Booming construction industry along with increasing investment in public utility infrastructures such as roads, canals, dam, embanks and others are prime factors driving geotextile market. Owing to superior qualities of separation, filtration, and reinforcement with durable and inexpensive nature it has widened its application across end-use industries. Moreover, growing global population followed by rapid industrialization is likely to contribute towards the growth of the market. Also, favorable governmental norms regarding the use of eco-friendly construction materials are fueling the market growth. Furthermore, rising concern regarding soil erosion is likely to foster the market demand in the agricultural sector.
As per the latest report added by Value Market Research, the Geotextiles Market was valued at USD 7,144.2 MN in 2017 and is projected to reach USD 13,540 MN by 2024, with a CAGR of 9.6%.
BY MATERIAL, POLYPROPYLENE HAS LED THE SEGMENT
Polypropylene has dominated the material segment and is presumed to continue & reach to USD XX.X MN by the end of the year 2024. Owing to abundant availability results in the inexpensive raw material is driving demand for polypropylene product in end-use industries.
NON-WOVEN DOMINATED THE PRODUCT SEGMENT
Non-woven led the product segment owing to rising application areas across drainage, separation, road construction, and prevention from soil erosion and filtration system. Non-woven segment is likely to grow up to USD XX.X MN at the end of the year 2024. Superior properties of non-woven geotextiles such as better absorption, stiffness, and durability, lightweight are driving its demand.
ROAD CONSTRUCTION LED THE APPLICATION SEGMENT
In 2017, road construction dominated the application segment and is expected to reach at USD XX.X MN by the end of 2024. Growing construction sector along with rapid industrialization and urbanization in developing countries is driving segment growth.
GEOGRAPHICALLY, ASIA PACIFIC LED THE MARKET
Asia Pacific led the regional market owing to rising expenditure on construction and repairing of roads, dams, pavement, and others within China & India is driving the regional market growth. Booming construction sector owing to low raw material prices and labor cost is likely to fuel the market growth.
KEY PLAYERS IN THE MARKET
Geotextiles & Gabions Ltd., Geotextiles & Gabions Ltd., Pt Tetrasa Geosinindo, Gundle/ Slt Environmental, Terageos, KK Envirotech Pvt. Ltd, L&M Supply Company, Low & Bonar Plc, Novintiss, Royal Tencate NV, Technical Absorbents Ltd, Mattex Geosynthetics, Naue Gmbh & Co. Kg, Propex Operating Company, LLC, and Officine Maccaferri S.P.A.