The global geotextiles market size is expected to experience exponential growth by reaching USD 16,212.5 million by 2028. Fortune Business Insights in its latest report, titled, “Geotextiles Market, 2021-2028.” The report further observes that the market stood at USD 9,014.2 million in 2020 and is projected to exhibit a CAGR of 7.7% between 2021 and 2028. This is attributed to factors such as the increasing spending on construction projects that is expected to boost the adoption of geotextiles worldwide.
The effect of the global pandemic, COVID-19, has been felt across several economies that are facing unprecedented loss. Owing to the lockdown announced by the government agencies, several industries have been on a standstill with limited operational activities. However, a collective effort from the government as well as the industries is likely to bring the economy back on track and aid in resumption of industrial activities.
Market Segmentation:
Based on material, the market is bifurcated into natural and synthetic. On the basis of product, the market is categorized into woven, non-woven, and knitted. Moreover, based on application, the market is segmented into Road Construction, Erosion Control, Pavement Repair, Drainage, Railroad, Agriculture, and Others. Lastly, on the basis of region, the market is categorized into North America, Asia-Pacific, Latin America, the Middle East and Africa, and Europe.
What does the Report Provide?
The market report provides a detailed analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to introduce new products, announce partnerships, and collaboration that will further contribute to the market growth. Moreover, the research analyst has adopted several research methodologies such as PORTER’s Five Point Analysis and PESTEL to obtain information about the current trends and industry developments that will drive the market growth in the forthcoming years.
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.
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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.
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)
- TYPAR Geosynthetics (Tennessee, the U.S.)
- Nonwovens A/S (Aalborg, Denmark)
- Belton Industries (South Carolina, the U.S.)
- Thrace Group (Alimos, Greece) Fibertex
- NAUE GMBH & CO. KG (Espelkamp, Germany)
- 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
