According to a new report published by Allied Market Research titled, “Geogrid Market by Application: Opportunity Analysis and Industry Forecast, 2019-2026, ” the geogrid market was valued at $0.8 billion in 2018, and is projected to reach $1.8 billion by 2026, growing at a CAGR of 9.9% from 2019 to 2026. Recently, economies are highly investing in transportation and building construction which in creases the demand for the geogrids in these industries. Geogrid possess excellent properties such as light weight, easy handling and high temperature stabilities. These are the key factors that attract the consumers from civil applications resulting in the growth of the market globally.
The global geogrid market is primarily driven by the increase in building & construction and infrastructural activities. Moreover, majority of the companies have adopted business expansion and product launch as their key business strategies to maintain their position in the global market. However, variability in the price of polyester, polypropylene owing to crude oil price fluctuations is anticipated to hinder the market growth.
On the basis of application, the road industry segment was the major revenue contributor in 2018 and is expected to be remaining dominant during the forecast period. This is owing to the increase in demand for transportation facilities. Also, the use of geogrid in the road industry reduces the maintenance cycles and cost which is results in the highest market share of this segment.
On the basis of region, the geogrid market size is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific held the dominant geogrid market share in 2018 and is anticipated to maintain its dominance during the forecast period. This is attributed to numerous factors such as a huge consumer base, the rise in infrastructure development activities, increase in construction activities (Transportation sector) and up gradation of infrastructural facilities in the region.
Moreover, Asia-Pacific registered the highest growth rate in the global geogrid market owing to the rise in demand for geogrids in the construction industry. The region is expected to maintain the highest growth rate during the forecast period.
Key player profiles included in the report are ACE Geosynthetics, Glen Raven Inc., Huesker Synthetic GmbH, Low & Bonar PLC, Maccaferri Group-SECI SpA, Naue GmbH & Co. Kg, Tenax SPA, Koninklijke Ten Cate B.V., Tensar, and Wrekin Products. Other players operating in the value chain include Propex Operating Company LLC, Asahi- Kasei Geotech, Carthage Mills, Thrace, Pietrucha, and others.
Key Findings Of The Study:
- By application, the road industry segment emerged as the global leader by acquiring around 36.01% of geogrid market share in 2018, and is anticipated to be the largest market during the forecast period.
- Asia-Pacific is the major consumer of geogrid among other regions. It accounted for around 38.99% of the global market share in 2018 as a result of rapid increase in infrastructural development activitiesand construction activities across the region.
- Soil reinforcement registered the highest growth rate of 10.2% in the global geogrid market and is anticipated to maintain it during the forecast period.