Recessionary pressures induced by a general slowdown in the construction industry through 2019 and tumbling into a freefall during 2020 owing to the coronavirus pandemic have substantially weighed down growth prospects for the global geocells market, according to ESOMAR-certified market research firm Future Market Insights. Fortunately, this downswing is gradually eroding, with the public infrastructure sector emerging from the pandemic induced doldrums.
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Notwithstanding the setback in 2020, global infrastructure investment is expected to reach US$ 94 trillion by 2040, representing a 19% increase as compared to current growth projects, according to Oxford Economics. With annual investment rates amounting to US$ 3.7 trillion, proportion of GDP allocation to infrastructure development will have to increase to 3.5%. This trend is already being realized as emerging economies such as China and India are likely to augment their infrastructure spending.
Initiatives such as the National Smart Cities Mission in India and the New Silk Road Initiative in China are anticipated to stimulate development of an extensive network of roadways, railways and ports. Consequently, demand for geocells for earth reinforcement and soil erosion prevention is expected to incline substantially, broadening growth prospects through 2021 and beyond.
Key Takeaways from FMI’s Geocells Market Study
By application, earth reinforcement to account for maximum revenue generation through 2021
HDPE manufactured geocells to account for nearly seven out of ten sales, demand for other polymer alloys surging
US to remain the dominant market across North America, pivoted by smart technology integration and enforcement of new deployment standards
Efforts to rein in soil erosion resulting from poor farming practices to heighten geocells deployment across the UK
Germany to experience substantial growth in geocells usage amid heightened funding to bolster transportation infrastructure
Promotion of greenroofs as part of the National Smart Citied Mission to widen geocells deployment across India
China to emerge as a heavyweight, driven by intense investments to bolster national and international transport infrastructure
“Exponentially rising global population is prompting enhanced public and private infrastructure investments, with concepts such as greenroofs becoming highly mainstream, thus generating heightened geocells demand during the construction process,” comments the FMI analyst.
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The global geocells market landscape is characterized by the presence of a multitude of global and regional level players, rendering the market highly competitive in nature. A combination of expansion strategies, including customized solution offerings, expansion of R&D capacities and penetration of new and emerging markets, are relied upon by the manufacturers.
For instance, Tensar International Ltd. offers the Tensar TX TriAx® and Tensar TriAx® TX-G geocells. The former offers multi-directional tensile stiffness of biaxial geogrids, near isotopic tensile properties, through 360o. In the latter, existing TriAx technology is combined with a non-woven geotextile laminated to the geogrid structure, providing additional filtration and separation and preventing adverse effects on performance.
Strategic mergers are also an important market expansion strategy relied upon by certain manufacturers. For instance, in May 2020, Freudenberg acquired a 100% stake in Low & Bonar PLC, integrated in the former’s performance materials business group. The company was a prominent global manufacturer of technical textiles.
More Valuable Insights on FMI’s Geocells Market
In its latest report, FMI offers an unbiased analysis of the global geocells market, providing historical data for the period of 2016-2020 and forecast statistics for the period of 2021-2031. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of application (slope protection, earth reinforcement, load support, tree root protection and channel protection) and material type (HDPE, PP, polyester and other polymeric alloys) across seven major regions.
Name: Mr. Abhishek Budholiya
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Organization: Future Market Insights
Release ID: 89041491