Geomembranes Market: Introduction
Transparency Market Research delivers key insights on the global geomembranes market. In terms of revenue, the global geomembranes market is estimated to expand at a CAGR of 7.7% during the forecast period, owing to numerous factors regarding which TMR offers thorough insights and forecast in its report on the global geomembranes market.
The global geomembranes market is broadly affected by several factors, including rise in usage of geomembranes in the mining industry. The rise in demand for geomembranes in the waste management industry is also significantly propelling the global geomembranes market.
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Geomembranes Market: Dynamics
Rise in pollution has resulted in grave issues such as global warming and extreme weather events. Furthermore, industrialization and urbanization have led to a rise in waste generation across the globe. Waste management can help lower pollution. Geomembranes are extensively used in the treatment of inorganic wastes such as hazardous heavy metals.
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Geomembranes offer excellent durability and resistance properties due to their large strength-to-density ratio. They work well in hot or cold environment. This is projected to propel the market in the next few years. Furthermore, rise in investments by governments and mining companies in mining activities is boosting the geomembrane market across the globe.
Majority of geomembrane raw materials are produced by using crude oil. Volatility in crude oil prices is one of the major restraining factors for geomembrane manufacturers. Majority of geomembrane basic ingredients are petroleum-based, making them susceptible to price swings in crude oil. The price of raw materials used in geomembranes is directly affected by the price of crude oil.
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Manufacturers are witnessing volatility and high prices of raw material, which hinders revenues. Businesses need to increase efficiency and productivity of their operations in order to maintain growth and market share.
Geomembranes Market: Prominent Regions
Based on region, the global geomembranes market has been divided into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. In terms of consumption, Asia Pacific accounted for major share of the global geomembranes market in 2020. China held significant share of the geomembranes market in Asia Pacific in 2020. The trend is likely to continue during the forecast period. However, the current environmental crackdown in China raises serious concerns about capacity and future additions.
The geomembranes market in North America is anticipated to expand at a substantial pace during the forecast period. Rise in demand for geomembrane in the mining industry and expansion of water and waste management industries are driving the geomembranes market in North America.
Geomembranes Market: Key Players
The global geomembranes market is fragmented, with the presence of a large number of players. Major players operating in the global geomembranes market are Solmax International Inc, Agru America Inc, Exxon Mobil, Geosynthetics Limited, Atarfil, Plastika Kritis S.A., Firestone Building Products, Carlisle Syntec Systems, NAUE GmbH & Co. KG., JUTA A.S., Raven Engineered Films, Officine Maccaferri SpA, and Cipatex.
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Global Geomembranes Market: Segmentation
Geomembranes Market, by Raw Material
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