Rising construction projects to propel Geosynthetics Market proceeds over 2020-2024
Selbyville, Delaware, United States, September 29 2020 (Wiredrelease) Global Market Insights, Inc –:According to Global Market Insights, Inc. report, geosynthetics market size is projected to surpass USD 12 billion by 2024.
Global geosynthetics market is poised to witness a tremendous growth over the forecast timeframe of 2017 to 2024 on account of enormous rise in construction activities across the globe coupled with growing inclination of governing authorities toward infrastructure projects. Geosynthetics are the synthetic polymers known to possess excellent properties providing stabilization to the terrain and are primarily used with rock, soil and other geological materials integral for civil engineering projects, systems or structures.
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An overview into prominent growth drivers propelling geosynthetics industry outlook
Excellent properties of geosynthetics
Geosynthetic materials have gained significance in the construction industry owing to their superior properties such as increased durability and lightweight. These products are designed to improve the physical properties of soil and provide effective low permeability and chemical resistivity, which enhances the barrier properties of soil making it appropriate for agriculture, mining, transportation and wastewater management.
Rising commercial and residential construction projects around the world
Considering the growing construction projects across the globe such as residential and commercial establishments, geosynthetic materials are expected to register an elevating demand over the forthcoming years. Besides, industry players are also developing innovative products for addressing the mounting construction requirements.
Citing an instance, in 2017, HUESKER launched its new geosynthetic support pad Fortrac Heavy Load capable of storing extra-heavy units. HUESKAR further claims that the product is a cost-effective solution with superior ductility and robustness. Apparently, this product launch helped the company strengthen its product portfolio while also bolstering its presence in the market.
Increasing government initiatives for infrastructure development
Geosynthetics market is projected to witness a notable growth considering numerous government initiatives across the globe towards the development and refurbishment of infrastructure facilities, which are likely to evoke the product demand owing to its ability to provide terrain stability. Speaking of the initiatives, in 2018, the U.S. Department of Transportation announced an investment of USD 663 billion for the development of major transportation infrastructure across the country. Major grant programs included under this initiative were Better Utilizing Investments to Leverage Development (BUILD), Infrastructure for Rebuilding America (INFRA) and Airport Improvement Program (AIP).
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A gist of some pivotal trends encouraging the growth of geosynthetics market
Heightened product adoption in geotextile segment
Geotextile segment is expected to register a valuation of USD 8 billion by 2024 owing to extensive product usage in industrial and construction projects such as mining coupled with stringent government regulations regarding the use of certain plastics and metals. Besides, these products are resistant to decaying under chemical processes, effective in soil reinforcement and helps in keeping the layers intact which enhances soil stability, thereby evoking their demand for erosion control, drainage systems and road construction. These prominent features of the product are likely to propel the industry growth.
Thriving mining industry in North America
North America geosynthetics market is estimated to register significant gains at over 4.5% up to 2025 attributing to accelerated growth in the regional mining industry which has significantly fueled the demand for superior drainage systems and solid waste facilities due to rising concerns toward environment protection . Moreover, stringent government norms pertaining to water contamination and growing adoption of modern mining operations has enabled the usage of eco-friendly and high-performance polymers which is likely to drive the regional growth.
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