The global geomembrane market size is expected to reach USD 2.43 billion by 2025, according to a new report by Grand View Research, Inc., progressing at a CAGR of 4.9% over the forecast period. Expansion of the agriculture sector and increasing production capacity of shell gas are the major growth drivers.
Geomembrane can be used as a lining system in commercial buildings, residential structures, and infrastructure. Booming construction sector in South East Asia is projected to benefit the market expansion. Indonesia, Malaysia, Thailand, and Vietnam are expected to witness growth owing to increasing construction spending for developing residential and commercial buildings. Indonesia is one of the most populous countries in the world and the construction sector plays an important role in its economy.
China’s National Energy Administration (NEA) and the Chinese Government plans to accelerate the advancement of the country’s shale gas industry. The Chinese Government further supports the development process by offering financial support to qualifying developments. In addition, presence of large shale gas reserves in China, Australia, and India is expected to drive the shale gas market.
Booming metals and mining sector in emerging countries is estimated to benefit market expansion in the forthcoming years. India will witness significant surge in the metal and mining sector owing to infrastructural development, rising automotive production, and growth of power and construction sector. Ample resources including iron ore, bauxite, and coal are expected to create new opportunities over the forecast period. Presence of major players including Coal India Limited, Hindalco, National Mineral Development Corporation Ltd., NALCO, BALCO, Singareni Collieries Company, Reliance Natural Resources, and SAIL will propel the mining sector growth in the country.
Rising importance of geosynthetic materials in the construction and mining sectors on account of favorable properties, such as drainage control, containment, and landfill control, has compelled companies to increase their expenditure on the development of new products, including geosynthetic clay liner and geonets.
Geosynthetic clay liner is expected to remain one of the superior products that finds applications in providing landfill cover as well as containment control in the mining and construction industries. It can be used in numerous applications including highway and civil construction, mining, ponds, landfill, secondary containment, and landfill caps.
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Further key findings from the study suggest:
- In terms of revenue, HDPE raw material segment is anticipated to reach USD 762.3 million by 2025 at a CAGR of 4.7%
- In terms of revenue, waste management application segment is projected to expand at a CAGR of 4.5% over the forecast period
- In terms of revenue, mining application segment led with a market share of 39.4% in 2018
- The Europe geomembrane market is anticipated to reach 241.1 million square meters by 2025
- In terms of revenue, Middle East and Africa is projected to register a CAGR of 6.0% over the forecast period. Growth of mining sector is projected to contribute to the regional expansion
- Some of the key companies present in the market are CETCO; GSE Holding, Inc.; Geofabrics Australasia Pty. Ltd; AGRU Kunststofftechnik GmbH; and Carthage Mills Erosion Control Company, Inc.