Wilmington, Delaware, United States, June 23, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global geotextiles market is projected to expand at a CAGR of 10.3% from 2021 to 2031 and reach US$ 22.9 Bn by 2031.
Considerable adoption of geotextiles in the construction industry, especially in road construction, presents lucrative opportunities to companies in the market.
The market in Asia Pacific is projected to witness significant revenue growth due to rise in demand for geotextiles in infrastructure and construction projects in developing countries of the region.
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Market Snapshot:
| Report Coverage | Details | |
| Market Revenue | US$ 7.8 Bn | |
| Estimated Value | US$ 22.9 Bn | |
| Growth Rate - CAGR | 10.3% | |
| Forecast Period | 2021-2031 | |
| No. of Pages | 103 Pages | |
| Market Segmentation | Type, Application | |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America | |
| Companies Covered | Royal TenCate, Propex, GSE Holding Inc., Officine Maccaferri, NAUE GmbH & Co. KG, Low & Bonar, Fiberweb, Fibertex, Tenax, Agru America, Global Synthetics | |
Considerable demand for geotextiles in a range of civil construction applications, such as filtration, drainage, separation of soil layers from aggregates, reinforcement, and stabilization, is boosting the market. Rise in utilization of woven and nonwoven textiles in construction projects on roads & railways, pipelines, airfields, sidewalks, and land reclamation is anticipated to generate significant revenue opportunities for companies in the geotextiles market. Woven geotextiles are preferred in soil separation applications where strength is a key criterion. These include road stabilization when the underneath layer is silty, mucky, or wet.
Significant usage of geotextiles in soil erosion control applications is anticipated to accelerate market development in the near future. According to a recent analysis of market trends, surge in number of land reclamation projects in Asia Pacific is likely to boost the installation of geotextile sheets and tubes. Significant preference for geosynthetic products, i.e. geotextiles made with synthetic materials, is likely to broaden market outlook in the next few years.
Competition Landscape
Prominent companies operating in the geotextiles market are Royal TenCate, Propex, GSE Holding Inc., Officine Maccaferri, NAUE GmbH & Co. KG, Low & Bonar, Fiberweb, Fibertex, Tenax, Agru America, Global Synthetics.
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Key Findings of Study
Rapid Increase in Demand for Geotextiles in Road Construction: Significant usage of geotextiles in strengthening road base materials by improving soil conditions is anticipated to generate substantial business opportunities in the market. Rise in utilization of geotextiles in road construction is anticipated to accelerate market development. Constant spending on road network expansion in several countries can be ascribed to the need for improving road durability and long-term performance to cater to the rapid increase in demand from transport infrastructure. Ongoing highway projects in developing countries are thus likely to augment market size. Geotextiles are also useful in improving paved and unpaved roads at airports.
Rise in Utilization of Geotextiles in Civil Engineering Projects: Considerable increase in demand for woven and nonwoven geotextiles in a range of civil engineering applications is expected to create lucrative business opportunities for companies in the market. Significant adoption of geotextiles in dams, earthwork, and buildings and pavement construction is anticipated to bolster market value in the next few years. Extensive demand for geotextiles in coastal protection applications is likely to create substantial growth opportunities for companies in the geotextiles market.
Key Growth Drivers
- Rapid growth of the infrastructure sector in several countries across the globe is a key driver of the demand for geotextiles. Governments of various developing countries are making significant investments in infrastructure development to cater to rapid urbanization.
- Continuous expansion of road construction, especially due to highway expansion, in developing countries is a significant driver of the geotextile market. Rise in R&D of novel geotextile materials for usage in separation, drainage, filtration, and reinforcement applications in the road construction industry is bolstering market growth.
Regional Growth Dynamics of Geotextiles Market
Asia Pacific is projected to constitute the leading market share during the forecast period of 2021 to 2031. Rapid pace of infrastructure development in several countries across the region is anticipated to drive the market in Asia Pacific. Significant utilization of geotextiles in land reclamation projects is anticipated to bolster the market value in the region in the near future.
Surge in demand for geotextiles in the management of hazardous waste and industrial waste is expected to spur geotextiles market development in Asia Pacific. Considerable utilization of geogrids, geomembranes, and drainage composites in civil and geotechnical engineering applications presents significant business opportunities to companies in Asia Pacific. Steady expansion of the transportation sector in developing countries of Asia is anticipated to augment market growth in the region.
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Segmentation
The global geotextiles market is segmented based on
Type
- Nonwoven
- Woven
- Knitted
Application
- Roadway Construction
- Soil Erosion Prevention & Control
- Drain Management
- Others
Region
- North America
- Europe
- Middle East & Africa
- Latin America
- Asia Pacific
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