The global geotextile market size is anticipated to reach USD 9.1 billion by 2025
NEW YORK, June 11, 2019 /PRNewswire/ -- Geotextile Market Size, Share & Trends Analysis Report By Material (PP, PE), By Product (Non-Woven, Woven), By Application (Road Construction, Erosion Prevention), By Region, And Segment Forecasts, 2019 - 2025
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The global geotextile market size is anticipated to reach USD 9.1 billion by 2025, expanding at a CAGR of 12.0% over the forecast period. Cost viability, longer life expectancy when compared with different materials, and rising ecological concerns are projected to benefit industry expansion over the forecast period.
Rising industrialization, technological developments, rapid urbanization, and growth in infrastructure are the major factors augmenting the demand for geotextiles over the forecast period.
Non-woven products are increasingly used in road construction, drainage, and erosion control due to their functionality of providing an avenue for water flow. Demand for non-woven products is rising in developing countries, such as China, India, and Russia, due to robust infrastructural development.
In terms of revenue, the polypropylene material segment was valued at USD 2.4 billion in 2018 and is projected to hold the largest market share over the forecast period. Most of the geotextiles employed in road construction are composed of polypropylene owing to their longer life span as opposed to other materials.
Road construction was the largest application segment in 2018 and it accounted for a share of 47.1% in terms of volume. In terms of revenue, geotextile demand for road construction in Asia Pacific is expected to expand at a CAGR of 14.6% from 2019 to 2025. The key factor responsible for surging product demand is increasing infrastructure development in regions including Asia Pacific, Middle East, and Latin America. Road construction is expected to emerge as the fastest-growing application segment over the forecast period.
Other applications including GCL and composites were closely followed by the erosion prevention application segment. Erosion prevention accounted for 19.4% of the global volume in 2018 and is expected to foresee relatively low demand over the forecast period.
Further key findings from the study suggest:
• The market revenue in U.S. is projected to expand at a CAGR of 12.1% over the forecast period. U.S. is the largest geotextile market in North America, which is expected to be driven by increasing application of ecofriendly natural geotextiles in road construction applications
• In terms of volume, Asia Pacific accounted for a share of 45.2% of the global demand in 2018 owing to presence of large infrastructural projects in this region. In addition, countries such as China and India have highlighted the usage of geotextiles in their 12th five year plans, which has augmented the market growth in this region
• The market in Europe is anticipated to reach USD 2.1 billion by 2025 in terms of revenue. In 2018, the region held the second largest market share in the global market. In terms of revenue, drainage is the fastest-growing application segment in the region with a CAGR of 13.4% over the forecast period. Increasing use of the product in drainage application is estimated to drive the market in the region over the forecast period.
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