Demand for Global Geomembrane Market Size to Surpass USD

September 13, 2022 14:50 ET | Source: Facts & Factors Facts & Factors

NEW YORK, United States, Sept. 13, 2022 (GLOBE NEWSWIRE) -- According toFacts and Factors has published a new research report titled “Geomembrane Market Size, Share, Growth Analysis Report By Raw Material (HDPE, LDPE, EPDM, PVC, and Others), By Technology (Extrusion, Calendering, and Others), By Application (Waste Management, Water Management, Mining, Lining Systems, and Others), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028” in its research database. 1.5mm Hdpe Membrane

Demand for Global Geomembrane Market Size to Surpass USD

“According to the latest research study, the demand of global Geomembrane Market size & share in terms of revenue was valued at USD 1.8 billion in 2021 and it is expected to surpass around USD 2.6 billion mark by 2028, growing at a compound annual growth rate (CAGR) of approximately 5.5% during the forecast period 2022 to 2028.”

During geotechnical engineering operations, geomembranes—large, impermeable liners—serve as protective barriers against liquids, gases, and other soluble contaminants. They are mostly produced utilizing elastomers, multi-layered bitumen geo-composites, and polyvinyl chloride (PVC), as well as high/low-density polyethene (H/LDPE) and geotextiles, infused with asphalt. They are frequently used for wastewater storage and waterproofing in man-made ponds, lakes, and swimming pools because of their high shear and tensile strength, resistance to high temperatures, ultraviolet (UV) rays, punctures, and abrasions.

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The market's demand for geomembrane has greatly increased due to the growth of aquaculture and fish farming. For instance, according to the Food and Agriculture Organization of the United Nations (FAO), over the past 25 years, there has been a 122% increase in fish consumption, and aquaculture has increased by 527% to meet that need. Currently, 7% of all proteins and 17% of all animal proteins consumed worldwide are derived from fish. It is anticipated that global edible fish consumption would increase by 18% by 2030 compared to 2018. Fish for food is already primarily produced by aquaculture. It will satisfy 58% of world demand by 2029. The product is the main driver of the global geomembrane market expansion since it is widely utilized for landfill and wastewater treatment. The need for geomembrane to construct potable water reservoirs is growing as the storage and provision of water become an increasingly important aspect of population expansion and development.

However, one of the main restraints on the growth of the geomembrane market is the fluctuation in raw material prices. Contrarily, it is anticipated that during the projection period, the geomembrane market would present attractive prospects due to rising infrastructure spending and increased awareness of water management.

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Geomembrane Market: COVID-19 Impact Analysis

The epidemic caused by COVID-19 has a huge influence not just on the economy, but also on individuals all around the world. For example, projections made by the International Monetary Fund (IMF) indicate that the global economy will decrease by 3.0% in the year 2020. According to the International Monetary Fund (IMF), the epidemic has forced the global economy to enter into its most severe recession since the Great Depression of the 1930s.

Due to the fact that many countries are currently in a state of extreme lockdown, several industries have been forced to suspend their activities. Because construction and manufacturing have been halted as a result of the lockdown, there has been a decline in demand for geomembranes. The volatility in the price of crude oil during the COVID-19 era had a negative impact on the market growth of geomembrane since geomembrane is created from derivatives of crude oil. Additionally, geomembrane is manufactured from the derivatives of crude oil.

The global geomembrane market is segmented based on technology, raw material, application, and region.

The global market is divided into extrusion, calendering, and other categories according to technology. Due to its extensive applications in numerous processes, including groundwater protection, environmental protection, civil construction, and water consumption, the extrusion segment is expected to hold a substantial market share over the projection period. To create extruded geomembranes, thermoplastic materials like HDPE are also employed for thermal welding. It is projected that the widespread use of these materials and their strong development potential would boost the extrusion technology industry.

The global market is divided into HDPE, LDPE, EPDM, PVC, and others based on the raw materials segment. With a revenue share of over 30% in 2021, the HDPE sector led, and it is anticipated that this trend would continue throughout the projection period. Properties like simple installation and strong thermal stability are attributed to the segment's expansion. HDPE is chosen over all other raw materials because of its superior strength, a property that is desired in numerous applications. It is commonly used in the production of geomembranes due to its broad potential for growth in the mining and construction industries.

The global market is divided into waste management, water management, mining, lining systems, and others based on application. In 2021, the mining sector had the biggest market share, and it is anticipated that it would continue to dominate during the projection period. The usage of geomembranes in the mining industry—including the extraction of metals, non-metallic minerals, and energy—is quickly growing as a result of their resistance to adverse weather. The geomembranes used in the mining sector most frequently are for heap leach pads, wastewater runoff ponds, tailing ponds, processed water containment, floating covers, soil remediation, secondary containment, and tailings cap enclosures.

The global Geomembrane market is segmented as follows:

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The report also provides an in-depth analysis of the market's main competitors, as well as information on their competitiveness. The research also identifies and analyses important business strategies used by these main market players, such as mergers and acquisitions (M&A), affiliations, collaborations, and contracts. Some of the main competitors dominating the global Geomembrane market include - 

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The global geomembrane market is anticipated to be dominated by the Asia Pacific led by China and India. One of the major reasons for regional growth is the rapid industrialization and growing investment in infrastructural projects such as roads, construction, and others. For instance, the data for "China's investments and cooperation in countries along the Belt and Road" for January to December 2021 were made public by the Chinese Ministry of Commerce (MOFCOM) on January 21, 2022. These figures show that non-financial direct investments by Chinese companies amounted to roughly US$20.3 billion in nations "along the Belt and Road." In addition, 560 new projects with contract values over US$100 million were been signed. Thus, these types of investments create opportunities for manufacturers and influence market growth.

Throughout the forecast period, North America is expected to grow significantly. Due to the significant presence of the mining sector in Mexico for the extraction of silver, PVC geomembrane ought to be employed more frequently in heap leach mining applications. Additionally, it is projected that increasing shale gas extraction and interest in waste management applications will propel the market.

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Demand for Global Geomembrane Market Size to Surpass USD

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