SAN FRANCISCO, Sept. 16, 2019 /PRNewswire/ -- The global artificial turf market size is expected to reach USD 3.8 billion by 2025, accelerating at a CAGR of 5.4% over the forecast period, as per a new report by Grand View Research Inc. Durability, low maintenance, and affordable costs compared to natural grass are the key factors that are likely to drive the demand for artificial turf in sports and lawns applications over the projected period.
Key suggestions from the report:
- Polyethylene-based artificial turf segment was valued at USD 1.5 billion in 2018 on account of its characteristics including softness, durability, longer lifespan, low maintenance, and reduced use of fertilizers and chemicals
- Asia Pacific is expected to be the fastest-growing market for artificial turf, denoting a CAGR of 6.0%, in terms of revenue, over the projected period owing to increasing product penetration in residential and commercial applications
- Europe is expected to be a key market for the product, wherein a majority of the demand is driven by sports grounds such as rugby, tennis, hockey, and baseball
- In the Middle East, an increasing number of sports clubs across Saudi Arabia, Qatar, and the UAE and unfavorable weather conditions for natural grass are likely to support the demand for artificial turfs in the region
- Prominent players in the artificial turf market are engaged in providing installation and maintenance services along with color and pattern customization to sustain in the competitive environment.
Read 120 page research report with ToC on "Artificial Turf Market Size, Share & Trends Analysis Report By Material (Polyethylene, Polypropylene, Nylon), By Application (Residential, Commercial, Sports), By Region, And Segment Forecasts, 2019 - 2025" at: https://www.grandviewresearch.com/industry-analysis/artificial-turf-market
Increasing number of international outdoor sports events across the globe and rising need for low maintenance of stadiums & playgrounds are likely to augment the artificial turf market growth. Furthermore, increasing demand for artificial turf in modern residential construction to improve the aesthetic appeal of living and backyard areas is anticipated to aid the market growth. In addition, rising living standards and high spending capacities of individuals in developing economies are likely to support the product demand in residential renovation activities.
Suitable characteristics exhibited by the product for use external areas and resistance to wear & UV rays are expected to increase its penetration in commercial applications. Rising demand for the product in offices, hotels, and in the corridors and seating areas of institutional buildings is expected to drive its demand over the forecast period. Commercial application segment is expected to register a CAGR of 5.1%, in terms of volume, over the forecast period owing to increasing utilization of artificial turf in educational institutes, playgrounds, malls, and walkways. Moreover, development of industrial areas and growing construction of modern architecture are anticipated to augment the market growth of artificial turf.
Key players in the market are focusing on the development of artificial turf with enhanced strength and ability to sustain heavy traffic and high temperatures, which is likely to aid product utilization in commercial applications. Product quality, affordable pricing, and well-established distribution channels are expected to be the key success factors for the market players. Players are focusing on improvements in the backing materials of artificial turf to hold turf threads firmly and new sewing technologies to cater to the demand in several flooring applications.
Grand View Research has segmented the global artificial turf market on the basis of material, application, and region:
• Artificial Turf Material Outlook (Volume, Million Sq. Meters; Revenue, USD Million, 2014 - 2025)
• Artificial Turf Application Outlook (Volume, Million Sq. Meters; Revenue, USD Million, 2014 - 2025)
• Artificial Turf Regional Outlook (Volume, Million Sq. Meters; Revenue, USD Million, 2014 - 2025)
- North America
- Asia Pacific
- South Korea
- Central & South America
- Middle East & Africa
- Saudi Arabia
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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