Geogrid Market Size 2022 Industry Recent Developments and Technology|
As the chemical industry moves into 2022, strong demand for both commodity and specialty chemicals should keep prices robust throughout the year. However, the industry could face margin pressures amid raw material cost inflation, which will likely remain high through the first half of 2022.
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. The report further states that the geogrid market size was USD 1.15 billion in 2020. The market is projected to grow from USD 1.19 billion in 2021 to USD 1.64 billion in 2028 at a CAGR of 4.7% during the 2021-2028 period.
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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.
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.
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.
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.
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 consumption of natural resources significantly.
A list of all the prominent 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
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