Technavio market research analysts forecast the global geotextiles market to grow at a CAGR of more than 11% during the forecast period, according to their latest report.
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Technavio has published a new report on the global geotextiles market from 2017-2021. (Graphic: Business Wire)
The global geotextiles market is segmented by type (non-woven, woven, and knitted), by application (road construction, erosion control, drainage, and others), and geography (APAC, North America, Europe, and ROW).
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Technavio analysts highlight the following three market drivers that are contributing to the growth of the global geotextiles market:
- Rising concerns regarding soil erosion
- Increasing government regulations
- Rising infrastructure investments
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Rising concerns regarding soil erosion
Soil degradation is increasing every year. It is estimated that 100,000 km² of agricultural land is lost owing to soil erosion globally each year. This is likely to reduce the yields of the crops and endanger food security in future. It is estimated that the global food demand would increase approximately 61% by 2050. As the population is expected to reach 8.35 billion by 2030, many governments all over the world are undertaking many soil erosion initiatives. For instance, European government has adopted Good Agriculture and Environmental Condition (GAEC 6) requirements under European Commission soil protection thematic strategy to minimize soil erosion. Also, RECARE project which has been funded by the EU is formed to prevent soil erosion and desertification. These initiatives taken by governments are more likely to boost the growth of the geotextiles market as geotextiles are predominantly used as erosion control aids.
Increasing government regulations
The disposal of solid waste and waste water is growing at a fast pace globally. Municipal water occupies a dominant share of 92.2% of the total waste water globally. As waste waters have a direct impact on health and environment, several governments are imposing stringent regulations to limit the solid wastes in the waste water.
"Environmental Protection Agency has imposed Resource Conservation and Recovery Act on industrial, household, and manufacturing of solid and hazardous wastes. This regulation includes the determination of the solid waste and identifies if it is hazardous at the first step. These stringent regulations are likely to boost the demand for geotextiles in filtering solid waste in waste waters," says Kshama Upadhyay, a lead textile, fiber, and composites research analysts at Technavio.
Rising infrastructure investments
The global infrastructure market is expected to reach approximately USD 10.2 trillion by 2021. This growth is majorly contributed by road and railways in APAC, with China and India as dominant countries, and the Middle East. For instance, Vision 2030 by Saudi Arabia is a long-term strategy adopted by the government. It is aimed to decrease the reliance on oil revenues and expand service sectors that include infrastructure, health, and education. Infrastructure includes expansion of railways with investments of USD 8.1 billion.
"The ministry of transport is investing approximately USD 90 billion for constructing metro lines and bus routes in cities of Riyadh, Jeddah, Mecca, and Medina. The long-term investment on construction in APAC is likely to boost the demand for geotextiles during the forecast period," adds Kshama.
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