Endorsed with a strong foundation in the construction sector, geotextile market is expected to witness a profitable landscape in the coming years. Geotextiles are basically used for reinforcing the vertical soil banks in construction of solid foundations for bridges, temporary roads, and highways. Rapid industrialization across developing nations along with regional government bodies’ extending initiative in infrastructural projects have significantly driven geotextile market demand. Recently, the Chinese government has announced to invest approx. USD 503 billion by 2020 for the expansion of the country’s railway system. Reportedly, under the proposal, the country is planning to extend its high-speed railway coverage by 30000 kilometers in the next five years. In fact, statistics estimate, China geotextile industry demand from railroad application is forecast to cross USD 95 million by 2024. As a matter of fact, the Indian government is also taking significant initiatives toward the development of public infrastructure, which by extension is upscaling the regional geotextile market. For instance, the National Highway Authority of India (NHAI) has set a target of developing 15000 km highway in the coming fiscal year, which is a 50% hike when compared to the present year estimation. Such exemplary efforts undertaken by the regional governments with regards to the enhancement of public transportation infrastructure is quite vivid in the overall geotextile industry space.
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Speaking along the similar lines, the overall geotextile market share from construction sector will surpass a valuation of USD 4.5 billion by the end of 2024. A stringent regulatory landscape has much to contribute to the growth of geotextile industry proliferation. Mandatory roll outs with respect to municipal solid waste (MSW) across UK, France, Germany Italy, and America has increased the market popularity in these regions. American Association of State Highway and Transportation Officials has mandated certain standard specifications pertaining to geotextile usage in certain applications including erosion control, separation, pavement, and silt fencing.
Infrastructural development across European countries has also been rampant. The European Union and Regional government have been rigorously encouraging maintenance and development of roads, bridges, highway, railway system. In addition to this, initiatives undertaken with regards to solid waste collection and waste water treatment have also favored the geotextile market growth. With France, Germany, U.K., and Italy at the growth front, Europe geotextile industry is forecast to witness a y-o-y growth of 9% over 2017-2024.
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U.S. woven geotextile market size may exceed USD 650 million by 2024. They are usually constructed by weaving and blending fibers. Increasing application scope in road construction to separate layers and stabilize ground under pavement and road will drive regional product demand.
China geotextile demand from railroad applications is poised to exceed USD 95 million by 2024. Increasing government spending on infrastructure projects should drive regional product demand. Selection of product for railroad applications depend on factors including existing track structure, drainage conditions, previous maintenance requirements, traffic, and subgrade conditions.
Global geotextile industry is quite fragmented with the involvement of key players like TENAX, Typar, GSE, Royal TenCate, Fibertex, and Hueskar. In sync with the sustainability trends, these companies are focusing on extending their production facilities and have been shifting toward biodegradable raw materials consumption for product manufacturing. Numerous efforts have been undertaken to improve the product portfolio and exploit the potential across myriad end use sectors. A recent report by Global Market Insights, Inc, depicts geotextile industry to exceed a revenue of USD 12 billion by 2024, with an estimated volume capacity of 10 billion square meters by the end of coming seven years.
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