The global geotextiles market is predicted to witness a steady growth in the coming years, according to a report published by Transparency Market Research (TMR). The market comprises of a few leading vendors, making the competitive landscape fragmented at the present. The vendors operating in the global geotextiles market are seen focusing on expansion to new, unexplored and emerging regions, with the ]aim of setting up new plants at low cost, yet generate higher production capacities. Key players in the market are eyeing new and innovative product development, along with acquisition of local market vendors in order to fortify their market position, distribution networks and thrive in the stiff competition.
Recently, China allocated USD 17 bn towards expansion of railways in the central and western regions. Vendors are expected to make fruitful use of such opportunities. Geotextile manufacturers and users have jointly developed Maximum Average Rolling Value (MARV) standard, which assures quality & good manufacturing practices and play vital role in consumer purchasing decision. Prominent vendors in the global geotextile market are GSE Holding Inc., Royal TenCate, Officine Maccaferri, Low & Bonar, Fiberweb, and NAUE GmbH & Co. KG.
According to TMR, the global market geotextiles market stood at US$3.2 bn in 2011. With a solid 10.3% CAGR from 2012 to 2018, the forecast period, the market is expected to reach a market value of US$6.4 bn by 2018. Volume-wise, the geotextiles industry observed demands worth nearly 1,904.0 million square meters in 2011. This is expected to grow to 3,398.4 million square meters by 2018, with a CAGR of 8.6% during the forecast period.
Based on application, the segment of road construction rose to be the largest segment and held almost US$1,502.8 mn of the total market in 2011. This could be ascribed to the rising use of geotextiles in the road construction industry as a result of the growing awareness of the benefits they offer. Geotextiles are used as a component of the foundation in laying roads, as they help in strengthening soil by holding it together, thus resulting in a longer lifespan of roads.
Region-wise, Asia Pacific dominated the global geotextiles market in 2011, and the trend is expected to continue over the forecast period. The region was responsible for more than 40% of the revenue generated by the market. The emergence of Asia Pacific can be accounted to the rise in expenditures by governments towards development of infrastructure.
Rising Awareness Regarding Product Benefits to Boost Growth
Geotextiles are cost-efficient and in this manner favored for different capacities, for example, detachment, filtration, fortification, insurance and seepage in structural designing applications, because of which the global geotextile market is required to develop in the coming years. The market is also expected to get a push because of growth in the construction and agriculture sectors.
Properties, for example, adaptability and porousness of geotextiles are required to fuel the development of the global geotextiles market amid the gauge time frame. Sturdiness and cost adequacy is likewise anticipated that would fuel the growth of the global geotextile market over the forecast period. Geotextiles industry players are always improving the geotextiles, because of government push and to build their presence in the overall industry in the global market, which predicted to drive the global geotextile in the forthcoming years.
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Booming Infrastructure in Developing Economies to Offer Rich Opportunity
Expanding manufactured polymer based item improvement has prompted uplifting standpoint in development industry. It is essentially utilized for building roads, railroads, expressways, and aircraft terminals. Surge in infrastructural activities and spending in China, India, and Indonesia alongside government initiatives undertaken in regards to infrastructural improvement is predicted to drive market growth. Swift urbanization alongside technological advances towards focal National New-Type Urbanization Plan may improve industry development. Additionally, Indian National Highway office is arranging infrastructural extension by attempted 13,000 km parkway and street improvement design and elevate these items to be utilized as a part of the activities.
Geotextiles market size has an uplifting outlook in sub-review change of railroad tracks on account of good elongation, resistance to abrasion, and allowing water to through it while holding soil granules. These are some of the key factors that will offer new avenues for growth of the global geotextiles market in the years to come.