Surge in demand from developing countries and inclination toward implementation of non-woven technical fabrics fuel the growth of the global market.
PUNE, MAHARASHTRA, INDIA, December 3, 2020 /EINPresswire.com/ — According to the report, the global geotextile tubes industry garnered $3.3 billion in 2019, and is projected to generate $7.2 billion by 2027, growing at a CAGR of 10.0% from 2020 to 2027.
Prime determinants of growth
Surge in demand from developing countries and inclination toward implementation of non-woven technical fabrics fuel the growth of the global geotextile tubes market. However, huge production of toxic waste restrains the market growth. Contrarily, emergence of eco-friendly technology creates new opportunities in the next few years.
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• Owing to lockdown imposed in many regions, manufacturing activities have been halted and supply chain activities have experienced disruptions. Moreover, an economic slowdown has occurred.
• Daily activities in the construction industry have been stopped due to lockdown. Moreover, the pulp & paper mills, marine, and other end-user industries have come to standstill for few days. So, the demand from these industries has been reduced.
• The construction activities have begun as lockdown restrictions are eased off. In addition, day-to-day activities are getting on track. The demand for geotextile tubes is expected to grow steadily.
The non-woven segment to maintain its dominant position throughout the forecast period:
By type, the non-woven segment contributed to the largest share in terms of revenue in 2019, accounting for nearly three-fifths of the total market share of the global geotextile tubes market, and will maintain its dominant position throughout the forecast period. In addition, this segment would manifest the fastest CAGR of 10.2% from 2020 to 2027. Increase in its usage in disposables, industrial materials, and durable consumer goods due to their low cost and suitability is the factor responsible for the growth of this segment. The report also provides an extensive analysis of the woven segment.
The marine segment to grow at the fastest growth rate:
By end-user industry, the marine segment is projected to register the largest CAGR of 11.7% from 2020 to 2027, owing to increase in usefulness in building marine structures such as artificial surfing reefs, bund wall structures, and others for its inexpensive nature. However, the wastewater segment held the highest share in 2019, contributing to more than one-fourth of the global geotextile tubes market, and is expected to continue its lead position during the forecast period. This is due to stringent regulations by governments regarding wastewater treatment and rise in the utilization of geotextile dewatering bags.
Asia-Pacific to offer lucrative opportunities, North America to grow steadily:
Based on region, Asia-Pacific accounted for the highest share in 2019, accounting for more than one-third of the market share, and will maintain its leadership status throughout the forecast period. Furthermore, it is expected to witness the largest CAGR of 10.7% from 2020 to 2027. This is due to favorable schemes introduced by governments and rise in demand for agro-textile products. However, North America is projected to grow at the highest CAGR of 9.3% throughout the forecast period.
Leading Market Players:
• TechFab India Industries Ltd.
• Flexituff Ventures International Limited, KG
• Koninklijke TenCate
• Ace Geosynthetics
• Low & Bonar
• Officine Maccaferri
• NAUE GmbH & Co.
• Geofabrics Australasia Pty Ltd.
• Fibertex Nonwovens
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Source: EIN Presswire