Global Geogrid Market to Hit $35,24,980.7 Thousand Revenue by 2028, Growing at a CAGR of 9.0% - Exclusive Current and Forecast Business Insight [175 Pages] Report by Research Dive
Geogrid market is expected to grow by 2028 due to rising investments in rails and road infrastructure. Road industry sub-segment is predicted to be most lucrative. Market in the Asia-Pacific region is expected to witness more growth opportunities.
NEW YORK, Jan. 10, 2022 /PRNewswire/ -- According to the latest Research Dive report, the Global Geogrid Market is expected to generate a revenue of $35,24,980.7 thousand by 2028, growing at a CAGR of 9.0% during the forecast period 2021-2028.
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Dynamics of the Geogrid Market:
Drivers: Growing investments in road infrastructure development in several countries by key market players is expected to drive the global geogrid market growth by 2028. In addition, building a sustainable transportation and providing access to education services, employment, and health to resolve poverty issues is another factor anticipated to boost the market growth during the forecast years.
Opportunities: Feasible transportation helps in providing great access to employment, health, and education services to curb poverty. This factor is predicted to offer ample growth opportunities for the geogrid market during the analysis timeframe. In addition, the rising need to stimulate social and economic development by enhancing road infrastructure is another factor estimated to drive the market growth by 2028.
Restraints: Low tensile strength of geogrid and fluctuating crude oil prices are the main factors expected to impede the global market growth.
COVID-19 Impact on the Geogrid Market:
The outbreak of the novel corona virus has negatively impacted every industry, including the global geogrid market. Governments all over the globe imposed numerable initiatives to prevent the spread of the virus by imposing mobility restrictions, travel bans, strict lockdowns, and social distancing norms. The Covid-19 spread affected the construction sector while the social distancing norms contributed in the lack of skilled working staff. These two factors greatly delayed the ongoing construction activities. Furthermore, restrictive government-led implementations also impacted the movement and availability of supply trucks across international borders. All these factors have contributed to the decrease in the growth rate of the global geogrid market in the pandemic period.
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Segments of the Geogrid Market:
The report has divided the global geogrid market into a few segments based on type, application, and region.
- By type, the biaxial geogrid sub-segment is expected to have a leading market share and register a revenue of $17,05,354.3 thousand by 2028. The biaxial geogrid is known for its high tensile strength and can be easily stretched in both longitudinal and latitudinal directions. Furthermore, biaxial geogrids are made from processes like sheet forming, punching, stretching, and extruding, and so, they have impressive bearing capacity. These features make them the highly preferred elements in civil constructions, which is boosting the sub-segment's growth during the forecast period.
- By application, the road industry sub-segment is estimated to have a significant market share and gather a revenue of $12,15,511.3 thousand by 2028. Heavy investments by countries like India, the US, the European Union, and China to stimulate both social and economic development is a factor anticipated to boost the sub-segment's growth by 2028.
- By regional analysis, the geogrid market in the Asia-Pacific region is anticipated to have the highest market share and gather a revenue of $14,59,342.0 thousand by 2028. The growth is attributed to the growing demand for biaxial geogrid in soil refinement and increasing investments in the road construction industry by key market players.
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Top 10 Geogrid Market Players:
- GSE Environmental
- Maccaferri Spa
- Naue GmbH & Co. KG
- Propex Operating Company, LLC
- Low & Bonar
- TENAX SPA
- Carthage Mills, Inc.
- Tensar
- HUESKER International
- Wrekin Products Ltd
These players are working on building strategies such as product enhancement, merger and acquisition, partnerships and collaborations to assist the market development.
For instance, in September 2021, Tensar Corporation, an international leader in geogrid engineered solutions, announced its new generation of geosynthetic solutions- InterAx Geogrids, to address poor soil conditions and stabilize aggregate in roadways.
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The report also sums up many crucial facets of the market including financial performance of the key players, SWOT analysis, product portfolio, and newest strategic developments.
More about Geogrid
How are Geogrids Holding the Earth Together?
The Report Answers Questions such as related to Geogrid Market:
Q1. How much is the global geogrid market worth?
Q2. Which are the major companies in the geogrid market?
Q3. What factors are anticipated to drive the geogrid market?
Q4. What are the uses of geogrid?
Q5. What is the CAGR of geogrid market?
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