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, 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.
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?
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.
Browse Summary of This Research: