Geotextile Asphalt Reinforcement Market - Forecast(2023 - 2028)

Geotextile Asphalt Reinforcement Market Overview

Geotextile Asphalt Reinforcement Market size is expected to be valued at $5.9 billion by the end of the year 2026 and the Geotextile Asphalt Reinforcement industry is set to grow at a CAGR of 8.2% during the forecast period from 2021-2026. Geotextile asphalt reinforcement is a composite material that is used as a reinforcement material on steel grids in the building and construction industry. Geotextile asphalt reinforcement materials are rolled asphalts which are bituminous mixture contains aggregates of different gradations, filler types and bitumen. The increase in the infrastructural activities across the globe is majorly driving the geotextile asphalt reinforcement market. Furthermore, the increase in maintenance and repairs done in renovation activities of public infrastructure and buildings is also increasing the demand for the geotextile asphalt reinforcement market.

COVID-19 impact

Amid the Covid-19 pandemic, the geotextile asphalt reinforcement market witnessed very slow growth during the year 2020. There were many economical and legal restrictions owing to the fast-spreading global pandemic, covid-19. This affected the geotextile asphalt reinforcement market in terms of production, sales and distribution. Therefore, the geotextile asphalt reinforcement market incurred huge losses during the year 2020. The geotextile asphalt reinforcement market is however expected to grow by the year end of 2021.

Report Coverage

The report: “Geotextile Asphalt Reinforcement Market – Forecast (2021-2026)”, by IndustryARC, covers an in-depth analysis of the following segments of the Geotextile Asphalt Reinforcement Industry.

By Material Type: Fiberglass Geogrid, Fiberglass Composite Geogrid, Coated Fiberglass Geogrid, Tack-Film Fiberglass Geogrid and Others.
By Application: Roads (Construction, Repair and Maintenance, Reinforcement and Waterproofing), Bridges, Airports and Others.
By Geography: North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, France, Netherlands, Belgium Spain, Russia and Rest of Europe), APAC (China, Japan India, South Korea, Australia, New Zealand, Indonesia, Taiwan, Malaysia), South America (Brazil, Argentina, Colombia, Chile and Rest of South America) and RoW (Middle East and Africa).

Key Takeaways

• Asia-Pacific market held the largest share in the geotextile asphalt reinforcement market owing to increase in infrastructural activities and construction activities taking place in countries like India, South Korea, China and Japan.
• The increasing government investment and initiatives in infrastructure projects is driving the geotextile asphalt reinforcement market.
• The increase in number of road and bridge construction activities across the world is one of the significant factors driving the geotextile asphalt reinforcement market.
• Amid the Covid-19 pandemic, the geotextile asphalt reinforcement market witnessed a major downfall due to the various restrictions laid down by countries across the globe.

FIGURE: Geotextile Asphalt Reinforcement Market Revenue, 2020-2026 (US$ Billion)

Fiberglass composite geogrid segment held the largest share of 42% in the geotextile asphalt reinforcement market in the year 2020. Fiberglass composite geogrid is a composite material product that is mixed with non-woven geotextile. Fiberglass composite geogrid provides moisture proofing and water resistance advantages while also creating a strong bond of the asphalt layers over the tack coat surface. This will help in ensuring that the reinforced grid can effectively accept and distribute tensile stresses. It can also be used in laying foundation in road construction. Fiberglass composite geogrid, being a composite material gives high tensile strength and load bearing benefits, which is majorly driving the geotextile asphalt reinforcement market.

Geotextile Asphalt Reinforcement Market Segment Analysis – By Application

Roads construction segment held the largest share of 40% in the geotextile asphalt reinforcement market in the year 2020. The increase in the number of infrastructural activities in various countries across the globe is driving the road construction segment in the geotextile asphalt reinforcement market. The various activities related to reinforcement, waterproofing and maintenance activities undertaken by governments to improve the infrastructure of their nation is driving the geotextile asphalt reinforcement market.

