Rise in infrastructural development activities across the world and surge in adoption in the construction sector drive the growth of the global geogrid market
PORTLAND, Oregon, May 18, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Geogrid Market by Application (Road Industry, Railroad Stabilization, Soil Reinforcement & Others): Global Opportunity Analysis and Industry Forecast, 2019–2026." According to the report, the global geogrid market generated $0.8 billion in 2018, and is expected to reach $1.8 billion by 2026, witnessing a CAGR of 9.9% from 2019 to 2026.
Drivers, restraints, and opportunities
Rise in infrastructural development activities across the world and surge in adoption in the construction sector due to ease in handling, environmental safety, and high tensile strength drive the growth of the global geogrid market. However, the scarcity of skilled workforce restrains the market growth. On the other hand, surge in awareness regarding benefits of geogrid and increase in research and development activities create new opportunities.
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- Due to global lockdown with outbreak of COVID-19, many infrastructure development activities have halted.
- Investors have become hesitant to invest in new projects or development activities due to economic turmoil across many countries of the world.
The road industry segment to witness its dominant share throughout the forecast period
On the basis of application, the road industry segment accounted for the highest share of the global geogrid market in 2018, holding more than one-third of the total share, and is expected to witness its dominant share throughout the forecast period. This is due to crucial role played by this industry in the socio-economic development by offering access to transportation, markets, and other resources. However, the soil reinforcement segment is estimated to grow at the fastest CAGR of 10.2% from 2019 to 2026, owing to rise in usage of geogrids in various applications including road & railways, slopes & earth embankments, foundations, and retaining walls. In addition, its benefits such as ease in handling, environmental safety, tensile strength, and others supplement the growth.
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Asia-Pacific, followed by North America, to offer lucrative opportunities
Based on region, Asia-Pacific, followed by North America, accounted for the largest share of the global geogrid market, contributing for nearly two-fifths of the total market share in 2018, and will maintain its highest contribution during the forecast period. Moreover, this region is expected to grow at the fastest CAGR of 10.1% from 2019 to 2026. This is attributed to surge in geogrids demand in building construction sector and road industry in the region. Moreover, rise in demand for high speed rail transmission network in the regions including East Asia, South Asia, and South-East Asia boosts the growth. However, North America accounted for the second-highest revenue throughout the forecast period, contributing to nearly one-third of the total share in 2018.
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Leading market players
- ACE Geosynthetics
- Glen Raven Inc.
- Huesker Synthetic GmbH
- Low & Bonar PLC
- SECI SpA
- Naue GmbH & Co. Kg
- Tenax SPA
- Koninklijke Ten Cate B.V.
- Wrekin Products
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