Pune, April 20, 2022 (GLOBE NEWSWIRE) -- The geotextiles market size was USD 8.04 billion in 2021. The market size is expected to rise from USD 8.47 billion in 2022 to USD 12.92 billion by 2029 at a CAGR of 6.2% during the projected period. The market is anticipated to rise during the projected period due to increasing demand for coir in rural road construction and rising investment in construction projects. Fortune Business Insights™ publishes this information in a report titled, "Geotextiles Market, 2022-2029".
The rising demand for efficient and high-performance textiles in erosion control, agriculture applications, road construction, and advancements in the construction industry is expected to fuel the market growth. The utilization of functional textiles ensures climatic change adoption and avoids disasters to protect soil, roads, and bridges from natural disasters. These factors are anticipated to drive the market in the coming years.
List of Key Players Profiled in the Report:
- Maccaferri (Italy)
- TENAX (Italy)
- TenCate Geosynthetics Asia Sdn Bhd. (Malaysia)
- GSE Environmental (U.S.)
- Terram Geosynthetics Pvt. Ltd. (India)
- HUESKER Synthetic GmbH (Germany)
- Global Synthetics (Australia)
- TYPAR Geosynthetics (U.S.)
- Fibertex Nonwovens A/S (Denmark)
- Belton Industries (U.S.)
- Thrace Group (Greece)
- NAUE GMBH & CO. KG (Germany)
- AGRU AMERICA, INC (U.S.)
- Gayatri Polymers & Geo – Synthetics (India)
- Suntech Geotextile Pvt. Ltd. (India)
- SKAPS Industries (U.S.)
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Segments:
Road Construction Segment to Dominate Market Due to Rising Automotive Sales
By material, the market is bifurcated into synthetic and natural. Synthetic material is further divided into polypropylene, polyester, and polyethylene. The natural segment is categorized into jute and coir.
Based on product, the market is trifurcated into woven, non-woven, and knitted.
On the basis of application, the market is segregated into road construction, erosion control, pavement repair, drainage, railroad, agriculture, and others.
Finally, geographically, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Report Coverage:
The report provides researched data regarding current trends and developments in the market. Also, several developments are adopted by the key players, such as strategic alliances, mergers, partnerships, and acquisitions. The report sheds light on impact of the COVID-19 pandemic on market growth. Also, regional information regarding market share and recent launches introduced by the key players are elaborated further in this report. Furthermore, drivers and restraints affecting market performance and profitability are discussed to analyze potential opportunities coming in the future.
Drivers & Restraints:
Increasing Coir Demand to Bolster Market Growth
The market is expected to witness significant growth during the forecast period due to the government's increasing investments in road construction. Also, increasing the supply of coir in rural areas to construct roads is anticipated to fuel the market growth. Also, the Bihar government’s rural work department, the National Jute Board (NJB), and the Indian Jute Mills Association (IJMA) have sanctioned geotextile use in the Pradhan Mantri Gram Sadak Yojana (PMGSY), which will be cost-effective and beneficial for road construction.
However, fluctuating raw material prices may hinder the market growth. Also, a change in supply and demand of coir and jute is expected to restrict the product rate.
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Regional Insights:
Asia Pacific Holds Leading Position Due to Increasing Road Construction Activities
Asia Pacific dominates the global geotextiles market share and was valued at USD 2.67 billion in 2021. The region is expected to continue its dominance due to increasing construction activities in developing countries.
Europe holds the second-highest position globally due to increasing investment and government initiatives to construct roads.
Competitive Landscape:
Key Players to Strengthen their Market Position by Forming Strategic Alliances
The key market players focus on acquiring supporting organizations to expand their business reach and improve their portfolios. This allows companies to develop their revenue generation rate by attracting global customers. Developing new products and enhancing existing products allow companies to improve their product portfolio. These strategies allow key players to strengthen their market position.
Industry Development:
- August 2020: India’s coir businesses are preparing to take advantage of the price-competitiveness of coir geotextiles by switching to the use of brown fiber and stepping up automation. The industry will soon market diversified products, including mulching sheets, needle punched fabric, coir acoustic material, coir composite, and binder-less board. Coir factories are soon going into a co-branding partnership with furniture players.
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Table of Content
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Emerging Trends
- Key Insights
- Key Emerging Trends
- Key Developments – Mergers, Acquisition, New Product Launches, Collaboration, Partnership, and Joint Venture
- Latest Technological Advancements
- SWOT Analysis
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
- Comparison Chart Analysis
- Qualitative Insights – Impact of COVID-19 on Global Geotextiles Market
- Supply Chain Challenges
- Steps taken by Government/Companies to overcome this impact
- Potential opportunities due to COVID-19 outbreak
TOC Continued…!
Geosynthetics Market Size, Share and Industry Analysis, By Product (Geotextile Geogrid, Geonets, Geocells, Geofoam, Geosynthetic Clay Liner, Geocomposites), By Application and Regional Forecast 2019-2026
Geogrid Market Size, Share & COVID-19 Impact Analysis, By Material (HDPE, Polypropylene, Polyester), By Product (Uniaxial, Biaxial, Multiaxial), By Application (Road Construction, Railroad, Soil Reinforcement, Others), and Regional Forecast, 2021-2028
Geosynthetic Clay Liner Market Size, Share & Industry Analysis, By Raw Material (Polypropylene, Bentonite), By Application (Containment & Waste Water Treatment, Landfill, Energy, Roadways & Civil Construction, Others) and Regional Forecast, 2022-2029
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