Million Insights - World's Fastest Growing Market Research DatabaseAccording to new report available with Million Insights, the global geotextiles industry is predicted to grow at 11.9% CAGR in the forecast period, providing numerous opportunities for market players to invest in research and development of the market.
The global geotextiles market is anticipated to reach USD 11.3 billion by the end 2027, according to a new report released by Million Insights. It is projected to grow at a CAGR of 11.9% from 2020 to 2027. Rising demand for geotextiles to control soil erosion and rising adoption for construction of roads and other infrastructural projects such as railways and drainage systems owing to its high tensile strength are some of the major forces driving the market growth over the forecast period.
Various governments are investing in infrastructural projects for development of their economies. Therefore, there has been high demand witnessed for geotextiles across different regions. Rising adoption of geotextiles in U.S. for maintaining their drainage systems is anticipated to further fuel the growth of geotextile market. These geotextiles form a channels for smooth flow of water and other fluids.
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Moreover, growing product demand in Europe owing to presence of large number of water bodies and river beds that cause extensive soil erosion is projected to propel the market growth in this region. Geotextiles have the property of holding the soil particles and promoting the growth of various vegetation which reduces the soil erosion levels.
In addition, growing industrial sector and rising investment of government in infrastructure projects in Asian countries such as China, Thailand, India, and Indonesia is anticipated to propel the regional demand. Furthermore, growing foreign investments and availability of abundant raw materials at cheaper rates are the factors projected to fuel the regional market growth.
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Further key findings from the report suggest:
• In 2019, the non-woven segment held the largest market share of 63.3% owing to rising adoption across different verticals such as packaging, construction, agriculture, furniture, pharmaceuticals, and automobiles.
• The segment of woven geotextiles is projected to grow at a CAGR of more than 11% over the forecast period.
• The segment of drainage system is projected to grow at a CAGR of 12.5% from 2020 to 2027.
• The segment of road construction is anticipated for grow at a CAGR of 13.1% over the forecast period due to salient features such as high tensile strength and cost-effectiveness.
• North America is projected to expand at a CAGR of 11.8% over the forecast period owing to rising product demand for maintaining the drainage systems in countries such as Canada and U.S.
• The material segment of polypropylene geotextiles is projected to ascend with a CAGR of 13.0% due to its excellent performance and resistance to inorganic salts and chemicals.
• Leading players in the geotextiles market are GSE Environmental, Koninklijke Ten Cate B.V., NAUE GmbH & Co., KG., Officine Maccaferri, Propex Operating Company, LLC; and Agru America.
Million Insights has segmented the global geotextile market on the basis of product, material, application, and region:
Product Outlook (Volume, Million Square Meters; Revenue, USD Million, 2016 - 2027)
Material Outlook (Volume, Million Square Meters; Revenue, USD Million, 2016 - 2027)
Application Outlook (Volume, Million Square Meters; Revenue, USD Million, 2016 - 2027)
• Road construction
• Erosion prevention
Regional Outlook (Volume, Million Square Meters; Revenue, USD Million, 2016 - 2027)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa
• United Arab Emirates
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