The global geogrid market is set to gain traction from the high demand for sustainable buildings. This information is given by Fortune Business Insights™ in a new report, titled, “Geogrid Market Size, Share & Industry Analysis, By Material (HDPE, Polypropylene, Polyester), By Product (Uniaxial, Biaxial, Multiaxial), By Application (Road Construction, Railroad, Soil Reinforcement, Others), and Geography Forecast, 2020-2027.” The report further states that the geogrid 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.
A list of all the renowned geogrid
manufacturers operating in the global market:
- 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
This Report Answers the Following Questions:
- How will the
organizations surge sales of geogrids?
- Which region
would lead the market in the near future?
- What are the
opportunities and challenges in the global market?
- Which
companies are set to lead the market in the coming years?
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 in the near future. The product has several beneficial
properties, such as environmental safety, easy handling, and high tensile
strength. Besides, upcoming infrastructure projects, 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.
Read Detailed Summary of This Report:
https://www.fortunebusinessinsights.com/geogrid-market-104104
COVID-19 Impact-
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 the construction activities across the globe. It has disrupted the supply chain and transportation of raw materials. Hence, investors are delaying or cancelling 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.
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 geogrid 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.
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 consumption of natural resources significantly.
Read Press Release:
https://www.fortunebusinessinsights.com/press-release/global-geogrid-market-10306
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