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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Further key findings from the study 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, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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