Pune, Nov. 09, 2020 (GLOBE NEWSWIRE) -- The global geogrid market is set to gain momentum from the increasing demand for sustainable buildings. This information is given by Fortune Business Insights™ in a new report, titled, “Geogrid Market Size, Share & COVID-19 Impact Analysis, By Material (HDPE, Polypropylene, Polyester), By Product (Uniaxial, Biaxial, Multiaxial), By Application (Road Construction, Railroad, Soil Reinforcement, Others), and Regional Forecast, 2020-2027.” The report further states that the market size was USD 6.15 billion in 2019 and is projected to reach USD 10.66 billion by 2027, exhibiting a CAGR of 7.2% during the forecast period.
COVID-19: High Dependency on China to Import Raw Materials will Hamper Growth
The outbreak of the COVID-10 pandemic has taken a toll on construction activities across the globe. It has disrupted the supply chain and transportation of raw materials. Hence, investors are delaying or canceling funds for new or existing projects. Also, most of the countries, such as the U.S. are dependent on China for shipping them materials, such as aluminum, steel, copper, and fixtures. We are providing elaborate reports to aid in surging sales of your products amid the pandemic.
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List of all the prominent manufacturers of the geogrid market are:
- Huesker (U.S.)
- Tensar International Corporation (U.S.)
- TenCate Geosynthetics Europe (Austria)
- Strata Systems, Inc. (U.S.)
- Maccaferri Inc. (U.S.)
- Advanced Drainage Systems, Inc. (U.S.)
- NAUE GMBH & CO. KG. (Germany)
- Synteen Technical Fabrics (U.S.)
- CLIMAX SYNTHETICS PVT. LTD. (India)
- Veer Plastics Private Limited (India)
- BPM (China)
- GSE Environmental (U.S.)
- S i A Pietrucha Sp. z o.o. (Poland)
- CTM Geosynthetics (India)
- TENAX Corporation (U.S.)
- Other Key Players
Drivers & Restraints
Possession of Numerous Beneficial Properties to Surge Demand for Geogrids
The rising expansion of the construction industry, as well as the increasing infrastructural development activities worldwide, would bolster the geogrid market growth soon. The product has several beneficial properties, such as environmental safety, easy handling, and high tensile strength. Besides, upcoming infrastructure projects, a rising population base, and rapid urbanization would accelerate growth. However, the lack of skilled engineers and laborers to install geogrids in foundations or infrastructures may obstruct growth.
Segment
Soil Reinforcement Segment Generated 13.82% in Terms of Share in 2019
Based on application, the soil reinforcement segment earned 13.82% in terms of geogrid market share in 2019. These geogrid solutions are mainly used to reinforce and stabilize weak soils. At the same time, they are capable of increasing the shear strength of soft soils and improving its embankment stability.
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- What are the key demands and trends shaping the market?
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- Which company accounted for the highest market share?
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- What is the market size and growth rate of the market for selective countries?
- Which region or sub-segment is expected to drive the market in the forecast period?
- What Factors are estimated to drive and restrain the market growth?
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Regional Analysis
Presence of Renowned Manufacturers to Spur Growth in North America
Geographically, North America held USD 2.35 billion in terms of revenue in 2019. This growth is attributable to the presence of numerous manufacturers in this region, such as Propex Operating Company, Tensar, Carthage, Strata system, and GSE Environmental. Europe, on the other hand, is anticipated to grow steadily stoked by the rising adoption of geogrids in rail road stabilization and road construction activities in this region. Lastly, Asia Pacific is expected to grow rapidly because of the rising economic and industrial development in developing nations, such as South Korea, India, and China.
Competitive Landscape
Key Players Focus on Developing Eco-friendly Products to Reduce Emissions
The market is moderately fragmented. Most of the key players are adopting the partnership strategy to co-develop novel products. Some of the others are aiming to launch eco-friendly products to reduce emissions in the atmosphere.
Below are the two latest industry developments:
- May 2020: Diab Group and SKAPS India partnered up to produce polyethylene terephthalate (PET) foam on a large scale. This would help both companies to cater to the high demand for core materials in the country.
- July 2019: HUESKER launched its brand new ecoLine geogrid. It is made from 100% PET. The main aim of the company is to develop solutions that would reduce the consumption of natural resources significantly.
Key Points Covered:
- Business Opportunities
- Commerce Challenges
- Demand Insights
- CAGR Values
- Historic Analysis
- Detailed Segmentation
- Top Companies Data
- Market Size
- Supply Trend
- Target Audience
- Key Geographies
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Emerging Trends
- Key Insights
- Key Emerging Trends – For Major Countries
- Industry SWOT Analysis
- Regulatory Analysis
- Recent Industry Developments - Policies, Collaboration, Partnerships, New Product Launches, and Mergers & Acquisitions
- Global Geogrid Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Material (Value/Volume)
- HDPE
- Polypropylene
- Polyester
- By Product (Value/Volume)
- Uniaxial
- Biaxial
- Multiaxial
- By Application (Value/Volume)
- Road Construction
- Railroad
- Soil Reinforcement
- Others
- By Region (Value/Volume)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- By Material (Value/Volume)
TOC Continued…!
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