Geotextiles Market Industry – Synopsis
APAC Market Statistics
On the basis of geographical analysis, the global geotextiles market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Asia Pacific industry is set to dominate majority revenue share by 2037, driven by increasing highway and sidewalk construction activities in developing nations, such as, China and India. As per the data by the India Brand Equity Foundation (IBEF), the ministry of Road Transport and Highways has allocated a budget of USD 14.85 billion for FY 2021-22, while the government also aims to construct 23 new national highways by 2025.
Moreover, rising government initiatives to restore vegetation and forests, is also projected to boost the market growth in the region.
North America Market Analysis
The market in the North America region is anticipated to garner notable market share during the forecast period on account of increasing investment on eco-friendly construction methods, along with growing construction activities. In 2018, about USD 90 billion were spent on highway construction in the U.S., which is projected to grow to about USD 105 billion by 2022.
