According to Fortune Business Insights the global geotextiles market size was valued at USD 3.39 billion in 2023 and is projected to grow from USD 3.62 billion in 2024 to USD 6.14 billion by 2032, exhibiting a CAGR of 6.8% during the forecast period. The rising demand for geotextiles sector can be attributed to high-performance and serviceable textile in road construction, corrosion control, as well as agriculture usage, coupled with increasing expansion in the construction industry, is a prime aspect fuelling the market growth.
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Geotextiles Market Segmentation:
Based on product, the market is classified into woven, non-woven, and knitted. Based on product, the woven segment held a market share of about 32.39% in 2020 and is expected to experience significant growth backed by the growing demand for woven product due to its high tensile strength. Non-woven segment is anticipated to dominate the market during the forecast period.
On the basis of material, the market is divided into natural and synthetic.
In terms of application, the market is segregated into road construction, erosion control, pavement repair, drainage, railroad, agriculture, and others.
Geographically, the global market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
List of the Companies Profiled in the Market:
- Maccaferri (Bologna, Italy)
- TENAX (Lecco, Italy)
- TenCate Geosynthetics Asia Sdn Bhd. (Selangor Darul Ehsan, Malaysia)
- GSE Environmental (Texas, the U.S.)
- Terram Geosynthetics Pvt. Ltd. (Gujarat, India)
- HUESKER Synthetic GmbH (Gescher, Germany)
- Global Synthetics (New South Wales, Australia)
- AGRU AMERICA, INC (South Carolina, the U.S.)
- Gayatri Polymers & Geo – Synthetics (Vadodara, India)
- Suntech Geotextile Pvt. Ltd. (Chhattisgarh State, India)
- SKAPS Industries (Georgia, the U.S.)
- Other Key Players
DRIVING FACTORS
Increasing Investment in Construction Projects to Promote Growth
According to the U.S. Commerce Department, the spending on construction projects was at a record high in January 2021. It further reports that the total investment surpassed to a staggering USD 1.521 trillion, an overall increment of 1.7%. The increasing spending on construction projects is likely to boost the adoption of coir products owing to their superior properties such as liquid repellency and mechanical strength. Moreover, supportive government policies formulated for coir manufacturers to improve their production will boost the global geotextiles market growth in the forthcoming years.
Further Report Findings:
- Asia Pacific stood at USD 3,038.1 million in 2020. The region is expected to hold the highest position in the market during the forecast period. This is attributable to the increasing government initiatives to develop infrastructure in countries such as India and China.
- North America is expected to showcase considerable market growth backed by the presence of highly developed drainage systems that require periodic maintenance propelling the demand for advanced geotextiles in countries such as the U.S. and Canada.
- Based on product, the woven segment held a global geotextiles market share of about 34.18% in 2020 and is anticipated to showcase significant growth in the forthcoming years. This is ascribable to factors such as the increasing demand for woven products due to their beneficial properties such as improved performance and reduced maintenance costs across the globe.
COMPETITIVE LANDSCAPE:
Investment in R&D by Key Players to Amplify Their Market Positions
The market is consolidated by major companies striving to leverage the lucrative opportunities to maintain a stronghold. These companies are focusing on investments in R&D activities to develop novel natural geotextiles to cater to the growing demand from the construction sector. Moreover, other key players are trying to maintain their presence by adopting strategies such as collaboration, facility expansion, and the introduction of new products that will contribute to the growth of the market in the forthcoming years.
Industry Development:
- March 2020 - Megaplast, an Indian polyethylene product manufacturer, announced the adoption of BASF’s light stabilizers from the Chimassorb to produce nonwoven geotextiles. They are likely to be utilized in the construction of national highways.
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