The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including Geotextile Tubes Market.
It was estimated prior to this unanticipated outbreak Geotextile Tubes Market will reach CAGR of 9.5% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Geotextile Tubes Market Insights
Geotextile tubes market is likely to witness a promising CAGR of 9.5% during the forecast period. The major factors contributing to the demand for geotextile tubes are increasing uses of these tubes in dewatering and desludging applications to minimize the leakage of contaminants to the environment during processing transit and final disposal.
Market Share Analysis
Geotextile Tubes Market Share: By Textile Type
Based on the textile type, the geotextile tubes market is segmented as woven and nonwoven. Woven geotextile tubes dominated the market in 2019, with their wide use in dewatering application. They are expected to command the market during the forecast period as well. Woven geotextile tubes have superior tensile strength and fine porosity and hence, are the ideal choice for environmental engineering.
Geotextile Tubes Market Share: By End-Use Industry Type
Based on the end-use industry type, the geotextile tubes market is segmented as marine & hydraulic, environmental engineering, agricultural engineering, and construction. The marine & hydraulic segment is expected to lead the market during the forecast period owing to its significant usage to prevent coastal erosion due to the rising sea level.
Geotextile Tubes Market Share: By Region
In terms of regions, Asia-Pacific is estimated to remain the largest market for geotextile tubes during the forecast period due to the long coastline of the region and rising concern on the increasing sea level. Increasing investments by the governments of countries such as China and India on infrastructure are expected to propel the market in the forecast period. North America and Europe are also expected to offer substantial growth opportunities during the forecast period.