The Global Geotextiles Market- Growth, COVID-19 impact and Forecast (2021-2025)
The Geotextiles market is segmented by Product type (Nonwoven, Woven and Others); Material type (Synthetic and Natural); Application (Road Construction, Erosion Prevention, Drainage and Others); Geography (APAC, North America, Europe and ROW).
Introduction
Geotextiles are generally permeable fabrics and are made of polyester. Three major forms of geotextiles are needle punched, woven or heat bonded. Major applications of geotextiles are in environmental and geotechnical engineering such as road construction, embankments, canals, dams, railroads among others.
Rising awareness towards the functional advantages of products over traditional materials such as high tensile strength, flexibility, superior load bearing capacity and permeability has increased its penetration in various industries which is the major driving factor of the market.
However, volatile raw material prices affect the demand for synthetic geotextiles, lack of quality control across developing countries are likely to hinder the markets growth.
In addition, the recovering manufacturing activities across the globe are expected to mitigate to numerous potential negative impacts caused during COVID-19 and maximize their opportunities in future.
Table of Contents
Market Overview
The Global geotextiles market is expected to have incremental growth of $3,774.60 million during 2020-2025.
Growth momentum is expected to accelerate during the forecast period with 12.22% CAGR.
Increased usage of geotextiles in a wide range of construction applications such as roads, landfills, drainage structures, and harbors to enhance soil stabilization are some of the major factors expected to fuel the market growth.
APAC dominated the market in 2020 owing to ongoing developments in the construction industry, especially in countries like India, China
Key Trends
Technological advancements in terms of the development of bio-based geotextiles are likely to create opportunities for the market in the coming years.
Rising awareness about water conservation in the manufacturing sector is likely to act as an opportunity in the future.
Key Market Players
Some of the key players in the market are Koninklijke Ten Cate, GSE Holdings, NAUE, Low and Bonar, Propex Operating Company, Officine Maccaferri.
Major players focus on mergers & acquisitions, expansion of their manufacturing facilities, infrastructural development, investments in R&D facilities, and are seeking opportunities to vertically integrate across the value chain. Innovation and extensive marketing strategies are the key factors for new entrants owing to high competition in the market.
Growth Drivers and Challenges
The rising investment in various construction and infrastructure projects across the globe is driving the market. Global construction industry is growing at a faster pace with a major contribution from emerging countries. The revenue is expected to reach approximately $14.98 trillion by 2025.
Rising demand for geotextiles due to superior properties and cost savings are positively impacting the market growth.
Limited technical knowledge and expertise about geotextiles in emerging economies is restraining the market growth.
Stringent government regulations to reduce the carbon footprint caused by synthetic geotextiles is hampering the market demand.