Geomembranes Market Anticipated to Witness a Robust Growth with a CAGR of 8.3% by 2025, Finds MarketsandMarkets™
The global geomembranes market size is expected to grow from USD 2.1 billion in 2020 to USD 3.2 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 8.3%. The major driving factors are increasing mining activities in APAC and South America and the growing concerns towards waste and water management activities.
The recent COVID-19 pandemic is expected to impact the global economy. COVID-19 led the industrial sector into an unknown operating environment, globally. Government restrictions regarding lockdown have severely impacted the mining and construction industries. Logistical constraints, manpower shortages, and government restrictions have forced these industries to close down, hence, disrupting industrial activities. Major economies such as the US, China, India, and others face the brunt of the COVID-19 pandemic.
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HDPE membranes are the fastest-growing type segment and are likely to lead the market in terms of value between 2020 and 2025. These membranes are chemical resistance, UV resistance, aging resistance, and have long term durability, high stability, and excellent flexibility. HDPE membranes outstanding properties combined with low cost and easy availability are expected to help the high growth during forecast period.
Waste management is the fastest-growing application of the geomembranes market owing to the increasing environmental concerns. Geomembrane liners protects the ground water, a geomembrane cap contains landfill gas and covers prevent evaporation or contamination of valuable resources such as potable water and prevents odour emission. PVC geomembranes are the most suitable for this application due to their high elongation and durability. Increasing amount of municipalas well as industrial waste is the major factor leading to the highest growth rate in the market.
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The major geomembranes vendors include Solmax (Canada), Raven Industries (US), AGRU (Austria), Carlisle Construction Materials LLC (US), Atarfil (Spain), PLASTIKA KRITIS (Greece), JUTA (Czech Republic), Maccaferri (Italy), Firestone Building Products (US), The NAUE group (Germany), Anhui Huifeng New Synthetic Materials (China), Carthage Mills (US), Environmental Protection (US), Geofabrics (Australia), Geosynthetics Limited (UK), Ginegar Plastic Products (Israel), Global Synthetics (Australia), Layfield Group (Canada), CETCO (US), Nilex (Canada), SOTRAFA (Spain), SOPREMA (France), Texel Industries Limited (India), Titan Environmental Containment (Canada), and US Fabrics (US). These players have adopted various growth strategies, such as investment, expansion, merger, and acquisition, to expand their presence in the geomembranes market further. Expansion and acquisitions have been the most dominating strategy adopted by major players from 2017 to 2020, which helped them broaden their production capabilities and customer base.
Raven Industries (US) is a major player in the geomembranes market and invests strongly in strategic developments. It has adopted expansion and acquisition as its key growth strategies in the recent years. In January 2020, the company opened a new facility in Waynesboro, Virginia. This expansion will help the company to provide a heightened level of service and faster product delivery to customers of its energy, geomembrane, and construction markets in the East Coast region of the US.
Atarfil (Spain) is progressing in the geomembranes market by focusing on acquisition and expansion strategy. The company established its first US manufacturing & distribution facility in Suffolk, Virginia, in September 2017. Atarfil invested around USD 5.1 million for this expansion. This new facility helped the company serve the US market.
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