Global Geomembranes Market Booming: Projected to Reach USD 3.58 Billion in the Year 2027 at the CAGR of 9.4%
Published | April 2021
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting revealed that the global geomembranes market was worth USD 1.93 Billion in the year 2020. It is estimated to grow at the CAGR of 9.4%, earning revenue of around USD 3.58 Billion by the end of 2027. Because of increased shale gas production in countries such as the United States and Canada, the applications and demand for geomembranes are growing in the North American region. This acts as a crucial driving factor for the growth of the market. Geomembranes are also excellent for protecting industrial and residential buildings. As a result, they're extensively used in building and infrastructure production because they protect against pollution and contamination. The demand for geomembranes is expected to increase during the forecast period, owing to their increasing application and utility.
Sustainability of Geomembranes is Favoring its Popularity in the Market
Geomembrane products are made up of polymeric sheets that are highly permeable and prevent the flow of water and other fluids. They possess various mechanical properties like water resistance, tear resistance, high tensile and shear strength. Because of these properties, geomembranes are widely used in water containment applications, mining, solid waste containment, and so on. They're also long-lasting, requiring replacement only after a certain amount of time. What’s more, geomembranes prove to be cost-efficient too.
Environment Concerns Are Fueling the Demand for Geomembranes Flourishing the Market Growth
Water is a limited resource; there is only 3% fresh water on the earth, with only 0.5% available for human consumption. With the growing population, meeting the water consumption demands of all regions and countries has become a challenge. This issue is being addressed by reusing and recycling consumed water. Therefore, countries are steadily establishing water treatment plants, which require efficient use of geomembrane for longer sustainability and prevention of leakages. This factor is contributing greatly to the growth of the geomembrane market.
The water management segment is expected to dominate during the forecast period
Although the mining segment is dominating currently, it is estimated that the waste management segment is going to overtake the market during the forecast period. Geomembranes are commonly used in water disposal facilities for lining and capping purposes. Since geomembranes are strong and water-resistant, they are commonly used for wastewater treatment and storage to prevent leaks and breakouts. They are also long-lasting and do not need a replacement for longer periods, which contributes to their widespread use in this market.
Global Geomembranes Market: Regional Market
Geographically, the global geomembrane market is segmented into North America, Europe, the Asia-Pacific, Latin America, and the Middle East and Africa. Asia-Pacific region is the market leader with the highest demand for geomembrane products. The ongoing infrastructural development and increasing prospects for oil and gas sectors in South Asian countries like India and China are likely to drive the demand for geomembrane products during the forecast period. Furthermore, government regulations in several countries are pushing for better water and waste management, which is helping the geomembrane market to expand.
Impact of COVID-19 on the Global Geomembranes Market
The leading target markets for geomembrane products are the construction and civil engineering sectors. However, due to the breakout of COVID-19, the construction of infrastructures had to be halted, because of which the geomembrane market witnessed a significant drop in its demand, which directly affected the revenue. Furthermore, the scarcity of raw materials also impeded the market as the manufacturing units were shut down. However, the geomembrane market is expected to rise in the post-COVID-19 period. Nevertheless, it is going to take quite some time for the geomembrane market to get back on track.
The key players in the global geomembranes market are Plastika Kritis SA, Solmax International Inc., Atarfil SI, Raven Industries Inc., Agru America, Inc., US Fabrics, Geosynthetics Limited, SOPREMA, Nilex, Ginegar Plastic Products, Global Synthetics, Layfield Group, Titan Environmental Containment, Texel Industries Limited, Anhui Huifeng New Synthetics Materials, The NAUE group, Carthage Mills, Environmental Protection, Geofabrics, and other prominent players.
Companies are actively engaging in competitive strategies such as alliances and acquisitions in order to grow their market share and customer base. The leading manufacturers are constantly working on innovations to develop products that are stronger, resistant, and have even higher tensile strength. What’s more, the industry players are also focusing on making affordable geomembranes for emerging economies by customizing raw materials.
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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global geomembranes market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global geomembrane market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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