The global U.S. geosynthetics market size is expected to gain momentum by reaching USD 3.59 billion in 2028. This information is published by Fortune Business Insights™ in its report, titled, “U.S. Geosynthetics Market, 2021-2028.” The report further observes that the market stood at USD 2.27 billion in 2020 and is projected to exhibit a CAGR of 6.1% during the 2021-2028 period. As per our researchers, the increasing focus on infrastructural developments has escalated to the widespread utilization of geosynthetics and its derivatives. This is projected to augment the market growth during the forecast period.
Disrupted Supply Chain to Affect Synthetic Material Extraction from Crude Oil in COVID-19
While the severity of COVID-19 is unknown to humanity and has no clue how it will affect civic health and the global economy, the virus is a factor of worldwide insecurity and anxiety. Besides, such pandemics usually produce only a short-term economic influence. It can have few grave effects on specific sectors of the global economy. Among all these sectors, the oil business is hit with negative pandemic effects. As synthetic material is derived from crude oil, the loss in extraction resulted negatively.
The COVID-19 outburst arises when the oil market is at its weakest and costs are compressing. Because of the potential of the virus to additionally disrupt businesses, the oil industry is alarmed. The U.S. oil industry is significantly reliant on oil production combined with the growth in the shipping sector and growing energy demand. As a result, the U.S. economy constantly capitalizes on petroleum-based goods. Nonetheless, due to the occurrence of COVID-19, a huge collapse in demand for petroleum products has been observed globally as well as in the U.S. which outcomes in a breakdown in oil rates.
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Report Coverage
The report delivers an exhaustive study of the market segments and a detailed analysis of the market overview. An insightful assessment of the existing market trends and the forthcoming opportunities is offered in the report. The COVID-19 impacts have been added to the report to assist stockholders and trade owners in comprehending the intimidations proficiently. The report emphasizes the crucial players and their noteworthy tactics to stay in the highest position.
Segmentation
On the basis of product, the global market is categorized into geotextiles, geomembranes, geogrids, geonets, geocells, geofoams, geosynthetic clay liners (GCLs), and geocomposites.
The geotextiles segment held the highest U.S. geosynthetics market share in 2020 and is anticipated to endure its domination in the foreseeable future. Rising product utilization in construction applications such as roads, railroads, landfills, drainage, and harbors to augment soil stabilization shall further anticipate market growth.
Drivers and Restraints
Geogrid Composite Support for Enduring Pothole Prevention to Boost Product Demand in the Market
Road surface unsteadiness and destruction typically result from terrible soil circumstances, climatic effects, under-developed drainage systems, and augmented traffic load. Nevertheless, risen heaviness of the automobile and axle loads of transportation can result in road cracking. In terms of street security and budget problems, damage due to cracks in asphalt roadways is measured as one of the major issue, mainly confronted by highway maintenance engineers. Several engineers aim for long-term and better efficiency reparation of geosynthetic constituents such as strengthened geogrids.
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However, the raw material utilized to produce extended polystyrene (EPS) geofoam is polystyrene polymer. This constituent is susceptible to the petroleum rates because of the application of resins in manufacturing geofoam constituents that are petroleum derivatives. Synthetic materials are extracted from crude oil. Therefore, variations in the crude oil or petrol rates can considerably impact the U.S. geosynthetics market growth.
Competitive Landscape
Companies Expand their Businesses to Gain Regional Supremacy
Prominent players in the market often team up with their expert advisors to seek advice on pushing their way to the top and withholding that position. They apply effective strategies such as launching products, expanding company territory, signing partnerships, and many other such strategies. For instance, in October 2018, TenCate Geosynthetics Americas extended its nonwoven manufacturing of geotextiles series over its Jefferson, GA plant. The manufacturing line is anticipated to produce progressive polyester and polypropylene goods.
Industry Development
November 2020: Ferguson PLC announced the successful acquisition of Old Dominion Supply Inc., which is an HVAC parts supplier and delivers in the northern Virginia and Maryland area, and Atlantic Construction Fabrics Inc. (ACF), which is a geotextile firm functioning alongside the East Coast. This acquisition is stated to widen the Ferguson product collection and magnify its global influence.
List of Key Players Covered in this Market:
- GSE Environmental (Texas, U.S.)
- Texel Technical Materials, Inc. (Québec, Canada)
- SKAPS Industries (Georgia, U.S.)
- Fibertex Nonwovens A/S (Aalborg, Denmark)
- Tensar International Corporation (Georgia, U.S.)
- HUESKER (Gescher, Germany)
- Strata Systems, Inc. (North Carolina, U.S.)
- AGRU AMERICA, INC (South Carolina, U.S.)
- Berry Global, Inc. (Indiana, U.S.)
- Owens Corning (Ohio, U.S.)
- Nilex Inc. (Alberta, Canada)
- Maccaferri Inc. (Bologna, Italy)
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