The international market for geotextiles is likely to reach US $8 billion by 2024, according to a new study conducted by Grand View Research, Inc. Cost efficiency, longer life span as compared to other materials, and increasing environmental concerns are expected to have a positive impact on the industry in the following 7 years.
These products are relatively inexpensive and when appropriately designed are used as replacements for traditional granular treatment which aids in significant cost saving in terms of fabric as well as labor. This is expected to boost industry growth over the next eight years.
Rising government expenditure for infrastructure development, especially in Asia Pacific including India and China, is projected to fuel product need over the forecast period. Also, increasing the need for efficient drainage systems in various regions particularly in North America and Europe will have a positive impact on industry growth.
Geotextiles have been gaining popularity over the last few years due to increasing awareness regarding their benefits such as high durability, high tensile strength, and biodegradability. Rising environmental concerns among consumers are expected to fuel product demand over the forecast period.
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
Original Source: http://www.grandviewresearch.com/industry-analysis/geotextiles-industry