SOUTH ASIA GEOSYNTHETICS MARKET ANALYSIS

South Asia Geosynthetics Market was valued at US$ 1,404.8  Mn in 2022, and is expected to exhibit a CAGR of 13.1 % over the forecast period (2023-2030) and is expected to reach US$ 3,775.5  Mn by 2030. Rising demand from water containment and canaling projects is projected to accelerate the market growth of geosynthetics. In addition, the growing development of road and rail networks in South Asia is expected to augment the growth of geosynthetics.

South Asia Geosynthetics Market - Impact of Coronavirus (COVID-19) Pandemic

The recent coronavirus outbreak negatively affected the market on South Asia geosynthetics market. The severe disruptions in various manufacturing and supply-chain operations caused by various precautionary lockdowns imposed by governments to combat disease spread result in massive financial losses for the market. As a result of the COVID-19 pandemic, several industries such as construction & building, electrical & electronics, textile, and other industries have been halted due to a logistical bottleneck and a global shortage of manpower. On the other hand, due to shut down of road and rail network projects have ceased suddenly which further negatively impacted the growth of the South Asia geosynthetics market. Additionally, the usage of geosynthetics are used in water containment and canaling projects, however, the shutdown of construction projects is limiting market growth during the pandemic. Over the forecast period, the described factors will have a negative impact on the market's revenue growth path.

On the positive side, as COVID-19 cases decline, the market is expected to revive as individual regulatory bodies begin to relax these enforced lockdowns. The operations that have been halted and canceled will continue, and as a result, it is anticipated that the market will grow. As a result, the market will recover and grow, following COVID-19.

South Asia Geosynthetics Market: Growth Drivers

Growing development of road and rail networks in South Asia

The growing development of road and rail networks in South Asia is expected to augment the growth of geosynthetics. In the development of road and rail infrastructure, it is used to base reinforcement, filtration & drainage facility, subgrade stabilization, and separation, absorption of overlay stress, and reinforcement. In the rail network, it enhances stress propagation and offers improved stability. Thus, the rapid development of road &rail networks is expected to foster the growth of the South Asia geosynthetics market.

Figure 1. South Asia Geosynthetics Market, By Product Type, in 2022

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Rising demand from water containment and canaling projects

Rising demand from water containment and canaling projects is projected to accelerate the market growth of geosynthetics. Geosynthetics are widely used in waterproofing applications to prevent water absorption. Moreover, growing initiatives from the government to promote the development of water containment projects due to the rising demand for water around the globe is expected to accelerate the market growth of geosynthetics.

South Asia Geosynthetics Market: Market Restraints

Lack of skilled labor Lack of awareness about the benefits of geosynthetics

Lack of skilled labor for the application of geosynthetic materials in construction projects is projected to restrain the growth of the South Asia geosynthetics market. Moreover, fluctuating prices of raw materials used for the manufacturing of geosynthetic materials are further anticipated to hamper the market growth over the forecast timeframe.

Figure 2. South Asia Geosynthetics Market, By Country, 2022

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Lack of awareness about the benefits of geosynthetics

Lack of awareness regarding the benefits of geosynthetic products among contractors is expected to restrict the market growth of geosynthetic. Geosynthetic materials prevent soil erosion, offer reinforcement to the soil, and keep the layer intact. Across the developing countries of South Asia, there is a lack of awareness regarding the benefits of geosynthetic materials and this factor is projected to hinder the market growth.

South Asia Geosynthetics Market: Market Segmentation

On the basis of product type in 2022, Geotextile is accounted for the largest market share. Geotextiles are planar, permeable polymer fabrics that come in a variety of weaves and constructions, including woven, nonwoven, knitted, and stitched. Polypropylene, polyester, and natural fibers are typically used in its construction. Road buildings, drainage systems, breakwaters, land reclamation, and other uses for civil engineering incorporate geotextiles. Geotextile is also used in smaller landscaping projects to enhance the strength, stability, and general design of civil engineering projects. Thus, an increase in demand for geotextiles is expected to accelerate the South Asia geosynthetics market growth during the forecast period.

South Asia Geosynthetics Market: Country Analysis

On the basis of the country, AESAN dominated the South Asia geosynthetics market, in 2022, accounting for 41% share in terms of volume.

The building and infrastructure sectors are being propelled by the significant improvement in economic conditions in important ASEAN nations. The market for geosynthetics is anticipated to benefit greatly from significant infrastructure development plans in ASEAN nations, including Vietnam's goal to build 5,000 km of motorways by 2030 and Indonesia's plan to invest US$ 400 billion across hundreds of projects. The need for geosynthetic material is also being supported by attention to marine and inland water infrastructure, many public sector development programmes, and the expansion of the industrial sector.

On the other hand, India is expected to witness significant market growth during the forecast period. By increasing a portion of the union budget allocation for infrastructure, the Indian government is concentrating on the improvement of infrastructure and construction services. By building almost 60 km of roads every day by 2025, the Ministry of Road Transport and Highways of India (MoRTH) has set huge investment plans for road development projects in the future years. Furthermore, the construction industry is anticipated to grow by 6.2% a year between 2023 and 2026 as a result of steps done under the "Pradhan Mantri Gati Shakti Master Plan." The Indian government intends to invest in a number of construction projects, including the development of townships, the building of homes and businesses, the building of roads and bridges, the building of hospitals and educational institutions, and others.

South Asia Geosynthetics Market: Recent Developments

• In April 2022, NAUE Gmbh & Co. KG., geotextile offered coastal protection along with geosynthetics sand containers to the oceanfront of Thorpe, England.
• In October 2021, Geofabrics Australasia Pty Ltd., New Zealand and Australasia’s largest manufacturer of geosynthetic products, declared that it had acquired Plascorp Holdings Pty Ltd., Australia’s leading manufacturers of industrial products such as steel reinforcement, polyvinyl chloride (PVC) pipe, hose, and ducting.
• In October 2021, HUESKER Synthetic GmbH, offers geosynthetic building materials along with measurement technology which allows verification of design models, long-term and short-term structural monitoring, and others

South Asia Geosynthetics Market: Key Companies

Key players operating in the South Asia Geosynthetics market include Koninklijke TenCate NV., GSE Environmental Inc., HUESKER Synthetic GmbH, Geofabrics Australasia Pty. Ltd., Tensar International Corporation, Poly fabrics Australasia Pty Ltd., NAUE Gmbh & Co. KG., Global Synthetics Pty Ltd., and Enviro Geosynthetics Pvt. Ltd.

*Definition: Geosynthetics are excellent civil-engineered materials that are essential and indispensable for environmental applications such as reinforcing soil, separation, drainage, barriers, containment, and protection. These materials are made up of polymeric materials and are available in different types these include geotextiles, geonets, geogrids, vertical drains, geosynthetic clay liner, geomembranes pre-fabricated, geocells, and geocomposites.