According to a new report published by Allied Market Research, titled, " Geotextile Tubes Market by Type and End-User Industry: Global Opportunity Analysis and Industry Forecast, 2020-2027," the global geotextile tubes market was valued at $3.3 billion in 2019, and is projected to reach $7.2 billion by 2027, growing at a CAGR of 10.0% from 2020 to 2027. The global geotextile tubes market has been evolving gradually due to the increasing applications in dewatering process for dewatering of contaminated sediments, sewerage sludge, and waste in a sewage treatment plant. However, high cost of geotextile tubes is expected to hamper the market growth.
Primarily, based on type, the global geotextile tubes market is segmented into woven and non-woven. The Non-woven segment is estimated to grow at a CAGR of 10.2% during the forecast period.
Based on end-user industry, the global geotextile tubes market is segmented into wastewater treatment, agriculture, aquaculture, pulp and paper mills, constriction, marine and others. The Marine segment is estimated to grow at a CAGR of 11.7% during the forecast period.
Geographically, the global geotextile tubes market is segmented into North America, Europe, Asia-Pacific and LAMEA. The Asia-Pacific region is estimated to grow at a CAGR of 10.7% during the forecast period.
Major companies in the geotextile tubes market include TechFab India Industries Ltd, Koninklijke TenCate, Flexituff Ventures International Limited, KG, Huesker, Ace Geosynthetics, Officine Maccaferri, Low & Bonar, Geofabrics Australasia Pty Ltd, NAUE GmbH & Co., and Fibertex Nonwovens. In order to stay competitive, these market players have adopted various strategies such as product launch, partnership, merger, and acquisition.
Impact of COVID-19 on the global geotextile tubes market
The geotextile tubes market size is hampered, owing to outbreak of COVID-19. The manufacturing as well as supply regions or countries witnessed economic slowdown, owing to the lockdown. The downstream section of the value chain, i.e., the end user has witnessed less demand, which has impacted the market growth. For instance, the construction industry was already dealing with numerous challenges from various rules and regulation, lack of capital and credit avenues to insolvencies, and others. To contain the pandemic many nations across world has imposed lockdown to restrict the movement of people and gatherings. Which resulted in disruption of construction activities as the construction sector is worker dense sector.
This correspondingly decreased the demand for construction materials and consequently for geotextile tubes. Asia-Pacific is one of the largest and fastest growing construction industries; the outbreak of COVID19 in China halted the construction activities in China and disrupted the value chain of the construction industry. This negatively impacted the geotextile market.
Key Findings of the Study:
- In 2019, Asia-Pacific and Europe cumulative geotextile tubes market share was 64.2%.
- The marine and construction segments are expected to witness significant CAGRs of 11.7% and 11.0%, respectively, during the forecast period.
- The non-woven segment was the highest contributor to the market in 2019 and is expected to grow at a CAGR of 10.2% during the forecast period.