The market for geotextile is expected to grow at a CAGR of around 10% during the forecast period of 2019 - 2024. Major factors driving the market studied are growing usage of geotextiles in the construction industry, increase usage of geotextiles in mining activities, and stringent regulatory framework for environmental protection.
- Susceptibility of geotextiles to blockage is expected to hinder the growth of the market studied.
- Rising awareness about water conservation in the manufacturing sector is likely to act as an opportunity in the future.
Key Market Trends
Increasing Demand from Construction Industry
- Geotextiles are made from synthetic polymers mainly including polypropylene, polyester, polyethylene, etc. which are very less likely prone to decay under biological and chemical processes.
- This feature of geotextiles makes them useful in the construction and maintenance of roads. During the last decade, there has been considerable growth in the usage of geotextile in the construction industry all over the world.
- These materials are permeable textile structures used mainly in construction applications. The possible applications of geotextiles in the construction sector have been successfully developed and offer high benefits in terms of economics, performance, and durability.
- These materials are used in road, highway, earth dam, railroad, industry, stabilization of soil, control of drainage, tunnel construction, etc.
- Thus, the above mentioned factors are expected to drive the geotextile market over the forecast period.
Asia-Pacific to Dominate the Market
- Asia-Pacific region represented the largest market for global geotextile market in 2018. The market for geotextiles in the region is mainly driven by the ongoing developments in the construction industry.
- China is expected to be the major market for geotextile in the region. The Chinese government has announced an investment of about USD 503 billion, by 2020, for the expansion of the railway system in the country. There is a plan to extend the high-speed railway coverage by 30,000 km in the coming years.
- Currently, there are over 400 enterprises in the country that are engaged in the production of geotextiles.
- During the 13th Five-year Plan period, China's plans included water conservancy construction, power investment, road and railway construction, environmental engineering construction, as well as ports, airports, garbage disposal, rivers and lakes, sand control, and other projects.
- The aforementioned projects are expected to drive the market for geotextile in the country.
- In India, some of the projects like Sagarmala Project, Bharatmala Project, Setu Bharatam Project, Rashtriya Rajmarg Zila Sanjoyokta Pariyojna, Inland Waterways are anticipated to increase the demand for geotextiles in the country over the forecast period.
- Therefore from the aforesaid points, we can determine the demand for geotextiles is likley to increase in the Asia-Pacific region during the forecast period.
The global geotextile market is partially fragmented in nature. The major companies include HUESKER, Fibertex Nonwoven AS (Schouw & Co.), Tencate Geosynthetics Americas, and TYPAR Geosynthetics (Polymer Group, Inc) among others.
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