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.
SWOT Analysis
Strength: Geotextiles are durable materials that increase the stability and longevity of civil engineering structures. They are cost-effective as they require less material for stabilization compared to traditional methods. Geotextiles provide immediate protection and reinforcement, decreasing the time required for soil erosion control and slope stabilization projects.
Weakness: Poor quality geotextiles may degrade rapidly upon exposure to environmental factors like sunlight, chemicals in soil, and microbial activity. Improper installation of geotextiles requires rework which increases project costs.
Opportunity: Rising demand from infrastructure development and construction activities in developing nations provides major growth opportunities for geotextile manufacturers. The increasing use of geotextiles in transportation, hydraulic and coastal engineering applications opens new avenues.
Threats: Stringent environmental regulations regarding the disposal of non-biodegradable geotextiles pose challenges. Substitute materials like natural fabrics threaten the synthetic geotextile market. Volatility in raw material prices adversely impacts manufacturing costs.
Key Takeaways
The Global Geotextile Market Demand is expected to witness high growth. The market size is projected to reach US$ 10.36 billion by 2023, expanding at a CAGR of 8.2% during the forecast period. Rapid urbanization and investment in public infrastructure will drive demand.
Regional analysis – Asia Pacific dominates the global geotextile market, accounting for over 35% of the total share in 2020. China, India, and other developing Asian countries are undertaking massive road construction and coastal protection projects. Growing infrastructure spending supports geotextile consumption.
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. These major manufacturers are focusing on new product developments and geographical expansions to strengthen their market position.
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