According to a newly published report by Allied Market Research titled, “Geogrid Market by Type and Application: North America Opportunity Analysis and Industry Forecast, 2020–2027,” The North America geogrid market size was valued at $282.0 million in 2019, and is anticipated to generate $408.3 million by 2027. The market is projected to experience growth at a CAGR of 7.0% from 2020 to 2027.
Recently, economies are highly investing in transportation and building construction, which increases 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 geogrid market.
The geogrid market is primarily driven by 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 North America Geogrid Market. However, variability in the price of polyester and polypropylene, owing to crude oil price fluctuations is North America Geogrid Market growth.
Based on type, the biaxial segment dominated the market share in 2019 and is also expected to grow fastest during the forecast period. On the basis of application, the road industry segment was the major revenue contributor in 2019 and is expected to be remain dominant during the forecast period. This is owing to increase in demand for transportation facilities. In addition, the use of geogrid in the road industry reduces the maintenance cycles and cost, which results in the highest market share of this segment. On the basis of region, the U.S. dominated the market share in 2019, while Canada is expected to grow at highest CAGR during the forecast period. This is attributed to numerous factors such as a huge consumer base, rise in infrastructure development activities, increase in construction activities (Transportation sector), and upgradation of infrastructural facilities in the region.
Impact Of Covid-19 On Market:
With the outbreak of COVID-19, the countries across the globe are barring the trade relations with China, owing to its role and failure toward containing the spread. Moreover, the border disputes that are engulfing around Indo-China LAC also have stimulated several steps discouraging the trade relations, which further impacts the suppliers in both countries, further impacting the North America Geogrid Market growth
Key Findings Of The Study:
- Based on type, the biaxial segment emerged as the global leader by acquiring around more than 80% of the global market share in 2019, and is anticipated to be the largest markets during the forecast period.
- On the basis of application, road industry segment anticipated to account more than one-fourth share in the global market in FY2019 as a result of rising infrastructure sector spending
- US is the major user of geogrid among other countries. It accounted for more than 75% of the global North America Geogrid Market share in 2019