Prominent players in the geotextiles market are pushing for greater production capacities and regional presence, in addition to strategic collaborations in emerging economies to bolster growth.
ROCKVILLE, MD / ACCESSWIRE / May 4, 2020 / The geotextiles industry is projected to reach a grow at a massive 11% CAGR through the end of the forecast period (2019 - 2029). The widespread use of geotextiles in drainage, filtration, and reinforcement applications is a key factor supporting growth. Wide rage of end use applications including reservoirs, landfills, and harbors support the geotextile market. This promising growth outlook can be attributed to the eco-friendly nature of the raw materials, reveals Fact.MR in its new study.
"Geotextiles market players are likely to leverage industry 4.0 technologies and practices to expand product portfolios and market penetration," says the Fact.MR report.
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Geotextile Market - Key Takeaways
- Application in road construction holds a leading market share of more than 47% in the global geotextiles market revenue, driven by ease of maintenance and repair.
- Drainage construction functions are projected to surpass a 12% growth rate, with key applications in modern infrastructure projects.
- Non-woven geotextiles are set continue its lead through the end of the assessment period, accounting for more than 60% market share, while woven alternatives will display high growth.
- Europe is a leading market, accounting for a quarter of the global market value and a 11% CAGR.
- Middle East and Africa is set to rise at an exponential rate of 13%, due to investments in road construction and drainage.
Geotextile Market - Key Driving Factors
- Superior drainage, filtration, and reinforcement product characteristics is driving the growth in geotextiles market.
- A wide range of applications from the construction sector support growth of global market.
- The rising concerns over issues of soil degradation, and eco-friendly raw materials of geotextiles has resulted in substantial demand, bolstering growth.
- Advances in material science for production of raw materials is propelling the geotextiles market.
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Geotextiles Market - Key Constraint
- The rising demand, but low penetration for high density polyethylene in a multitude of industrial applications impacts availability for geotextiles, which is anticipated to hamper market growth.
The Covid-19 Impact
The global geotextiles market is set to be moderately restrained in the coming months, owing to a growing shortage in supplies from producers based out of China. This trend has resulted in a major gap in supply and demand. Manufacturers will face challenges in terms of raw material orders, owing to logistics constraints from nationwide lockdowns.
However, major producers are aiming to mitigate losses during the pandemic by moving their interests away from China, cutting potential risks for business, and reducing the concentration of producers in a single region, to minimize the current issues in the supply chains, which bodes well for the future of the industry.
Competition Landscape
The global geotextiles market is moderately consolidated. The leading players profiled in the report include, but are not limited to Tenax Group, Koninklijke Ten Cate B.V., Fibertex Non-wovens A/S, GSE Holdings Inc., Low and Bonar Plc, Dow DuPont, Officine Maccaferri S.p.A., and NAUE GmbH & Co KG. Market leaders are emphasizing on bolstering production capacity and regional market penetration. Manufacturers are also channeling their efforts in the development of bio based and maze-based geotextiles to minimize greenhouse gas emissions, as indicated by the Fact.MR report.
About the Report
This 170-page study offers readers a comprehensive market forecast of the geotextiles market. Global, regional and country level analysis of the latest industry trends impacting the geotextiles market are covered in this Fact.MR study. The report offers compelling insights on the geotextiles market on the basis of product (non-woven, woven, and others), material (polypropylene, polyester, polyethylene, and others), and application (road construction, erosion prevention, drainage, and others) across six regions (Middle East and Africa, South Asia & Oceania, East Asia, Europe, Latin America, North America).
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SOURCE: Fact.MR