Geotextile Asphalt Reinforcement Market Segment Analysis – By Geography

Asia-Pacific region held the largest share of 44% in the geotextile asphalt reinforcement market in the year 2020. The rapid growth of population in countries like India and China coupled with the countries’ high dependence on end use industries like building & construction is driving the demand for geotextile asphalt reinforcement materials. China came up with an initiative called Belt and Road Initiative (BRI), for which the World Bank Group has produced a series of 19 background papers and independent analysis of the Belt and Road Initiative (BRI). This will further increase the demand for geotextile asphalt reinforcement. According to Indian Brand Equity Foundation (IBEF), the Government of India aims to construct 65,000 kms of national highways at a cost of US$741.51 billion by 2022. According to data from Road Bureau, Ministry of Land, Infrastructure, Transport and Tourism, during 2019, seismic strengthening was conducted on bridges with rocking piers. It was conducted on over 45o bridges across Japan. This is driving the demand for geotextile asphalt reinforcement market.

Geotextile Asphalt Reinforcement Market Drivers

Increasing government investment and initiatives in infrastructure projects

The increasing investment and initiatives in infrastructure projects by governments across the world is one of the significant factors driving the demand for geotextile asphalt reinforcement market. According to Indian Brand Equity Foundation (IBEF), under the Union Budget 2020-2021, the government of India allocated US$14.85 billion to the Ministry of Road Transport and Highways. According to Federal Highway Administration, Fixing America's Surface Transportation Act (FAST Act), authorized US$305 billion over fiscal years 2016 through 2020 for highway, highway and motor vehicle safety programs. According to the office for National Statistics, the construction of new orders in Europe increased by 2.5% in the year 2019, as compared to a fall of 13.2% in 2018. According to the Global Competitiveness Report, UAE occupies at the seventh rank for index of road quality. The Ministry of Land, Infrastructure and Transport of South Korea unveiled a national road construction plan to build 13 new national expressways that will add up to 288.7-kilometer expressway across the country and extend 10 existing expressways by 165.7 kilometres by 2020. These are some of the initiatives driving the demand for the geotextile asphalt reinforcement market. 

Increase in number of road and bridge construction

The increase in number of roads and bridges construction is one of the significant factors driving the demand for geotextile asphalt reinforcement market. According to American Road and Transportation Builders Association, as of 2020, the United States has more than 4.1 million miles of public highways and almost 615,000 bridges. Currently, 66.3% of all the roads in US are paved. The UK government came up with various tenders for bridge construction and replacement contracts for the year 2021. The government of the UK initiated a tender for US$66.3 thousands for renovation and restoration of Boothferry Bridge though East Riding of Yorkshire Council during May 2021. These are majorly driving the geotextile asphalt reinforcement market.

Geotextile Asphalt Reinforcement Market Challenges

Volatile raw materials

The fluctuation in the prices of raw materials is one of the biggest challenges faced by the geotextile asphalt reinforcement market. The materials of geotextile are derived from crude oil, and thus the fluctuation in the pricing of crude oil is majorly restricting the growth of the geotextile asphalt reinforcement market. For instance, according to Interactive charts of West Texas Intermediate, the price of crude oil decreased by 20.54% in the year 2020, increased by 34.46% in the year 2019, decreased by 24.84% in 2018 and increased by 12.47% in the year 2017 across the world. This volatile pricing structure is affecting the geotextile asphalt reinforcement market.

Geotextile Asphalt Reinforcement Market Industry Outlook

Partnerships, investments, acquisitions and mergers, production expansion, facility expansion and collaborations are some of the key strategies adopted by players in the Geotextile Asphalt Reinforcement Market. Major players in the Geotextile Asphalt Reinforcement Market include:

1. Tensar International
2. Titan Environmental USA (Titan)
3. ABG Ltd.
4. Strukton
5. Ooms Polymer Modified Bitumen Pvt. Ltd.
6. ADFORS
7. Geosynthetics Limited
8. Edifloor SPA
9. MIAKOM
10. HUESKER Synthetic GmbH
11. Maccaferri among others.

Acquisitions/Technology Launches

• In July 2019, HUESKER introduced ecoLine geogrids, world’s first 100% recycled polyethylene terephthalate (PET). This was done to focus on environmentally friendly solutions 

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