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Global Geotextile Fabric Market Size to Grow at a CAGR of 6.3%by 2030 - ZMR Report
Global Geotextile Fabric Market
The global geotextile fabric market size was worth around USD 6.55 Billion in 2021 and is predicted to grow to about 12.04 billion by 2030 with a compound annual growth rate (CAGR) of roughly 6.3% between 2022 and 2030.
Geotextiles are narrow & rigid membrane fabrics that are essentially used to fortify the quality of soil, helping in soil rehabilitation, providing protection from soil erosion, and hence mitigating or restraining further damage. Geotextiles are extensively used in the construction of roads, not only to fill the prevalent gaps between the roads but also to improve soil structure and further increase the lifespan of roads. Thus, geotextiles effectively help the earth's soil during rainfall and strongly binds them together.
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The demand for the global geotextile market is expected to increase due to an increase in the number of roads and railway projects in various developing and developed countries across the globe. Thus, the need for improved road infrastructure, effective drainage systems, railway systems, national highways, bridges, constructions of buildings and skyscrapers, smart cities, and megacities in developing economies is expected to drive the growth of the market during the forecast period.
In addition, rapid industrialization and the rise in urbanization over the last couple of years further contribute to the growth of the market. Furthermore, the growing importance of water conservation procedures due to water scarcity in various parts of the globe, and effective initiatives taken by governments to restore forests and vegetation are expected to create ample opportunities for the growth of the market during the forecast period. However, fluctuating prices of raw materials and the high initial price of geotextile fabrics can restrict the growth of the market to an extent, and hence act as a probable challenge for the market expansion over the forecast period.
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The global geotextile fabric market is segmented based on material, product, application, and region.
Based on application, the market is segmented into road construction and pavement repair, erosion, drainage, railway works, agriculture, and other applications. The road construction and pavement repair segment held the largest market share in 2021, holding about 45% of the market share, and is further expected to grow at a promising compounded annual growth rate (CAGR) of 10.23% during the forecast period.
There has been a remarkable increase in the number of investments from governments and banks in developing economies to rapidly improve road infrastructure for enhanced mobility and commuting for the citizens. For instance, the National Green Highway in India and the rise in road and building construction activities in China are expected to drive the growth of the segment in the market during the forecast period.
Geographically, the global geotextile fabric market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. The Asia-Pacific region held the largest market share, accounting for about 54% share of the revenue share in 2021, and is further expected to cite a promising compounded annual growth rate (CAGR) of 12.6% during the forecast period.
The reason for the growth of this region is mainly due to the growing foreign investments in the industrial sector of numerous economies in the Asia-Pacific region such as Thailand, China, India, and Indonesia, which is projected to progressively impact the growth of the market in the region. Besides, during the course of the 13th Five-year Plan period of China, the country's envisions include road and railway construction, water conservancy construction, environmental engineering construction, power investment and also rivers and lakes, sand control, ports, airports, garbage disposal, and other projects. Furthermore, projects of megacities and smart cities in India and China, along with robust infrastructure development are predicted to significantly boost the demand for geotextile fabric during the forecast period.
Europe has also undertaken significant investments in geotextiles as the prevalence of several riverbeds and waterbodies in this region has adversely resulted in the cases of encroachment of water and soil erosion into their landmasses. This could lead to serious issues as few of the water bodies on the continent flows through its majestic cities, and hence erosion of the shorelines of the rivers might lead to a colossal impact on the infrastructure around the region. Thus, an increase in the use of knitted geotextile to prevent corrosion in Europe shows a promising growth rate and is expected to drive the growth of the market during the forecast period.
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Recent Development:
In July 2019, HUESKAR, Inc., a dominant geotextile company, announced the launch of the world's first geogrid called ecoLine which is completely made from 100% recycled PET.
In March 2020, Pharmaworks, a maker of blister packaging technology for the consumer products, pharmaceutical, and contract packaging industries, was acquired by ProMach, a provider of packaging machinery solutions. The goal of this endeavor is to increase the number of blister packaging applications and ProMach's product line.
The global geotextile fabric market is dominated by prominent players such as:
Fibertex Nonwovens A/S
TENAX Group
AGRU America
Global Synthetics
HUESKER Group
Koninklijke Ten Cate B.V.
GSE Holdings Inc.
NAUE GmbH & Co. KG
Officine Maccaferri S.p.A.
Low and Bonar PLC
Propex Operating Company LLC
TYPAR
Machina-TST
Gayatri Polymers & Geo-synthetics.
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The global geotextile fabrics market is segmented as follows:
By Material
Polypropylene
Polyethylene
Polyester
Other Materials
By Application
Road Construction and Pavement Repair
Erosion
Drainage
Railway works
Agriculture
Other Applications
By Product
Woven Fabric
Non-Woven
Knitted
By Region
North America
The U.S.
Canada
Europe
France
The UK
Spain
Germany
Italy
Rest of Europe
Asia Pacific
China
Japan
India
South Korea
Southeast Asia
Rest of Asia Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle East & Africa
GCC
South Africa
Rest of Middle East & Africa
FREQUENTLY ASKED QUESTIONS
Which key factors will influence the geotextile fabric market growth over 2022-2030?
What is the CAGR of the global geotextile fabrics market during the 2022-2030 forecast period?
Which region will contribute notably towards the global geotextile fabrics market value?
Which are the major players leveraging the growth of the global geotextile fabrics market?
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