The global geomembrane market is projected to witness a rapid growth with a healthy compound annual growth rate (CAGR) by 2022. The rising expenditure for waste management practices in oil & gas, construction, and mining industries is anticipated to spur the market growth. The product is utilized for pond liners, water treatment, landfills, aquaculture, and tunnels due to the superior properties such as tremendous resistance against puncture / tear and better tensile strength. The global market is categorized as per applications, raw materials used, technologies, and regions.
The application segment is divided into tunnels & civil construction, mining, and water & waste management. Mining was the dominant application sector in 2014. The rising application of containment solutions & landfills in the mining sector is expected to boost the product demand. Water management is also expected to have lucrative gains growing at a decent CAGR from 2015 to 2022, mainly due to the increasing usage of geosynthetics on a global level. Tunnel & civil construction is also anticipated to witness a lucrative growth on account of developments in the construction sector in the Asia-Pacific and the Middle East regions.
The segment of raw materials of the geomembrane market comprises Low-Density Polyethylene (LDPE), High-Density Polyethylene (HDPE), Polyvinyl Chloride (PVC), and Ethylene-Propylene Diene Monomer (EPDM). Polyvinyl chloride is expected to experience a decent growth in the next few years due to its excellent flexibility and easy installation. High-density polyethylene was the commonly utilized raw material. Ethylene-propylene diene monomer is likely to be the fastest-growing sector as it offers good weather resistance and superior durability. Low-density polyethylene is also anticipated to experience a rapid growth during the estimated period (2015–2022).
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The technology segment consists of calendaring and extrusion. Geomembrane is manufactured using extrusion procedure. This procedure creates materials with tailored shapes, textures, and thickness that suit a variety of applications. The calendaring technology is being widely adopted by various companies for the polymer processing so as to provide high tolerance levels. Several other technologies, including spread coating, are said to have slow growth due to limited production scope.
The Asia-Pacific region is anticipated to have considerable gains due to the existence of mining bases in India, Australia, and China. Moreover, these nations have framed a number of initiative programs for increasing the crude oil & petrochemical production. As a result, the global market is said to have tremendous growth prospects in exploration rigs & refineries. The North America is also expected to have a decent growth in the near future. The Middle East & Africa is said come up as a lucrative market for the constructions segment.
Some of the major participants of the geomembrane market are Agru America, Solmax International Inc., and Officine Maccaferri S.p.A.
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