The Global Geomembranes Market size can touch a valuation close to USD 4.05 billion by 2023, showcasing a CAGR close to 9.5% from 20166 to 2023 (forecast period), as per a new report by Market Research Future (MRFR). Geomembranes are membrane liners produced to control chemical resistance of fluid or gas in the construction of infrastructural projects or systems. Multiple applications of Geomembranes across various industries to prevent pollution or corrosion of water is the primary factor driving its demand.
Regulations pertaining to groundwater exploration, policies for water contamination, and subsequent rise in mining for elements are factors anticipated to drive market growth. New environment protection laws and subsequent eco-friendly building codes outlined by governments can spur market demand over the forecast period. Development of new composite materials to be utilized in Geomembranes coupled with the boom in population is expected to have an indelible impact on the market.
Focus on innovation by players has extended the application of Geomembranes in geotextiles, Geocomposite drains, and technical textiles. Recent studies have discovered the improved shear stress performance of membrane lines in acting as a barrier in dams. The advantages of Geomembranes in preserving the environment and shortening the construction period can fuel its innovation even further. The use of Geomembranes as fillers for separating water and other toxic chemicals during groundwater extraction can further the market growth till 2023.
The Geomembranes Market is segmented by Type, Application, End-User, and Region.
By Type, the market is segmented into PP, PVC, LDPE, LLDPE, HDPE, EPDM, and others. The HDPE segment can account for maximum market share till 2023 owing to ease of installation and low production cost. In addition, its performance and stability in low temperatures makes it a viable choice for Geomembrane production.
By Application, it is segmented into oil & gas, waste & landfills, water storage, canals, mining, and others. The mining segment is anticipated to contribute the most to market demand owing to high requirement of membrane liners to assist in mineral extraction through various industrial processes. Rapid industrialization is also expected to fuel segment demand over the forecast period.
Major Market End-Users include building & construction, industrial packaging, water management, agriculture, aquaculture, petrochemicals, and others. The petrochemicals segment can augur market growth owing to renewal of shale gas extraction activities and relaxed mining guidelines in Chile and Australia. Demand for containment control and landfill covering is expected to bolster the segment demand over the forecast period. The industrial segment is anticipated to induce market demand owing to rising investments in renewable energy production and technological developments in geosynthetics.
Geographically, the market spans Latin America, North America, Middle East & Africa, Asia Pacific (APAC), and Europe. The APAC market is expected to enjoy a strong demand owing to applications in end-user industries such as building & construction, water management, agriculture, and aquaculture. Rising demand in China, India, Bangladesh, and Burma thanks to developmental projects is expected to bode well for the APAC Geomembranes Market.
The North America market is likely to experience a robust demand over the forecast period owing to rapid industrialization, growing environmental awareness, and presence of various Geomembrane manufacturers.
The Middle East & Africa market is expected a slow growth rate owing to lax environmental regulations in the regions of Africa and the Middle East.
Notable players in the Geomembranes Market include Solmax International, Inc. (Canada), Colorado Lining International, Inc. (U.S.), Firestone Building Products Company, LLC (U.S.), Carlisle SynTec Systems (U.S.), Plastika Kritis S.A. (Greece), GSE Environmental, LLC (U.S.), Agru America, Inc. (U.S.), Atarfil SL (Spain), NAUE GmbH & Co. KG (Germany), Officine Maccaferri S.p.A (Italy), and others. Acquisitions and mergers are strategies employed by these players to sustain their market standing. For instance, Solmax Inc. acquired the assets of Brawler Inc., a U.S. company to expand its business in new areas. The acquisition will benefit clients of Solmax that belong to the oil & gas industry.
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