PUBLISHER: Grand View Research | PRODUCT CODE: 1512001
PUBLISHER: Grand View Research | PRODUCT CODE: 1512001
The global geomembrane market size is anticipated to reach USD 2.85 billion by 2030. The market is expected to register a CAGR of 5.4% from 2024 to 2030, according to a new report by Grand View Research, Inc. This market growth can be attributed to the increasing shale gas production capacity in the U.S. and Canada and extensive mining activities in South America. Geomembranes are used to provide line storage and disposal ponds for freshwater required during hydraulic fracturing in the exploration and production of unconventional sources such as shale gas and tight oil.
Geomembranes provide a lining to flow backwater, a by-product comprising high level of salt and chemicals used in the hydraulic fracturing process. It also acts as a lining system to prevent contamination from pollutants in the ground in residential structures, commercial buildings, and airport and metro station infrastructure. Growing construction industry in India and China on account of favorable regulatory support to improve infrastructure at the domestic level is expected to drive the adoption of geomembranes over the forecast period.
Companies are likely to establish partnerships with e-commerce platforms in order to ensure that buyers have timely access to their geotechnical offerings. One of the major consumers of geomembranes is the mining industry. They act as containment in the form of a hydraulic barrier for water and some gases in landfill applications. They have various environmental applications as they offer easy installation, mechanical & hydraulic consistency, versatility, and cost-effectiveness. These factors are expected to drive the market. The application of geomembranes is growing in several industries such as petrochemical, construction, and wastewater treatment.
The increased spending on infrastructure and rising awareness of water management is expected to further drive the market over the forecast period. However, the emergence of other geotechnical products, such as geosynthetic clay liners and geocomposites for environment protection, is expected to remain a key challenge during the product positioning for geomembrane manufacturers. Fluctuations in crude oil prices are restraining the growth of the market. Most of the raw materials to manufacture geomembranes are petroleum-based and vulnerable to crude oil price volatility.
Geomembrane manufacturers distribute their products through direct supply or third-party supply agreements with companies such as HBB, Ayyappa, and Bluebay Building products. These distributors, as well as the geomembrane manufacturers, further supply the product through installers and fabricators, such as Triumph Geosynthetics, Enviroseal, FC Geosynthetics Inc., Cofra, and VertaseFLI. Fabricators or installers manipulate geomembrane by using paneling and welding as per the requirement from the buyer's side.