The global market for geotextiles is expected to reach $8.24 billion by 2020
The global market for geotextiles is expected to reach $8.24 billion by 2020, according to a new study by Grand View Research Inc. Increased focus on geotextiles and its applications in roadways and erosion prevention is expected to be a key driver for the growth of the market. In addition, growing regulatory support in emerging countries including India, China, UAE and Brazil is also expected to augment the demand for geotextiles over the forecast period.
Road construction and erosion control were the largest applications of geotextiles together accounting for more than 60% of global demand in 2013. Increasing infrastructure spending in Asia Pacific, Middle East and Latin America are expected to act as key factors for driving geotextile demand for this application. Road construction is also expected to be the fastest growing segment over the forecast period, at an estimated CAGR of over 9% from 2014 to 2020.
Further key findings from the study suggest:
- The global geotextiles demand is expected to reach 4,323 million square meters by 2020 growing at a CAGR of 8.9% from 2014 to 2020.
- Asia Pacific was the largest geotextile consumer and is also expected to be the fastest growing regional market over the forecast period, at an estimated CAGR of 9.1% from 2014 to 2020. North America is also expected to witness significant growth on account of repair and maintenance for the vast road network of the region. European geotextile market revenue is expected to reach USD 1.97 billion by 2020, growing at a CAGR of 9.6% from 2014 to 2020.
- Non woven geotextiles were the most commonly used geotextiles in 2013, at an estimated consumption of 1,561 million square meters. Low cost and wide application scope make non-wovens the most preferred among other geotextiles products. Knitted geotextile demand is expected to reach 279.8 million square meters by 2020, growing at a CAGR of 7.1% from 2014 to 2020.
- The global geotextiles market is fragmented with the top six companies catering to about 40% of global demand in 2013. Key players in the market include Royal Tencate, NAUE, Low & Bonar and Propex among others.
The report "Geotextiles Market Analysis and Segment Forecast To 2020," is available now to Grand View Research customers and can also be purchased directly.