The south asia geosynthetics industry is forecast to experience a growth of 7.6% CAGR over the estimated time period, as per FMI’s analysis. The industry’s size is predicted to reach a market value of US$ 2689.7 million in 2023.
Governments are also aggressively encouraging the development of water containment projects due to the global need for water. Government and commercial groups are also heavily investing in infrastructure projects such as airports, railroads, highways, and ports. Geosynthetics are being used for this purpose due to their cost-effectiveness in terms of pavement strengthening, soil stability, and erosion management.
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.
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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 6.4% 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 8.4% from 2023 to 2033.
- Based on product type, geotextile segment is expected to command a market share of 8.0% in 2023.
- Polyester material is popularly used in the production of geosynthetics.
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 portfolios, 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.
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Top Key Player in the Global Market
- Hueskar Synthetic GmbH
- GSE Environmental Inc.
- Geofabrics Australasia Pty. Ltd.
- Tensar International Corporation
- Polyfabrics Australasia Pty. Ltd.
- NAUE GmbH & Co. KG
- Global Synthetics Pty Ltd.
- Others
Key Segmentation
By Product Type :
- Geotextile
- Geomembrane
- Geogrid
- Geonet
- Geosynthetic clay liner
- Geocomposite
- Other
By Material Type :
- Polyethylene (HDPE/LDPE/Others)
- Polypropylene (PP)
- Polyester
- Natural Fibers
- Others (PVC, Synthetic rubber, etc)
By Primary Function :
- Separation
- Drainage & Filtration
- Reinforcement
- Containment
By Application Type :
- Roads
- Railways
- Retaining wall
- Dams, Riverbacks, Waterworks
- Landfills and Erosion control
- Others
By Countries :
- India
- Association of Southeast Asian Nations
- Australia and New Zealand
- Rest of South Asia
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 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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