January 17, 2022 08:51 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, Jan. 17, 2022 (GLOBE NEWSWIRE) -- The global geogrid market size was USD 1.15 billion in 2020. The market is projected to grow from USD 1.19 billion in 2021 to USD 1.64 billion in 2028 at a CAGR of 4.7% during the 2021-2028 period.
According to our expert researchers, the rising infrastructure expenditure in the U.S., Canada, China, India, the U.K., Germany, and Russia due to increasing public infrastructure ventures such as bridges, roadways, rails, airports, and harbors is likely to elevate the market growth.
List of Key Players Covered in this Market Report
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The report offers a detailed study of the geogrid industry and a keen examination of the major segments of the market. It provides an in-depth analysis of key players and their insightful strategies to spur market growth for monetary gains. It also shares tangible insights which guide business owners with their investment perspective. The regional dynamics and how they shape the market in an upward curve are presented in the following report. Moreover, COVID-19 impacts have been added for additional information and are expected to affect the demand for geogrid in the near future.
Based on material, the market is classified into HDPE, polypropylene, and polyester.
On the basis of product, the market is segregated into uniaxial, biaxial, and multiaxial.
By application, the market is branched into road construction, railroad, soil reinforcement, and others. The road industry segment is the dominating segment as the products are excessively used to construct port areas, airports, and heavy load-bearing roads.
Geographically, the market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Extension of Construction Industry to Assist Market Growth
The construction industry's growing infrastructural progression activities and development would fast-track the product demand owing to their advantageous characteristics, such as high ductile forte, effortless handling, and environmental protection, which is probable to hasten growth. Owing to the speedy urbanization, rising population base, and forthcoming infrastructure assignments, the construction business in India is thriving. Therefore, this is also expected to bolster the geogrid market growth during the upcoming years.
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North America held the largest global geogrid market share. The emphasis of manufacturers in the U.S. is anticipated to drive the regional market. There has been a considerable growth in the infrastructural development accredited to the up-surged government spending on construction schemes.
Europe is one of the important markets attributed to the speedy industrial and infrastructural development in nations such as Germany, Italy, Greece, the U.K., and France.
Asia Pacific is promptly rising on account of the industrial and fiscal development in developing nations such as India, China, and South Korea.
Collaborations among Companies to Safeguard Their Brand Values in Global Market
Prominent players in the market are incessantly opting for operative tactics to promote their products and establish their positions in the market. One such approach is to launch new products by teaming up with other companies to extend their reach to end-users.
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