Rising consumer focus on nutritional value and increase demand for plant-based construction fabrics are expected to drive the growth of the construction fabrics market
The global construction fabrics market was valued at USD 1,445.4 million in 2018 and is expected to reach USD 2,569.6 million in 2026, growing at a CAGR of 7.2% during the forecast period.
According to the India Brand Equity Foundation, in 2018, the construction fabrics sector recorded investments worth USD 4.19 billion. Additionally, The Government of India announced a special package to boost exports by USD 31 billion, which expected to create 10 million job opportunities and attract investments worth USD 11.93 billion during 2018-2020. This expected to enhance the production to meet the growing consumption of construction fabrics over the forecast period.
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The large-scale utilization of construction fabrics due to their agile strength, in road and bridge constructions is driving the construction fabrics market. Rapidly growing urbanization and industrialization, growing construction industry across the globe, and growing use of carbon in construction fibers are the main drivers for the market growth of the global construction fabrics market over the forecast period. Furthermore, increase in foreign direct investment in developing countries, increase in demand for infrastructure development and construction projects owing to growth in service industries which includes banking and telecommunication, information technology, insurance, and financial services which further drives the growth of construction fabrics market. Rapidly growing urbanization further boosts the growth of construction and building, roads, bridges, schools, hospitals, offices, malls, and multiplex in different regions and countries and government policies and schemes which in turn rise the demand for construction industry. Thus, these factors are expected to rise lucrative opportunities in the global market for the manufacturers in the coming years.
However, volatile prices of raw materials and easy availability of inexpensive substitutes are expected to hamper the growth of the global construction fabrics market during the forecast period. Moreover, disposal and recycling of waste and lack of experienced workforce are the prime challenges in the global construction fabrics market throughout the forecast period.
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