According to Fortune Business Insights™ The global geogrid market is set togain momentum from the increasing demand for sustainable buildings. Thisinformation is given by Fortune BusinessInsights™ in a new report The report further states that the geogridmarket forecast was USD 6.15 billionin 2019 and is projected to reach USD10.66 billion by 2027, exhibiting a CAGR of 7.2% during the forecastperiod.
COVID-19:High Dependency on China to Import Raw Materials Will Hamper Growth
The outbreak of the COVID-10 pandemic hastaken a toll on the construction activities across the globe. It has disruptedthe 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.
ThisReport Answers the Following Questions:
· How will the organizations surge sales of geogrids?
· Which region would lead the market in the nearfuture?
· What are the opportunities and challenges inthe global market?
· Which companies are set to lead the market inthe coming years?
Drivers& Restraints-
Possessionof Numerous Beneficial Properties to Surge Demand for Geogrids
The rising expansion of theconstruction industry, as well as the increasing infrastructural developmentactivities 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.
Segment-
SoilReinforcement Segment Generated 13.82% in Terms of Share in 2019
Based on application, the soilreinforcement segment earned 13.82% in terms of geogrid market share in 2019. Thesegeogrid 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.
RegionalAnalysis-
Presenceof Renowned Manufacturers to Spur Growth in North America
Geographically, North America held USD2.35 billion in terms of revenue in 2019. This growth is attributable to the presenceof 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.
CompetitiveLandscape-
KeyPlayers Focus on Developing Eco-friendly Products to Reduce Emissions
The market is moderately fragmented. Mostof 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: DiabGroup 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: HUESKERlaunched its brand new ecoLine geogrid. It is made from 100% PET. The main aimof the company is to develop solutions that would reduce consumption of natural resources significantly.
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