will likely expand during the projected period.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/geocomposites-market-105292

Competitive Landscape:

Major Players in the Market are Focusing on Product Innovations to Augment Market Growth

The key players operating in the market are Thrace Group, GSE Environmental, TenCate, Terram, HUESKER, and others. The prominent market players are more inclined to focus on product innovations and adopt many strategies to propel market growth.

Notable Industry Development:

• April 2022 - Layfield Group Ltd. launched HydraNet, a new product line of geocomposites and geonets. The new HydraNet geocomposites are made using nonwoven geotextiles that are laminated with geonet. The company claims its new products are a cost-effective and an environmentally sustainable alternative to aggregate drains.

List of the Companies Profiled in the Report:

• CLIMAX SYNTHETICS PVT. LTD. (India)
• TenCate Geosynthetics Americas (U.S.)
• Leggett & Platt, Incorporated (U.S.)
• GSE Environmental (U.S.)
• Thrace Group (Greece)
• ABG Ltd. (U.K.)
• HUESKER (Germany)
• Officine Maccaferri Spa (Italy)
• Terram (U.K.)
• Ocean Global (India)
• SKAPS Industries (U.S.)

Further Report Findings:

• North America is estimated to dominate the market share due to the growing demand for construction and the government’s increased investments in the sector.
• Asia Pacific is predicted to witness rapid growth due to the rising demand from the construction and infrastructure development industry. The increasing trend of construction and infrastructure will continue its dominance during the projected period.

Table of Segmentation: