The global geotextiles market size is expected to experience exponential growth by reaching USD 16,212.5 million by 2028. Fortune Business Insights in its latest report, titled, “Geotextiles Market, 2021-2028.” The report further observes that the market stood at USD 9,014.2 million in 2020 and is projected to exhibit a CAGR of 7.7% between 2021 and 2028. This is attributed to factors such as the increased spending on construction projects that are expected to boost the adoption of geotextiles worldwide.
The effect of the global pandemic, COVID-19, has been felt across several economies that are facing unprecedented loss. Owing to the lockdown announced by the government agencies, several industries have been on a standstill with limited operational activities. However, a collective effort from the government as well as the industries is likely to bring the economy back on track and aid in the resumption of industrial activities.
Market Segmentation:
Based on material, the market is bifurcated into natural and synthetic. On the basis of product, the market is categorized into woven, non-woven, and knitted. Moreover, based on application, the market is segmented into road construction, erosion control, pavement repair, drainage, railroad, agriculture, and others. Lastly, on the basis of region, the market is categorized into North America, Asia-Pacific, Latin America, the Middle East and Africa, and Europe.
Information source: https://www.fortunebusinessinsights.com/geotextiles-market-105063