November 04, 2020
As per the report titled ‘Geotextile Market By Technology Type; By Material Type; By Application Type; By Regions, Segments & Forecast, 2018 - 2026’, available with Market Study Report, global geotextile market is projected to record a CAGR of 8.8% during 2018-2026 and amass USD 14.03 billion by the end of the forecast duration.
According to the findings of the report, demand for reinforcement of soil banks in pavements, roads, bridges, highway, and other construction sites is the major growth driving factor of global geotextile market.
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Notably, geotextile materials are crucial in sealing, separation, filtration, drainage and reinforcement in different substrates. Owing to their multifunctional characteristics, they find applications in several industries, which significantly contributes to the overall geotextile market growth.
Based on technology type, worldwide geotextile market is split into knitted, woven, and non-woven. The non-woven segment has gained considerable traction in the recent past and is likely to witness modest gains in the coming years as well.
In terms of material type, global geotextile market is categorized into polyester, polyethylene, and polypropylene. The polypropylene segment is flourishing as these geo-synthetics require lower maintenance costs and extend the durability of roads as well as other similar construction structures. Moreover, areas which are prone to landslides and other natural calamities have boosted the significance of these products.
Speaking of application scope, global geotextile market is fragmented into agriculture, erosion control, drainage, railways, and roadways, among which, the last segment is slated to expand at a robust pace during the analysis period. Rising concerns regarding lifespan of roads, and maintenance complexities are fueling the segment growth especially across price-sensitive markets in Asia Pacific.
Considering the regional outlook, global geotextile market size spans across North America, Europe, Latin America, Middle East & Africa, and Asia Pacific. According to industry experts, Europe geotextile market is anticipated to showcase strong growth trends over the projected timeline, driven by rising expenditure in road, airport runway, railway, and pavement constructions in nations such as France, Italy, UK, and Germany. Moreover, stringent policies & regulations by rail & road authorities regarding wastewater treatment processes and drainage plants has augmented the regional market growth.
Key players that hold majority of global geotextile market share are Low & Bonar, Fibertex Nonwovens A/S, Koninklijke Ten Cate B.V., Thrace Group, Officine Maccaferri S.p.A, Huesker Synthetic GmbH, Strata Systems, Inc., Berry Global, Inc., and Leggett & Platt, Inc.