February 25, 2024
Geotextile Market

Geotextile Market is expected to Driven by Increasing Infrastructure Development Projects

Geotextiles are man-made fabrics that are commonly used in the construction of paved roads, soil erosion prevention works, drainage systems, and similar civil engineering applications. They are made from both woven and non-woven polypropylene, polyester, ethylene, or other polymers and are used as construction materials in civil works projects. Geotextiles provide separation, filtration, drainage, reinforcement, and protection functions and help to separate, filter, reinforce, protect, and drain soils. Their porous nature and durability make them suitable materials for civil engineering applications.

The global geotextile market is estimated to be valued at US$ 10.36 Bn in 2023 and is expected to exhibit a CAGR of 8.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

Road construction has been one of the major applications of geotextiles globally. The increasing number of infrastructure projects in both developed and developing nations are expected to propel the demand for geotextiles over the forecast period. For instance, according to the World Bank, global infrastructure spending is expected to increase from US$ 3.2 trillion in 2020 to US$ 3.7 trillion annually by 2025. Additionally, rising investments in railway infrastructure development are also anticipated to augment the geotextile market growth. For instance, as per the Indian Railways, the rail network in India will require an investment of around US$ 220 billion by 2030. Growing usage of geosynthetic materials in construction activities due to advantages such as low cost, durability, and ease of installation is further expected to boost market growth over the next few years.

Porter’s Analysis

Threat of new entrants: The geotextile market has moderate threat of new entrants due to high production and operational costs.

Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes like filter fabrics and availability of many established manufacturers.

Bargaining power of suppliers: Suppliers have low to moderate bargaining power as raw materials suppliers are fragmented.

Threat of new substitutes: Substitutes like filter fabrics pose low threat due to superior properties of geotextiles.

Competitive rivalry: The market has high competitive rivalry due to presence of many established manufacturers globally.

Key Takeaways

The Global Geotextile Market Demand is expected to witness high growth. The global geotextile market is estimated to be valued at US$ 10.36 Bn in 2023 and is expected to exhibit a CAGR of 8.2% over the forecast period 2023 to 2030.

Regional analysis: The Asia Pacific region holds the largest share in the global geotextile market, primarily due to rapid infrastructure development activities in countries like China and India. Western Europe and North America are also major markets globally.

Key players: Key players operating in the geotextile market are Sanofi, Johnson & Johnson Services Inc., Pfizer Inc., Astellas Pharma Inc., Bayer AG, Bristol Myers Squibb, Merck Sharp & Dohme, Novartis International AG, Eli Lilly & Company, and AstraZeneca plc.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it