Global Geogrid Market Analysis, Size and Share, Trends and Growth Revenue, Forecasting 2030
The global geogrid market size was nearly USD 1.15 billion in 2021 and is set to increase to about USD 2.01 billion by 2030 with a compound annual growth rate (CAGR) of nearly 4.71% between 2022 and 2030.
Geogrid is a geosynthetic material utilized for reinforcing soils and other similar materials. Reportedly, geogrids are made up of polyester, polypropylene, polyvinyl alcohol, and polyethylene. Furthermore, these products are woven from yarns, heat-welded from material strips, and manufactured by punching a symmetrical pattern of holes in material sheets. In addition, these products find extensive application in construction activities owing to their capacity of distributing the higher load across a huge area. Moreover, geogrids also find a spectrum of applications in the road & rail development sector due to lower maintenance costs, less time utilization, and the thickness of road and rail tracks.a
A surge in infrastructural and construction activities with rapid urbanization has provided an impetus to the growth of the global geogrid market. In addition, depletion in the road construction and maintenance costs have paved a way for the expansion of the global industry. Apart from this, a prominent increase in infrastructural expenditure across the countries such as the U.S., China, Russia, the UK, Canada, and Germany will prop up the demand for geogrid and will boost the global geogrid business. With an increase in rail and airport projects in emerging economies, the market for geogrid is predicted to gain traction in the years ahead.
However, the lack of availability of skilled workforce can put brakes on the growth of the geogrid industry globally. Nonetheless, an increase in awareness about the benefits of using the product will generate new opportunities for growth for the global geogrid market.
The global geogrid market is divided into material, product, application, and region.
On basis of material, the global geogrid industry is sectored into HDPE, polypropylene, and polyester segments. Furthermore, the polyester segment, which dominated the global market share in 2021, is predicted to continue its market domination even during the assessment period. The growth of the segment over the projected timeframe is credited to its lightweight, elasticity, and longevity. In addition to this, polyester offers excellent heat resistance and it finds extensive applications in mining, tunnels, anti-snow barriers, and wall constructions.
Based on product, the global geogrid industry is divided into uniaxial, biaxial, and multiaxial segments. Moreover, the biaxial segment accounted for the major share of the global geogrid market in 2021. The segmental growth can be attributed to the ability of biaxial geogrids in providing cost-efficient solutions to road paving and soil reinforcement activities. In addition to this, biaxial geogrid can be deployed during unfavorable conditions including polluted soils, shallowly buried utilities, weak subgrades, and heavy loads.
The North American region is predicted to account majorly for the global geogrid market share by 2030. The growth of the regional market can be attributed to a rise in the production of geogrids in the countries such as the U.S. In addition to this, the humungous presence of giant players such as Tensor Corporation, Propex Operating Company, GSE Environmental, LLC, and Strata Systems in the region is likely to proliferate the regional market size. An increase in funding of infrastructural ventures in the region will promote the growth of the geogrid industry in North America.
Moreover, the Asia-Pacific region is anticipated to register the fastest CAGR of about 10.0% over the assessment timeline. The growth of the regional market can be attributed to an expanding customer base in emerging economies such as China and India along with the increase in infrastructural development projects as well as refurbishment ventures in the construction sector in these countries.
Key players profiled in the global geogrid market include:
- Tensar Corporation
- Reed & Graham Inc.
- BPM Geosynthetics
- Solmax International, Inc.
- Strata Systems, Inc.
- Huesker Synthetic GmBH
- BOSTD Geosynthetics Qingdao Ltd.
- Naue GmBH and Co. Kg
- Tmp Geosynthetics
Recent Developments:
- In September 2021, Tensar Corporation, a key player in the global geogrid business, launched Next Generation InterAxTM Geogrid product. Reportedly, it is the next generation of geogrid products of Tensar and demonstrates rapid advancement of the firm in geogrid technology. The launching of the new product will contribute immensely to the company’s revenue as well as towards its existing line of products. The move will contribute remarkably to the expansion of the geogrid business and its revenue globally.
- In February 2022, Freudenberg Performance Materials, a key supplier of high-performing geosynthetics for civil engineering activities in Germany, introduced a novel geogrid composite. The initiative will help in enhancing the efficiency of construction activities and boost the demand for geogrids in Germany and across Europe.
This review is based on a report by Zion Market Research, titled “Geogrid Market By Material (HDPE, Polypropylene, and Polyester), By Product Built (Uniaxial, Biaxial, and Multiaxial), By Application (Road Construction, Railroad, Soil Reinforcement, and Others), and By Region – Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 – 2030.”- Report at https://www.zionmarketresearch.com/report/geogrid-market
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