New York, USA, April 13, 2023 (GLOBE NEWSWIRE) -- According to Research Dive, the global geogrid market is estimated to generate a revenue of $35,24,980.7 thousand by 2028 and grow at CAGR of 9.0% over the forecast period (2021 to 2028). The comprehensive report provides a summary of the present market scenario comprising key aspects of the market, such as growth factors, lucrative growth opportunities, and restraining factors. Besides, the report provides all the geogrid market trends, COVID-19 impact on the market, and market estimations making it easier, helpful, and useful for the new participants to understand the market.
Market Dynamics
The increasing investments in infrastructure development activities and sustainable & efficient transportation providing access to health, employment, and education services are the prime factors expected to drive the growth of the global geogrid market during the analysis period. In addition, rising investment in developing road infrastructure is the factor predicted to offer abundant growth opportunities for the global market during the forecast period. However, low tensile strength of geogrid and the increasing prices of crude oil may impede market growth.
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COVID-19 Impact on the Geogrid Market
The Covid-19 catastrophe has unfavorably impacted the global geogrid market. The necessary measures taken to prevent the spread of the virus disrupted the construction industry. The movement and availability of supply trucks were affected, which disrupted the movement of construction products.
Segments of the Market
The report has divided the geogrid market into segments based on type, application, and region.
Biaxial Geogrid Sub-segment to Have Dominant Market Share
By type, the biaxial geogrid sub-segment is projected to gather a revenue of $17,05,354.3 thousand by 2028 and hold a foremost market share. This is mainly because the biaxial geogrid can be easily stretched in transverse & longitudinal directions and has high tensile strength. Besides, biaxial geogrids are made from several processes like extruding, sheet forming, punching, and stretching, and therefore, they have good bearing capacity. All these characteristics make biaxial geogrid the most utilized material in various constructions projects, which is expected to boost the growth of the sub-segment during the forecast period.
Road Sub-segment to Hold Highest Marker Share
By application, the road sub-segment is projected to generate a revenue of $1,215,511.3 thousand by 2028 and hold a significant market share during the forecast period. The lucrative growth of the sub-segment is mainly because countries like China, India, the US, and the European Union are hugely investing in construction, maintenance, repair, and modernization of roads to bridge the gap between the neighboring regions. These factors are anticipated to boost the growth of the sub-segment growth during the analysis period.
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Asia-Pacific Region to be Most Dominant
By region, the geogrid market in the Asia-Pacific region is predicted to hold the highest market share and garner a revenue of $14,59,342.0 thousand by 2028. The dominant growth of the region is majorly due to the rising demand for biaxial geogrid in road construction and soil refinement industry. Besides, the increasing government initiatives to develop bridges, roads, and dams is foreseen to further boost the regional market growth during the forecast period.
Prominent Market Players
Some of the top players of the global geogrid market are
- GSE Environmental
- Naue GmbH & Co. KG
- Maccaferri Spa
- Propex Operating Company LLC
- TENAX SPA
- Low & Bonar
- Carthage Mills Inc.
- HUESKER International
- Tensar
- Wrekin Products Ltd
These players are applying various strategies to gain a competitive edge and strong hold in the global industry.
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For instance, in December 2021, Commercial Metals Company, a renowned steel & metal manufacturer, completed the acquisition of Tensar Corporation, a global leader in geogrid engineered solutions. The aim behind the acquisition was to expand the leadership of Commerical Metals in the construction business.
More about Geogrid Market:
- How are Geogrids Holding the Earth Together?
- Growing Investment in the Infrastructure Development Activities to Propel the Growth of the Global Geogrid Market by 2028
