Pune, India, May 31, 2023 (GLOBE NEWSWIRE) -- The GCC geocomposites market size was valued at USD 13.28 million in 2022 and is expected to expand from USD 13.78 million in 2023 to USD 18.23 million in 2030, exhibiting a CAGR of 4.1% over the estimated period. The surge is driven by the unique properties offered by the product that helps in tackling the numerous challenges encountered in construction activities. Some of the functionalities offered by these products include soil reinforcement, drainage, separation, and filtration.
This information is provided by Fortune Business Insights™ in its research report, titled “GCC Geocomposites Market Size, 2023-2030.”
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List of Key Players Mentioned in the GCC Geocomposites Market Report:
- ALYAF INDUSTRIAL CO.LTD. (Saudi Arabia)
- GEONATPET (Saudi Arabia)
- Genap BV (Netherlands)
- GAST Manufacturing, Inc. (South Africa)
- TenCate Geosynthetics Americas (U.S.)
- ABG Limited (U.K.)
- Officine Maccaferri Spa (Italy)
- Terram Geosynthetics Pvt. Ltd. (India)
- Ocean Global (India)
- Texofib (Saudi Arabia)
Report Scope & Segmentation:
| Report Attributes | Details |
| Forecast Period | 2023-2030 |
| Forecast CAGR | 4.1% |
| 2030 Value Projection | USD 18.23 Million |
| Market Size in 2022 | USD 13.28 Million |
| Historical Data | 2019-2021 |
| No. of Pages | 108 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
|
| Regions Covered |
|
| GCC Geocomposites Market Growth Drivers | Surge in Market Share Impelled by Growing Product Usage in Construction Sector |
| Saudi Arabia to Lead With Rising Demand for Composites In the Country |
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https://www.fortunebusinessinsights.com/gcc-geocomposites-market-107557
Segmentation:
Geotextile-Geonet Composites Segment to Register Substantial Expansion Impelled by Extensive Adoption Across Various Activities
By product, the market is divided into geotextile – geonet composites, geomembrane – geogrid composites, geotextile – geomembrane composites, geotextile – geogrid composites, and others. The geotextile – geogent composites segment dominated the segment in 2022 with a considerable pace over the forecast period. The rise is due to the increasing usage of geotextiles for the separation, filtration, reinforcement, protection, and drainage of soil.
Drainage Segment to Record Considerable Share Propelled by Considerable Usage in Landfill, Railways, and Road Applications
Based on function, the market is fragmented into reinforcement, drainage, separation, and others. The drainage segment is estimated to record substantial expansion over the study period. The surge is on account of the escalating product usage in an array of applications including railway and road construction.
Road & Highway Segment to Gain Prominence Owing to High Functionality in Road Building
By application, the market is segmented into road & highway, water & wastewater management, soil reinforcement, landfill & mining, and others. The road & highway segment is estimated to record considerable expansion over the projected period. The growth is due to the increasing product usage in road and highway construction in terms of maintenance, durability, and performance.
By country, the market for geocomposites is subdivided into Saudi Arabia, UAE, Qatar, and the rest of GCC.
COVID-19 Impact:
Market Share Impacted Due to Supply Chain Disruptions
The COVID-19 pandemic led to supply chain disruptions affecting the transportation and distribution of materials. Furthermore, numerous construction projects were canceled, postponed, or continued at a slower pace. This led to a drastic decrease in the demand for geocomposites considering the stalling of construction projects.
Report Coverage:
The report offers an account of the vital trends propelling industry expansion over the forecast period. It further gives an analysis of the key factors augmenting GCC geocomposites market share over the ensuing years. Additional aspects include partnership agreements, product launches, and other initiatives undertaken by major market participants for strengthening the positions of their businesses.
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Drivers and Restraints:
GCC geocomposites market growth is driven by the expanding regional construction sector, urbanization, and the economic diversification initiatives of the government. The expansion is further propelled by considerable investments in numerous projects such as power and water projects, transportation infrastructure, and tourism-related developments.
However, the industry growth could be affected by the fluctuating prices of raw materials.
Country Insights:
The Saudi Arabia market is expected to record substantial expansion over the forecast period. The surge is driven by the rising composite demand and the escalating product usage in infrastructure and construction development.
The UAE market for geocomposites is estimated to exhibit notable growth over the study period. The expansion is due to the growing investment in the reduction of maintenance costs and enhancing the lifespan of construction.
The Qatar market share is set to expand at an appreciable pace over the projected period. The rise is on account of the increasing product usage in a range of applications such as soil reinforcement, erosion control, drainage, and others.
Competitive Landscape:
Leading Companies Enter Collaborations to Strengthen Industry Position
Major industry participants are centered on the adoption of a series of initiatives for strengthening their market positions. These include merger agreements, acquisitions, partnerships, and the rollout of new solutions. For instance, in January 2022, Genap entered a partnership with Watershed Geo. The deal was focused on the installation and distribution of a synthetic end capping system for landfills called ClosureTurf.
Key Industry Development:
- April 2021 – Solmax entered an agreement for the acquisition of TenCate Geosynthetics. The deal will help enhance their geographical reach, operational capacity, and resources, enabling the establishment of a stronger position in the industry.
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Detailed Table of Content:
-
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Market Trends
- Key Developments: Mergers, Acquisition, Partnership, etc.
- Latest Technological Advancements
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
- Qualitative Insights on Impact of Covid-19 on the Market
- Supply Chain Challenges
- Steps taken by Companies to Overcome the Impact
- Potential Challenges and Opportunities due to COVID-19 Outbreak
- GCC Geocomposites Market Analysis, Insights and Forecast, 2019-2030
- Key Findings
- By Product
- Geotextile - Geonet Composites
- Geotextile - Geomembrane Composites
- Geomembrane - Geogrid Composites
- Geotextile - Geogrid Composites
- Others
- By Function
- Separation
- Drainage
- Reinforcement
- Others
- By Application
- Water & Wastewater Management
- Road & Highway
- Landfill & Mining
- Soil Reinforcement
- Others
- By Country
- Saudi Arabia
- UAE
- Qatar
- Rest of GCC
- Company Profiles (Overview, Product Portfolio, Recent Developments, Strategies, Financials (Based on Data Availability))
- ALYAF Industrial Co.Ltd.
- Overview,
- Product Portfolio,
- Recent Developments,
- Strategies,
- Financials (Based on Data Availability)
- GEONATPET
- Overview,
- Product Portfolio,
- Recent Developments,
- Strategies,
- Financials (Based on Data Availability)
- ALYAF Industrial Co.Ltd.
- Introduction
TOC Continued...!
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