In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
The global geotextiles market is estimated to grow at a CAGR of ~11% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the various advantages of geotextiles, such as, erosion resistance, higher strength and durability, and overlay stress absorption. Moreover, use of geotextiles protects the road or pavement from degradation by soil, while also safeguarding the biodiversity of the soil. Moreover, geotextiles also provide greater stability to roads, and other infrastructures. Growing construction activities across the world is estimated to boost the market growth. Furthermore, natural geotextiles are being extensively used to curb deforestation by reducing soil erosion and degradation of vegetation. Additionally, geotextiles are used to regenerate forest areas. The growing government concerns to reduce deforestation and loss of vegetation is estimated to boost the market growth. According to the Food and Agriculture Organization of the U.N., since 1990, over 420 million hectares of forest have been converted into industrial land. Between 2015 to 2020, the annual rate of deforestation reached 10 million hectares per year.
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The market is divided by fabric type into natural, and artificial, out of which, the natural segment is anticipated to hold the notable share in the global geotextiles market over the forecast period on account of growing adoption of natural products in construction industry, and increasing awareness amongst people regarding environment conservation. Based on application, the market is segmented into heavy construction, building and pavement construction, hydrogeology, environmental engineering, and others, out of which, the building and pavement construction segment is estimated to garner significant share over the forecast period, on the back of various advantages of geosynthetics, such as, resistance to UV degradation.
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Programme), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favourable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labour as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.
On the basis of geographical analysis, the global geotextiles market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of increasing highway and sidewalk construction activities in developing nations, such as, China and India. As per the data by the India Brand Equity Foundation (IBEF), the ministry of Road Transport and Highways has allocated a budget of USD 14.85 billion for FY 2021-22, while the government also aims to construct 23 new national highways by 2025.
Moreover, rising government initiatives to restore vegetation and forests, is also projected to boost the market growth in the region.
The market in the North America region is anticipated to garner notable market share during the forecast period on account of increasing investment on eco-friendly construction methods, along with growing construction activities. In 2018, about USD 90 billion were spent on highway construction in the U.S., which is projected to grow to about USD 105 billion by 2022.
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The global geotextiles market is further classified on the basis of region as follows:
Our in-depth analysis of the global geotextiles market includes the following segments:
Ans: The growing environmental awareness amongst authorities, as well as, public to boost the market growth.
Ans: The market is anticipated to attain a CAGR of ~11% over the forecast period, i.e., 2022 – 2030.
Ans: Lack of awareness amongst the end-users is estimated to hamper the market growth.
Ans: Asia-Pacific region is estimated to display significant opportunities for the market growth over the forecast period owing to the growing construction activities in the region.
Ans: The major players in the market are Officine Maccaferri SpA, NAUE GmbH & Co. KG, GSE Environmental, LLC, Koninklijke Ten Cate B.V., Strata Systems, Inc., Leggett & Platt, and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by type, fabric type, application, and by region.
Ans: The natural segment is anticipated to hold largest market over the forecast period and display significant growth opportunities.