New York, United States, Feb. 14, 2024 (GLOBE NEWSWIRE) -- Geogrid is one type of geosynthetic material created from polymers, including polyester, polyethylene, polypropylene, and others. Geogrid is more frequently used as a stabilizing or reinforcing material in civil applications. Geogrid is utilized for soil reinforcement in retaining walls, dams, steep slopes, and other structures. The substance in the pavements of roads, railroads, and other places can be stabilized using it. In order to reduce the chance that the material will be incorporated into a soft subgrade, geogrid can also be used as a separator layer.
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Superior Geogrid Characteristics Drive the Global Market
According to Straits Research, “The global geogrid market size was valued at USD 1,200.9 million in 2022. It is estimated to reach USD 2,785.65 million by 2031, growing at a CAGR of 9.80% during the forecast period (2023–2031).” A key element in the reinforcement or strengthening of the soil is geogrid. It has a long-lasting construction and is lightweight, manageable, stable at high temperatures, easy to maintain, and durable. These factors make geogrid a viable and desirable choice in the building sector, which in turn drives the expansion of the global geogrid market.
Rising R&D Activities and Increasing Public Awareness Creates Tremendous Opportunities
The need for geogrid is growing in the road industry and railroad stabilization because it is so effective at bolstering the base, including soil, rock, and other materials. Geogrid products are an excellent option for construction projects because they reduce maintenance costs and cycles. Therefore, the advantages increase consumer awareness. Similarly, this results in increased R&D initiatives aimed at improving geogrid performance.
Regional Analysis
Asia-Pacific geogrid market share is anticipated to exhibit a CAGR of 10% during the forecast period. Asia-Pacific accounted for 38.99% of the global geogrid market's revenue in 2018 and is expected to maintain its leadership position over the forecast period. Central Asia, Western Asia, Oceania, and Russia have greater infrastructure needs than other regions due to their large landmasses and sparse populations, according to a study on the transport sector by the Asian Infrastructure Investment Bank (AIIB). Additionally, the demand for high-speed rail transmission networks is growing quickly in South Asia, East Asia, and South-East Asia. The region's governments planned and invested significantly in transportation infrastructure projects to sustain the area's notable economic growth over the previous ten years. There is anticipated to be an increase in demand for geogrids from the building and road construction sectors over the forecast period.
North America is anticipated to exhibit a CAGR of 9.80% over the forecast period. North America is the second-largest region in terms of the global geogrid market. The demand for geogrid is rising due to the boom in investments in building infrastructures like roads, railroads, and other transportation systems in North America. In addition, the geogrid market in North America came in second with a global market share of 31.0%. As demand for luxurious hotels and buildings rises, geogrid demand in North America is also expected to rise. An increase in investments in construction sectors like railroad stabilization and roadway stabilization to upgrade and expand the existing infrastructure facilities is what is driving the geogrid market in the North American region.
Key Highlights
- Based on application, the global geogrid market is divided into road industry, railroad stabilization, and soil reinforcement. The road industry segment is the largest contributor to the market and is expected to grow at a CAGR of 9.80% over the forecast period.
- Asia-Pacific is the most significant global geogrid market shareholder and is anticipated to exhibit a CAGR of 10% during the forecast period.
Competitive Players
The Top 10 players in the global geogrid market are ACE Geosynthetics, Glen Raven Inc., HUESKER Synthetic GmbH, Low & Bonar Plc, Maccaferri Group, NAUE GmbH & Co. KG, Tenax SpA, Koninklijke Ten Cate BV, Tensar Corporation, and Wrekin Products Ltd.
Market News
- In September 2022, The HUESKER Group, one of the top producers of technical high-performance textiles for civil engineering, agriculture, industry, and lightweight construction, learned about the benefits that robotics can have in specific fields. Together with ABB, a pioneer in robotics and automation, HUESKER created a prototype that isn't commercially available and is used specifically for handling and palletizing heavy yarn reels, which is a relief for the workers in the yarn manufacturing industry.
- In July 2022, At a launch event, Tensar revealed that its "black box" includes three key elements: a new design methodology, Tensar+ design software and the Tensar InterAx geogrid. The company said the innovations responded to customers asking for more transparency within the product range.
Global Geogrid Market: Segmentation
By Applications
- Road Industry
- Railroad Stabilization
- Soil Reinforcement
By Regions
- North America
- Europe
- Asia-Pacific
- LAMEA
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