Global Geotextile Market size is likely to be valued at USD 8.24 billion by 2020; as per a new research report by Hexa Research. Increasing use in soil reinforcement activity coupled with growing application scope in road & railway development is likely to drive market growth.
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Favorable government regulations in countries such as China, India, Brazil and UAE supporting application development and employment creation in manufacturing industries is likely favor geotextiles market growth. Lack of manufacturing standardization coupled with fluctuation prices of raw materials such as polyester and polyethylene is anticipated to challenge trade opportunities and profitability.
Nonwoven geotextiles were the largest consumed product segment and accounted for over 65% of the total volume in 2013. Low cost and factors such as absorbency, mechanical strength and liquid repellency make nonwoven products to be widely preferred in the industrial applications. Woven products were the second largest consumed product and are likely to witness significant gains, at an estimated CAGR of 9.0% from 2014 to 2020.
Key report insights suggest:
Global geotextiles market size was estimated 2389.2 million square meters in 2013 and may register 4323.7 million square meters by 2020 growing with an estimated CAGR of 8.9% from 2014 to 2020.
Road construction applications dominated the market and accounted for 43.5% of the total volume in 2013 and likely to witness significant growth rates. Laying road foundation and increasing road life span by strengthening weak soil are factors likely to drive demand for this application. Drainage application is likely to witness above average growth rates with an estimated CAGR of 8.9% up to 2020.
Asia Pacific dominated the regional market and accounted for 43.1% of the total volume in 2013. Increasing infrastructure spending which involves construction of dumps, highways & dams in China and India are likely to drive regional demand. North America is likely to witness above average growth rates of 9.0% from 2014 to 2020.
The top four companies account for over 30% of the overall demand in the highly fragmented geotextiles market. Prominent companies involved are Royal TenCate, NAUE, Low and Bonar, GSE Holdings, Argu America, Fiberweb, Tenex and Fibertex.
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