Geotextile market in the emerging economies of Asia Pacific will experience profitable growth, with a slew of construction projects. China is set to record a massive demand for geotextiles, as the country countersigns heavy infrastructure investment, mainly in transportation and water management. The utilization of geotextiles in road construction applications is also advancing at rapid pace and is projected to raise USD 4.5 billion by 2024.
Meanwhile, Europe is another prominent region where geotextile market demand is quite high and is expected to grow at a CAGR of 9% over 2017-2024. Rising construction projects to develop ports, roads, airports, housing, and railways particularly in UK, France, Italy, and Germany signify high product demand in the region. The regional companies are focusing on strategic partnerships to increase their capacity and expand their global reach. For instance, the collaboration between Fibertex Nonwovens and France’s Tharreau Industries in 2012 has helped the former expand its core business in the region to become one of the many prominent European market leaders.
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According to a new research report by Global Market Insights, Inc. Geotextile Market size may exceed USD 12 billion by 2024.
Industry Growth Drivers are
-Positive construction outlook in Asia Pacific
-Favorable guideline for development and usage of geotextiles
-Implementation of MARV and CBR standards
Geotextile market encompasses two very versatile products, namely woven and nonwoven geotextiles. Between the two, woven geotextile industry is poised to witness highest gains, owing to its extensive demand in road stabilizing and erosion control applications. These types of geotextiles are mainly constructed from blending and weaving fibers, which gives them excellent tensile strength and hydro filtration properties.
The global woven geotextile market is anticipated to witness gains over 11% through 2017-2024. Nonwoven geotextiles on other hand, are one of the most popular options for drainage, road construction, separation, and filtration. They offer exceptional UV finish properties, weather proofing, and chemical resistance, and thus find common usage in ditches and underground drains. This has led to a positive impact on the sales of nonwoven geotextile market, which is set to exceed USD 8.5 billion by 2024 in terms of revenue.
Lately, jute based products are gaining remarkable traction as an alternative to synthetic materials. These natural geotextiles are now increasingly used in erosion control applications such as culvert and table drain outlets, river banks & canals, sports field restoration, etc.
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The well-established Geotextile Market continues to grow steadily due to the surging construction and agricultural sectors worldwide. The cost benefits of using geotextiles over conventional construction raw materials such as stone and sand have become increasingly attractive over the years, which has significantly prompted geotextile industry growth. Basically, geotextiles are geosynthetic materials that have become quite popular in many applications that require stabilization, control, and support. Global Market Insights, Inc., anticipates that geotextile market will continue to expand over the coming years with the ever-growing civil engineering sector. By 2024, the industry is likely to witness the overall consumption of geotextiles crossing 10 billion square meters with a revenue projection of over USD 12 billion.
It is important to note that geotextiles are not made up from materials used for manufacturing fabrics such as silk, wool and cotton. Basically, these textiles are synthetic fibers that can be made into porous, flexible, nonwoven fabric. Thus, the prospering geotextile market owes its success to its wide scope of applications such as agriculture, erosion control, pavement repair, road construction, drainage, and railroads.
The erosion control application, in particular, has witnessed significant gains as geotextiles help in preventing erosion caused by floods, rainfall, and water encroachment. Geotextiles strengthen dredged soils and help in holding it firmly under the vegetative growth, slopes, and coastal erosion. In consequence, geotextile market from erosion control application will garner substantial profits and will record a CAGR of 10.5% over the period of 2017-2024.
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Speaking along the same lines, India has been forecast to be one of most profitable business grounds for geotextile market as regards to erosion control applications. In fact, it has been projected that India geotextile industry from erosion control will grow at an annual rate of 12.5% over 2017-2024.
Prominent geotextile industry participants catering to the regional and the local demand include Mattex Geosynthetics, TENAX, Fibertex Nonwovens, Royal Ten Cate N.V., TYPAR, and HUESKER Inc.