Geotextiles Market to Reach US$ 22.9 Bn by the End of 2031, Transparency Market Research, Inc.

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WILMINGTON, DE / ACCESSWIRE / February 9, 2023 / Transparency Market Research Inc. - According to TMR report, the global Geotextiles Market stood at US$ 7.8 Bn in 2020 and is anticipated to reach US$ 22.9 Bn by the end of 2031. The global geotextiles market is likely to advance at a CAGR of 10.3% between 2021 and 2031. Geotextiles are fabrics that are permeable in nature and can reinforce, separate, protect, or drain when used in combination with soil. These textile products are porous in nature and flexible at the same time, which makes them highly suitable for use in new construction activities. An increase in applications of geotextiles such as erosion control, separation, protection and containment, drainage, barriers, and others are likely to accelerate market expansion during the forecast period.

Frequent fluctuations and volatility in prices of oil & gas and crude oil could hamper the growth of the geotextiles market. However, rise in infrastructural development and construction activities post the COVID19 pandemic is likely to augment demand for geogrids, geotextiles, and geocomposites, thereby creating new business opportunities in the geotextiles market during the forecast period.

Increase in number of industrial setups in developing as well as established countries are likely to bolster market development.

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Key Findings of Study

  • Rapid Expansion of AEC Industry: Dearth of raw materials and labor shortages during the COVID-19 pandemic had a slight impact on the geotextiles industry in terms of revenue. In order to cope with this scarcity, companies operating in the geotextiles market are encouraging local manufacturing abilities to reduce the dependence on other countries for raw material and save on labor costs. The rapidly growing architectural, engineering, and construction sectors are expected to propel industry growth during the forecast period.

  • Increase in Demand in Several Industries: Rise in expansion of manufacturing sector for various industries augments the need for geotextiles for construction purposes. Moreover, rapid rate of urbanization is projected to drive market expansion during the forecast period. Increase in number of ongoing projects in industries such as industrial waste, transportation, and civic amenities are likely to augment market size during the forecast period.

Key Drivers

  • Rise in number of industrial activities across the world

  • Launch of new environmental projects

  • Increase in use of geotextiles for road construction activities

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Regional Growth Dynamics

  • Asia Pacific is anticipated to account for the largest market share during the forecast period. This is ascribed to high manufacturing & infrastructural development activities in China and India. Rise in number of construction projects and availability of labor and raw materials at reasonable rates are projected to augment the market in the region during the forecast period.

  • Rapid expansion of the transportation sector and rise in demand for geotextiles in industrial & hazardous waste management sectors are likely to increase market value in the region in the next few years.

Key Players

Prominent players in the global geotextiles market are

  • Agru America,

  • Global Synthetics,

  • Tenax,

  • Fibertex,

  • Fiberweb,

  • Low & Bonar,

  • Officine Maccaferri,

  • NAUE GmbH & Co. KG,

  • GSE Holding Inc.,

  • Propex,

  • Royal TenCate, and others

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Geotextiles Market Segmentation

Type

  • Nonwoven

  • Woven

  • Knitted

Application

  • Roadway Construction

  • Soil Erosion Prevention & Control

  • Drain Management

  • Others

Regions

  • North America

  • Europe

  • Asia Pacific

  • Middle East & Africa

  • Latin America

Countries

  • U.S.

  • Canada

  • Germany

  • France

  • U.K.

  • Italy

  • Russia & CIS

  • China

  • Japan

  • India

  • ASEAN

  • Brazil

  • Mexico

  • GCC Countries

  • South Africa

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About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.

Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.

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