Geomembranes Market size is set to growth with 4.69%CAGR through 2026
Geomembranes Market growth is witnessing 4.69% CAGR driven byadaptability of geomembranes for a wide variety of applications with benefits ofimpact resistance, tensile strength, and anchorage strength. In addition, increasing use of geosynthetic clay liner in lining systems anduse of geomembranes in mining applicationspositively impacts the market growth.
Large consumption of geomembranes by environmental regulatory bodies is an emerging trend driving the market growth. The geomembranes marketis driven by implementation of several regulations for waste management and increase in utility of geomembranes to tackle pollution problems.
However, volatile raw material prices, lack of commercialization & quality control are among the factors hampering themarket growth.
Environmental awareness opens up huge opportunities across the Geomembranes market
The globalrise in population and industrialization has resulted in a build-up of solid and liquid wasteand is creating huge Geomembranes market opportunities. Governments in manycountries are taking measures to solve the problems related to waste management and landfills.
Expenditure on the construction of roads and structures is set to increase during the forecastperiod. Accordingly, concern about leaching of hazardous materials into soiland growing awareness of erosion-control is expected to promote geomembranes usage worldwide.
Growing Mining Industry is set to shape the Geomembranes market value
Large consumption of geomembranes by Mining Industry drives the market growth. Geomembrane linersare primarily used in areas of mining inclusive ofsalt recovery from ponds, leaching of mineral-bearing rockand disposal of mineral rocks.
Moreover, many countries are mapping unexplored mining area, hence, ongoing development and exploration in theMining industry is likely to create potential market opportunity in the long term period.
In addition, HDPE or LDPElining geomembranes are penetrating market growth with their wide adoption in heap leach mining for waste management.The growing awareness about the environment and increased focus toward green vegetation drives the market growth.
Further, key vendors are focusing on manufacturing HDPE geomembranes with its benefits of easy availability of raw material and low manufacturing cost.
Asia Pacific is set to growth across Geomembranes market
Huge infrastructure and industrial development across Asia Pacific is driving the market growth during the forecast period.In addition, key players are marketing with keen focus across developing countries to cater unmet needsof high-quality geomembranes for waste and water management.
Ongoing government initiatives in India and China to curb problems of disposing waste through geomembranes lined landfill activities with advantage of low hydraulic conductivity to prevent water leakage from the landfill is propelling market growth over the forecast period. In addition, China is emerging as a profound supplier of geomembranes for waterproof and environmental projects across the global geomembranes market.
Major players are marking strong market share characterized by product innovation and strategic partnerships
Key market players are driving research and development along with commercializingof new products and services by entering into strategic alliances. For instance, in 2019, successful integration of the Solmax and GSE Environmental businesses took place to form a single strong global entity, SolmaxInternational, Inc.
In addition, major vendors in the Geomembranes market are investing to manufacture geomembranes that possess several benefits.Key OEMS are manufacturing high quality geomembranes containing pure PE polymer, carbon black, antioxidants and thermal stabilizers to comply with requirements of no presence of plasticizers or fillers that could migrate over time.MaccaferriMacLine product line isexample of such geomembranes manufactured by Officine Maccaferri S.P.A
GSE Environmental, LLC., Solmax International, Inc., Agru America, Inc., AtarfilSl, Naue GmbH & Co. Kg, Officine Maccaferri S.P.A, Colorado Lining International, Inc., PlastikaKritis S.A., Firestone Building Products Company, LLC, Carlisle Syntec Systems are key players contributing in geomembranes market share.