Geocomposites are used in various applications such as roads, railroads, landfills, and water management applications among others. The increasing awareness about geocomposites and rising demand from developing economies to enhance the performance of applications are expected to lead the demand for geocomposites. The geocomposites market size is projected to reach USD 740.0 million by 2023, at a CAGR of 11.8% from 2018.
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The geocomposites market in the APAC region is projected to grow at the highest CAGR, in terms of value, during the forecast period. The growth of the APAC geocomposites market can be attributed to the increasing demand for geocomposites from the road & highway and water & wastewater management applications in this region.
Based on product type, the geotextile-geocore segment of the geocomposites market accounted for the largest market share, in terms of value. This large market share can be attributed to the better material properties and time savings offered by the geotextile-geocore geocomposites.
Geocomposites used in the drainage function dominate the geocomposites market, and are projected to grow at the highest CAGR during the forecast period, in terms of value. The increase in the use of geocomposites in drainage function can be attributed to their enhanced drainage properties, cost effectivity, and durability.
The road & highway segment of the geocomposites market accounts for the largest share, in terms of value. The segment is leading due to the increasing road & highway construction across the globe, particularly in the developing economies such as India, China, and Brazil.
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