The global geomembrane market is expected to reach USD 2.08 billion by 2022, according to a new report by Grand View Research, Inc. Increasing expenditure for the implementation of waste and water management programs in countries such as India, China, Germany and Russia is expected to drive demand.
Waste management is expected to witness growth at a CAGR of 3.9% from 2015 to 2022. It is used as a lining agent for preventing contamination of groundwater caused by leakage of landfills. In addition, it also minimizes wrinkles and provides stability on steep side slopes in landfill sites.
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Further key findings from the report suggest:
· Global geomembrane demand was 780.9 million square meters in 2014 and is expected to exceed 1,000.0 million square meters by 2022.
· Demand for the product in water management exceeded 130.0 million square meters in 2014. Increasing importance of leakage protection for storage reservoirs, ponds and golf courses is expected to promote the application of water management practices in municipal and manufacturing sectors.
· PVC is expected to witness growth at a CAGR of 4.5% from 2015 to 2022 in light of its properties such as high degree of flexibility; reduced expansion coefficient and excellent elongation percentage. They are widely used for lining canals for irrigation, landfill and pond liners to prevent seepage.
· Latin America geomembrane market is likely to be valued at USD 241.3 million by 2022. In June 2013, the government of Brazil announced royalty increment on mineral production at a percentage from 2% to 4% for mining companies. This initiative is aimed at increasing the mining expenditure in Brazil and thus likely to open new markets over the forecast period.
· In April 2014, the government of Mexico announced the National Infrastructure Plan (2014-18) with an investment of USD 587 billion over a period of four years for infrastructure improvement in energy, urban development, transportation, communication and healthcare sectors at domestic level. North America geomembrane market is expected to grow at a CAGR of 2.4% from 2015 to 2022, in terms of volume.
· MEA market is expected to account for 5.6% of the global volume by 2022. Middle East is expected to emerge as a lucrative market for construction in light of supportive regulations to boost manufacturing output of automotive, petrochemicals, and pharmaceutical sectors at domestic level. Governments of Middle East countries have prioritized infrastructure improvement as a part of reducing economical reliance on upstream sectors.
· Majority of the market players have established their units in North America and Europe in light of high prevalence of suppliers of extrusion and calendaring machines in the regions. Key market players include CETCO, GSE Holdings, Bridgestone America, Nilex, Solmax International Inc. and NAUE.
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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