Geosynthetics Market is Further Expected to Rise at an Impressive 9.1% CAGR by 2023

The competitive landscape of the global geosynthetics market is fragmented with the presence of several international and local players, says Transparency Market Research (TMR).  Some of the prominent players operating in the global geosynthetics market are TenCate Geosynthetics, Officine Maccaferri S.p.A., GSE Environmental, Inc., Low & Bonar PLC and NAUE Gmbh & Co. KG.

Officine Maccaferri S.p.A, GSE Environmental, Inc. and TenCate Geosynthetics accounted for the majority of share in year 2014.  Significant rise in number of regional players operating in the geosynthetics market is further expected to intensify competition in the geosynthetics market.

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In May 2014, GSE Environmental Inc, a key player in the geosynthetics market inaugurated a new manufacturing unit in Suzhou, China. Such initiatives by the players will expand production capacity in emerging region. Thus expected to remain a critical success factor for manufacturers during forecast period

According to the TMR, the global geosynthetics market was noted at a valuation of  US$ US$11.3 billion  in the year 2015. The market is expected to rise at an impressive 9.1% CAGR during the forecast period. Rising at this CAGR, the opportunities in the geosynthetics market are expected to surpass a revenue of US$20.8 bn by end of 2023.

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On the basis of product type, the geotextiles segment is projected to witness attractive growth by the end of forecast period. This is mainly due to the increasing demand for the geotextile from the end users. Based on the region, Asia Pacific is anticipated to lead the global geosynthetics market, the region is expected to account for 40.2% share in terms of volume by 2023.

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