August 23, 2023 04:17 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, Aug. 23, 2023 (GLOBE NEWSWIRE) -- The global geotextiles market size was USD 3.18 billion in 2022 and is expected to rise from USD 3.39 billion in 2023 to USD 5.39 billion by 2030 at a CAGR of 6.8% during the projected period. The market is anticipated to rise during the projected period due to increasing demand for coir in rural road construction and rising investment in construction projects. The rising demand for efficient and high-performance textiles in erosion control, agriculture applications, road construction, and advancements in the construction industry is expected to fuel market growth. The utilization of functional textiles ensures climatic change adoption and avoids disasters to protect soil, roads, and bridges from natural disasters. Fortune Business Insights™ publishes this information in a report titled, "Geotextiles Market, 2023-2030". Geotextile Filter Fabric
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List of Key Players Profiled in the Global Geotextiles Market Report:
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Coir Order Cancellation Hampered Market Growth
The novel COVID-19 pandemic has negatively affected the construction industry due to halted development activities and lack of economic resources. The government has imposed strict restrictions due to which coir orders were canceled and exports were shut down. The lockdown affected the transportation sector, which hampered the geotextiles market growth during the pandemic.
Polypropylene Segment to Dominate Market as it is Used in Various Construction Activities
By material, the market is bifurcated into synthetic and natural. Synthetic is further divided into polypropylene, polyester, and polyethylene. The natural segment is categorized into jute and coir. Polypropylene (PP) is used in pavements, roads, dams, riverbanks, diversion irrigation, and railroad projects with its lightweight, smaller elongation, and stability with challenging construction loading and strong tensile strength.
Non-Woven to Dominate Market due to Demand for Non-Woven Products
Based on product, the market is trifurcated into woven, non-woven, and knitted. The non-woven segment is set to lead due to growing demand for non-woven products for the development of road, railway, highway, and airport construction, soil separation, drainage systems, soil reinforcement, and filtrations.
Road Construction Segment Led in 2022 Due to Increasing Spending on Automobiles
On the basis of application, the market is segregated into road construction, erosion control, pavement repair, drainage, railroad, agriculture, and others. Road construction led in 2022 rise in per-capita spending on automobiles and the increasing government spending on road infrastructure.
Geographically, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
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The report provides researched data regarding current trends and developments in the market. Also, several developments are adopted by the key players, such as strategic alliances, mergers, partnerships, and acquisitions. The report sheds light on impact of the COVID-19 pandemic on market growth. Also, regional information regarding market share and recent launches introduced by the key players are elaborated further in this report. Furthermore, drivers and restraints affecting market performance and profitability are discussed to analyze potential opportunities coming in the future.
Increasing Coir Demand to Bolster Market Growth
The market is expected to witness significant growth during the forecast period due to the government's increasing investments in road construction. Also, increasing the supply of coir in rural areas to construct roads is anticipated to fuel the market growth. Also, the Bihar government’s rural work department, the National Jute Board (NJB), and the Indian Jute Mills Association (IJMA) have sanctioned geotextile use in the Pradhan Mantri Gram Sadak Yojana (PMGSY), which will be cost-effective and beneficial for road construction.
However, fluctuating raw material prices may hinder the market growth. Also, a change in supply and demand of coir and jute is expected to restrict the product rate.
Asia Pacific Holds Leading Position Due to Increasing Road Construction Activities
Asia Pacific dominates the global geotextiles market share and was valued at USD 1.10 billion in 2022. The region is expected to continue its dominance due to increasing construction activities in developing countries.
Europe holds the second-highest position globally due to increasing investment and government initiatives to construct roads.
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Key Players to Strengthen their Market Position by Forming Strategic Alliances
The key players of geotextiles focus on acquiring supporting organizations to expand their business reach and improve their portfolios. This allows companies to develop their revenue generation rate by attracting global customers. Developing new products and enhancing existing products allow companies to improve their product portfolio. These strategies allow key players to strengthen their market position.
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