In a recent published report, Kenneth Research has updated the market report for Geotextile Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Geotextile Market products.
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According to the statistics by the Food and Agricultural Organization (FAO) of the United Nations, the total amount of pesticides used around the world grew from 3,089,827 tonnes in 2000 to 4,122,334 tonnes in 2018. Moreover, amongst all the continents that used pesticides, Asia registered as the largest user of pesticides by attaining a share of 52.4% in the year 2018. It was followed by the Americas, Europe, Africa and Oceania with 32.3%, 11.6%, 2% and 1.7% respectively. The statistics also stated that China was the largest user of pesticides amongst all the nations worldwide, utilizing 1,763,000 tonnes of pesticides for agricultural use.
The global Geotextile Market is anticipated to reach USD 14.03 billion by 2026, according to a new study published by Polaris Market Research.Rapidly rising infrastructural developments, rising applications in drainage systems in several parts of the world and an escalating increase in activities for prevention of soil erosion, are the primary factors that are driving the worldwide geotextile market. The significant functions of geotextile are separation, filtration, drainage, reinforcement, and protection. It is being increasingly used as an alternative to granular soil filters. Governments of several nations are taking preventive measures during construction of roadways owing to increasing awareness regarding submerging of roads in case of natural disasters and to ensure enhanced durability and quality. The product has found several applications for reinforcing the soil banks in the construction of bridges, roads, pavements, and highways among others.
Their prime functions include separation, sealing, filtration, drainage, and reinforcement among others. Owing to their multifunctional characteristics they are suitable for a variety of industries and find applications in agriculture, construction, transportation, and maintenance industries among others.
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Increasing population and urbanization across the globe has resulted in high demand for geotextiles from the transportation, agricultural, and ground drainage systems. Owing to these factors, the geotextile market expected to fuel over the coming years. A challenge faced by the geotextile market in the present scenario is that the material used in geotextiles, such as synthetic is a petrochemical based product, thereby causing carbon emissions. This poses challenges as the governments have formed stringent regulations to check the carbon footprint. Its ability to provide a combination of through-plane and in-plane permeability, adequate puncture resistance, and tear strength to resist aggregate penetration under cyclic loads has resulted in high demand for the product in several applications. The use of nonwoven type in pooling water, drainage systems, and rail industry results in an increased lifespan of the structures. It can be used over a couple of decades, thereby reducing the need for frequent maintenance of these systems.
South Korea are the major contributors to the geotextile market growth in the Asia Pacific region. China’s demand can be attributed to the nations’ infrastructural reforms & developments, and several government initiatives. India’s growing economic stability is yet another factor driving demand for geotextiles within the region.
The global geotextile market is fragmented as multinational players majorly dominates the industry. These companies consistently introduce new products to boost their offerings in the market. Moreover, the companies focus primarily on innovating and investing in research and development to cater the growing needs across the world. Leading companies are also focusing on expanding their businesses through inorganic growth which increases their market potential in terms of geographic expansion and expansion of their market penetration.
The key players currently operating in geotextile market include Asahi Kasei Advance Corporation (Japan), Berry Global (US), Carthage Mills (US), DuPont (US), Fibertex Nonwovens (Denmark), GSE Environmental (US), Huesker (Germany), Kaytech (South Africa), Leggett & Platt (US), Strata Systems (US), Mattex (Saudi Arabia), NAUE (Germany), OfficineMaccaferri (Italy), and Propex Operating Company (US) among others
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