Key companies profiled in the U.S. Geosynthetics Market Research Report are GSE Environmental (Texas, U.S.), Texel Technical Materials, Inc. (Québec, Canada), SKAPS Industries (Georgia, U.S.), Fibertex Nonwovens A/S (Aalborg, Denmark), Tensar International Corporation (Georgia, U.S.), HUESKER (Gescher, Germany), Strata Systems, Inc. (North Carolina, U.S.), AGRU AMERICA, INC (South Carolina, U.S.), Berry Global, Inc. (Indiana, U.S.), Owens Corning (Ohio, U.S.), Nilex Inc. (Alberta, Canada), Maccaferri Inc. (Bologna, Italy), and more players
Pune, India, Aug. 03, 2021 (GLOBE NEWSWIRE) -- The global U.S. geosynthetics market size is expected to gain momentum by reaching USD 3.59 billion in 2028 at a CAGR of 6.1% during the 2021-2028 period. This information is presented by Fortune Business Insights™ in its report, titled "U.S. Geosynthetics Market Size, Share & COVID-19 Impact Analysis, By Product (Geotextiles, Geogrids, Geomembranes, Geonets, Geocells, Geofoams, Geosynthetic Clay Liners, Geocomposites) and Forecast, 2021-2028." The report further mentions that the market stood at USD 2.27 billion in 2020. According to our researchers, the increasing infrastructural activities have given rise to extensive usage of geosynthetics and its by-products. This is expected to enhance the market growth during the forecast period.
The global pandemic, COVID-19, has resulted in several economies facing unprecedented loss. Owing to the lockdown announced by the government agencies globally, several manufacturing facilities have been at a standstill with limited operational activities. However, a collective effort from the government and the industries to bring the economy back is expected to boost the market growth during the forecast period.
Declined Construction Activities in the U.S. to Hinder Market Growth
The total population affected by COVID-19 is surging with each passing day, which is severely observed to hamper the construction industry's growth. The supply chain has been disrupted due to government impositions of lockdowns, labor scarcities, and companies' fronting economic downturn and concern regarding maintaining several agreements. Several construction resources are required for infrastructural development, but due to transportation limitations, it is impossible to transport them to the construction site, obstructing the construction projects.
The USA economy reduced by 4.8% during the 1st quarter of 2020 on coronavirus outbreak, which shut down the nation. In 2019, the construction industry in the United States contributed about 4.1% to the GDP. Of which, there exist around 70,0000 construction firms. Around 11.2 million people are employed in the construction field. Nearly 45% of suppliers are fronting devastation owing to the halt in the work process. COVID-19 outbreak has elevated the unemployment level by 14.7% as of April 2020, and employee lay-offs touch 20.5 million. Besides, as per an inspection lead by the Associated General Contractors of America, over 25% of member corporations in the U.S. have terminated or detained work on schemes due to COVID-19 limitations. The online assessment, directed by the association in March 2020, states that 28% of the participants said government officials or owners notified them to delay the current developments. Additionally, 22% of people responded that a dealer had declared late distributions, and some even denied it.
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We have implemented an exhaustive research technique that comprises statistics triangulation based on the well-known bottom-up and top-down approaches. Our investigators have lead methodical primary research and secondary research to validate the valued size of the market for the U.S. geosynthetics. The facts applied to portray the shares for numerous segments at the national, regional, and global levels are excavated from comprehensive interviews with countless experts. Our analysts have also mined information from financed databases, industry periodicals, SEC filings, and many other equivalent resources.
Drivers and Restraints
Surging Demand for the Product in Infrastructure Industry to Bolster Growth
Surging government expenditure on infrastructure schemes such as bridges, dams, airports, rails, roadways, and others is expected to promote the construction market growth. The United States construction market is the principal economic provider. For instance, the Trump Administration confirmed its infrastructural strategy worth USD 1.5 trillion to augment the bridges, roads, schools, clean energies, ports, and other communal facilities. Furthermore, in April 2021, the U.S. Senate Republicans revealed USD 568 billion infrastructure offer, where the capital encompassed USD 299 billion for bridges & roads and USD 61 billion for community transportation.
Geosynthetic constituents are applied in numerous construction actions to boost drainage, control vaporization, bound erosion, and reinforce infrastructure to endorse buildings protection and durability. Numerous roles of geosynthetics in civil engineering and construction contain corrosion regulator blanket to guard gradient at the top, evade erosion, basal reinforcement to upkeep the soil fortification structure, and purification behind all hydraulic structures. This is anticipated to boost the U.S. geosynthetics market growth in the upcoming years.
Leading Companies Initiate Acquisitions to Broaden their Brand Value
The key players in the market opt for opportunities to conquer the global market in terms of revenue. They apply effective strategies to widen their brand value and strengthen their position in the market. One such efficient strategy is to acquire a company and together represent it as one robust company. For example, in June 2019, Ferguson Enterprises completed Action Plumbing Supply and Innovative Soil Solutions to magnify the erosion monitoring abilities and geotextile profession in the U.S.
On the basis of product, the market is categorized into geotextiles, geomembranes, geogrids, geonets, geocells, geofoams, geosynthetic clay liners (GCLs), and geocomposites.
The geotextiles segment held the highest U.S. geosynthetics market share in 2020 and is anticipated to endure its domination in the foreseeable future. Rising product utilization in construction applications such as roads, railroads, landfills, drainage, and harbors to augment soil stabilization shall further anticipate market growth. Whereas the geogrids segment held a significant share of 12.7% as of 2020.
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Fortune Business Insights™ lists out a few of the renowned companies present in the u.s. geosynthetics market. They are as follows:
GSE Environmental (Texas, U.S.)
Texel Technical Materials, Inc. (Québec, Canada)
SKAPS Industries (Georgia, U.S.)
Fibertex Nonwovens A/S (Aalborg, Denmark)
Tensar International Corporation (Georgia, U.S.)
HUESKER (Gescher, Germany)
Strata Systems, Inc. (North Carolina, U.S.)
AGRU AMERICA, INC (South Carolina, U.S.)
Berry Global, Inc. (Indiana, U.S.)
Owens Corning (Ohio, U.S.)
Nilex Inc. (Alberta, Canada)
Maccaferri Inc. (Bologna, Italy)
Key Industry Development
January 2019: Fibertex Nonwovens announced the successful acquisition of a novel-build spun lacing manufacturing business in the U.S. This deal is expected to further extend Fibertex's occupation in the North American regional market. The present production line holds an annual volume of about 14,000 tons, and the location can be extended with supplementary manufacturing lines.
Detailed Table of Content:
Definitions and Assumptions
Recent Industry Developments - Policies, New Product Launches, and Mergers & Acquisitions
Qualitative Insights – Impact of COVID-19 on U.S. Geosynthetics Market
Supply Chain Challenges
Challenges & Opportunities in COVID-19 outbreak
Steps taken by Government/Companies to overcome this impact
Browse Detailed Research Insights with Table of Content:
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