The global Geotextile Market is expected to reach USD 8.18 billion by 2024, according to a new report by Grand View Research, Inc. Cost effectiveness, longer life span as compared to other materials, and growing environmental concerns is expected to have a positive impact on the industry over the next seven years.
These products are relatively inexpensive and when appropriately designed are used as replacements for traditional granular treatment which aids in significant cost saving in terms of fabric as well as labor. This is expected to boost industry growth over the next eight years.
Rising government expenditure for infrastructure development, especially in Asia Pacific including India and China, is projected to fuel product need over the forecast period. Also, increasing the need for efficient drainage systems in various regions particularly in North America and Europe will have a positive impact on industry growth.
Geotextiles have been gaining popularity over the last few years due to increasing awareness regarding their benefits such as high durability, high tensile strength, and biodegradability. Rising environmental concerns among consumers are expected to fuel product demand over the forecast period.
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summary of this report @ http://www.grandviewresearch.com/industry-analysis/geotextiles-industry
Further key findings from the report suggest:
·
Global Geotextile Market size was 4,505.0
million square meters in 2015 and is projected to reach 10,897.3 million square
meters by 2024, growing at a CAGR of 10.4% from 2016 to 2024
·
Woven geotextile market was estimated at over
1,200.0 million square meters in 2015. Limited availability coupled with high
product prices as compared to non-woven textiles will hamper industry growth
over the forecast period. In addition, its heavier weight with limited ranges
of fabric availability may act as a market challenge. However, rising use in
erosion prevention in China is expected to fuel demand over the forecast
period.
·
Polypropylene is projected to be the
fastest-growing raw material for geotextile manufacturing in terms of revenue
at a CAGR of over 13.0% from 2015 to 2024. Rising product use in road
construction on account of its efficient filtration properties and longer
lifespan as opposed to polyester and polyethylene is expected fuel need over
the projected period.
·
Drainage is anticipated to be a potential market
for geotextiles over the next eight years on account of increasing government
spending on infrastructure development which includes drainage facilities in
developed as well as developing nations. Product market for drainage
applications was estimated at over 700 million square meters in 2015.
·
North America was the second largest market with
demand over 1,000.0 million square meters in 2015. Strict environmental
regulations have influenced manufacturers to shift from synthetic to natural
raw materials such as jute and sisal. Europe followed North America and
accounted for over 21.00% of the global volume in 2015.
·
In February 2013, GSE acquired SynTec LLC, a
manufacturer of various geosynthetic products for USD 10 million to broaden its
product portfolio. In May 2013, GSE initiated production of geosynthetics
primarily geotextiles at its plant in Suzhou, China with an annual capacity of
about 20,000 tons.
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Grand View Research has segmented the global Geotextile Market on the basis of product, material, application and region:
Geotextiles Product Outlook (Volume, Million Square Meters; Revenue, USD Million, 2013 - 2024)
·
Non-woven
·
Woven
·
Others
Geotextiles Material Outlook (Volume, Million Square Meters;
Revenue, USD Million, 2013 - 2024)
·
Polypropylene
·
Polyester
·
Polyethylene
·
Others
Geotextiles Application Outlook (Volume, Million Square
Meters; Revenue, USD Million, 2013 - 2024)
·
Road construction
·
Erosion control
·
Drainage
·
Others
Geotextiles Regional Outlook (Volume, Million Square Meters;
Revenue, USD Million, 2013 - 2024)
·
North America
·
U.S.
·
Europe
·
Germany
·
UK
·
Asia Pacific
·
China
·
India
·
Latin America
·
Brazil
·
MEA
·
U.A.E
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