Geotextiles Market to Grow at a CAGR of 6.8% during 2023-2030; Rising Demand for Coir in Rural Road Construction to Fuel Market Growth

The geotextiles market size was USD 3.18 billion in 2022. The market is projected to grow from USD 3.39 billion in 2023 to USD 5.39 billion by 2030 at a CAGR of 6.8% during the 2022-2029 period. This information is published by Fortune Business Insights™, in its report, titled, “Geotextiles Market Size, Share & COVID-19 Impact Analysis, By Material (Synthetic [Polypropylene, Polyester, Polyethylene, and Others] and Natural [Jute and Coir]), By Product (Non-Woven, Woven, and Knitted), By Application (Road Construction, Erosion Control, Pavement Repair, Drainage, Railroad, Agriculture, and Others), and Regional Forecast, 2023-2030.” As per the research conducted, the geotextiles market growth is attributed to lucrative opportunities in the industry. Key players in the market focus on forming strategic alliances and partnership with supporting organizations to propel growth.

Decline in Export Orders amid COVID-19 Pandemic to Hamper Market Growth

The outbreak of the pandemic has affected the market growth due to sudden decline in export orders and cancellation of the existing orders placed by customers. As governments restricted import/export activities to avoid virus spread, the companies faced huge decline in the sales rate which affected their profitability and business growth. Also, halt on production and manufacturing units in several industries affected the market expansion scope during the pandemic.  

Fibertex Nonwovens Acquired New-Build Spunlacing Production Business  

In January 2019, Fibertex Nonwovens acquired new-build spunlacing production business. The acquisition will allow Fibertex to expand its business reach in North America and enhance their existing production capacity. Currently, the annual production capacity of the company is around 14,000 tons. This can be expanded by increasing production lines post acquisition.

Increasing Urbanization to Stimulate Product Demand 

The market is expected to grow prominently due to rising urbanization in developed and developing countries. The increasing supply of coir in rural road construction projects is expected to drive the market growth during the projected period. Also, rising government initiatives and investments in construction sector are anticipated to fuel the market growth. Increasing spending on the infrastructure for various construction projects by the state, local, and federal governments is the key contributor to highway construction funding. Moreover, increasing public-private partnerships (P3s), as they receive money and the government’s approval to build roads and highways, will likely boost the product’s demand.

However, changes in the supply and demand of these raw materials may negatively impact the market growth.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/geotextiles-market-105063

Brand Acquisitions Allow Key Players to Strengthen their Market Position

The competitors of geotextiles focus on implementing various business expansion strategies such as forming strategic alliances, mergers, and partnerships. Market is defined by TenCate Geosynthetics Asia Sdn Bhd., GSE Environmental, NAUE GmbH & Co., KG, Officine Maccaferri, and Fibertex Nonwovens A/S as its players. Also, acquiring supporting companies to improve business performance allows key players to attract customers by introducing new products and enhancing their product portfolio.

Notable Industry Development

• March 2022: The BontexGeo Group acquired Geotexan S.A. to make a strong market position in Spain for geotextile market. Geotexan S.A specializes in the production and sale of geosynthetics and fibers.

List of Key Players Covered in the Report:

• Maccaferri (Italy)
• TENAX (Italy)
• TenCate Geosynthetics Asia Sdn Bhd. (Malaysia)
• GSE Environmental (U.S.)
• Terram Geosynthetics Pvt. Ltd. (India)
• HUESKER Synthetic GmbH (Germany)
• Global Synthetics (Australia)
• TYPAR Geosynthetics (U.S.)
• Fibertex Nonwovens A/S (Denmark)
• Belton Industries (U.S.)
• Thrace Group (Greece)
• NAUE GMBH & CO. KG (Germany)
• AGRU AMERICA, INC (U.S.)
• Gayatri Polymers & Geo – Synthetics (India)
• Suntech Geotextile Pvt. Ltd. (India)
• SKAPS Industries (U.S.)

Further Report Findings

• The Asia Pacific market was valued at USD 1.10 billion in 2022 and is anticipated to dominate the global geotextiles market share during the forecast period. The regional market growth is attributed to increasing construction activities and ongoing infrastructure projects in developing countries.
• Based on the application of geotextiles, the market is segmented into road construction, erosion control, pavement repair, drainage, railroad, agriculture, and others. The road construction segment is leading the market due to increasing road development and maintenance activities.

Table of Segmentation