April 19, 2022 09:15 ET | Source: Research Dive Research Dive
New York, USA, April 19, 2022 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global geogrid market is estimated to garner a revenue of $35,24,980.7 thousand by 2028 and grow at a healthy CAGR of 9.0% over the forecast period from 2021-2028. The comprehensive report provides a concise outline of the geogrid market’s present framework including chief facets of the market such as growth factors, hindrances, restraints, and several opportunities during the estimated period. The report also provides all the market figures to help new entrants analyze the market easily.
Drivers: Increasing investments in rail and road infrastructure in European nations is predicted to drive the global geogrid market growth by 2028. In addition, sustainable and efficient transportation providing access to education services, health, and employment to curb poverty is another factor expected to boost the market growth during the analysis timeframe.
Opportunities: Viable and efficient transportation helps in providing great access to health, employment, and education services to eliminate poverty. This factor is estimated to unlock abundant growth opportunities for the global geogrid market during the forecast years. Moreover, the growing need to stimulate economic and social development is another factor projected to bolster the market growth by 2028.
Restraints: Oscillating crude oil prices and low tensile strength of geogrid is the main factor predicted to impede the global market growth.
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Covid-19 Impact on the Market:
The spread of the novel corona virus has thrashed every sector, including the global geogrid market. Governments across the world imposed several measures to curb the spread of the virus by restricting mobility, foisting strict lockdowns and social distancing norms, and travel bans. The Covid-19 spread negatively impacted the construction industry and the social distancing norms disrupted the availability of skilled workers that delayed the ongoing construction activities. In addition, these restrictive government-led implementations also affected the availability and movement of supply trucks across borders. All these factors contributed to the downfall of the global geogrid market during the pandemic crisis.
The report has fragmented the geogrid market into a few segments based on type, application, and region.
Type: Biaxial Geogrid Sub-segment to be Most Dominant
By type, the biaxial geogrid sub-segment is expected to hold a foremost market share and gather a revenue of $17,05,354.3 thousand by 2028. The biaxial geogrid has high tensile strength and can be easily stretched in longitudinal and transverse directions. Moreover, biaxial geogrids are made from processes like sheet forming, extruding, stretching, and punching, and hence, they have good bearing capacity. These characteristics make them the highest utilized material in constructions projects, thus expected to drive the growth of the sub-segment during the analysis period.
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Application: Road Industry sub-segment to be Most Lucrative
By application, the road industry sub-segment is anticipated to hold a significant market share and gather a revenue of $12,15,511.3 thousand by 2028. Countries like India, the US, China, and the European Union are heavily investing to bridge the gap between the producers and the market to stimulate both social and economic development of the region. Moreover, countries are funding heavily for repair, maintenance, construction, and enhancement of roads. These factors are anticipated to boost the sub-segment’s growth during the analysis period.
Region: Market for Geogrid in Asia-Pacific Region to Prosper Immensely
By region, the geogrid market in the Asia-Pacific region is estimated to have the highest market share and register a revenue of $14,59,342.0 thousand by 2028 due to the increasing demand for biaxial geogrid in soil refinement and road construction industry. In addition, the rising government initiatives for developing dams, roads, and bridges is foreseen to further boost the market growth during the forecast period.
The key players of the geogrid market include Wrekin Products Ltd., GSE Environmental, HUESKER International, Maccaferri Spa, Tensar, Naue GmbH & Co. KG, Low & Bonar, Propex Operating Company, LLC, Carthage Mills, Inc., TENAX SPA, and many more. 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 December 2021, Commercial Metals Company, a renowned steel and metal manufacturer, announced its decision to acquire Tensar Corporation, an international leader in geogrid engineered solutions, as a calculative strategy to expand its leadership in the construction business.
The report also sums up many crucial facets of the geogrid market including financial performance of the key players, SWOT analysis, product portfolio, and newest strategic developments.
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