Geocomposites Market Analysis:
Geocomposites are planetary sheets that contain one or several layers of geosynthetic materials, including geomembrane, geotextile, geonate, and geogrid. They are used to improve operations and increase penetration speed. They can be used in a number of applications due to properties such as separation, reinforcement, filtration, drainage, and liquid barrier. It is used to increase the strength and stability, and can also be utilized to increase road life and cost effectiveness for the road industry. In addition, it provides stabilization and reinforcement to railway track.
COVID-19 scenario analysis:
The demand of geocomposites has affected in a negative way due to the outbreak of COVID-19 in the major manufacturing like- India and China. The production has been stopped or slowed down for maintaining social distancing among workers, engineers and staffs.
The construction industry was also badly affected due to COVID-19 and this has further affected the geocomposites market. Cost of raw material is also expected to increase followed by dispirancy in the supply chain industry.
Top impacting factors: Market scenario analysis, trends, drivers, and impact analysis
The market growth witnessed in the last few years in the construction industry and several cleaning projects initiated by governments are expected to increase the demand for geocomposites, especially in developing countries across the globe. The development of infrastructure, appropriate government regulations, economic & eco-friendly legislation, and the need for affordable alternatives are expected to drive the growth of the geocomposites market over the forecast timeframe. Furthermore, strong construction activities and widespread use of rail & road development products are expected to bolster the market growth of geocomposites. In addition, increase in water contaminants and installations is one of the major ways to grow the industry.
However, lack of implementation of quality control processes in landfill, highways, roads, and soil stabilization across emerging economies can serve as a restraining factor to the industry growth.
The overall growth of the market is dominated by North America. Regional growth is increasing due to expansion of construction and infrastructure activities in countries such as the U.S. In addition, huge government spending to improve rail & road infrastructure, flyovers, tunnels, and bridges in China and India also foster the market growth. Asia-Pacific is projected to encounter the fastest growth in the market. The rising demand for geocomposites in developing countries and increase in investment by governments on infrastructural projects are responsible for the growth of geocomposites in the Asia-Pacific market. Increase in infrastructure, growing construction sector, and the widespread use of geocomposites in road & rail infrastructure projects are the major contributors to the growth of the global geocomposites market.
Key benefits of the report:
- This study presents the analytical depiction of the global geocomposites market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global geocomposites market share.
- The current market is quantitatively analyzed to highlight the global geocomposites market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed analysis based on competitive intensity and how the competition will take shape in coming years.
Questions answered in the geocomposites market research report:
- Which are the leading market players active in the market?
- What are the current trends that will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities of the market?
- What are the projections for the future that would help in taking further strategic steps?
Geocomposites Market Report Highlights
By Industry Vertical
Key Market Players
Leggett & Platt, Inc., TenCate Geosynthetics, GSE Environmental, Terram Geosynthetics Private Limited, Thrace Group, SKAPS Industries, Officine Maccaferri Spa, Tenax, HUESKER, ABG Limited