Geogrid Market to Surpass US$ 2,079.02 Million by 2028

Geogrid Market to Grow at a CAGR of 9.4% by 2028. In 2019, Asia Pacific contributed to the largest share in the global market.

NEW YORK, UNITED STATES, November 16, 2021 /EINPresswire.com/ -- According to our latest market study on “Geogrid Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type, Application, and Manufacturing Method” the market was valued at US$ 931.49 million in 2019 and is projected to reach US$ 2,079.02 million by 2028. The report highlights key factors driving the market growth and prominent players along with their developments in the market.

Strategic Insights

Report Coverage - Details
Market Size Value - in US$ 931.49 Million in 2019
Market Size Value - by US$ 2,079.02 Million by 2028
Growth rate - CAGR of 9.4% from 2020-2028
Forecast Period - 2020-2028
Base Year - 2020
No. of Pages - 163
No. Tables - 82
No. of Charts & Figures - 67
Historical data available - Yes
Segments covered - Type , Application , and Manufacturing Method
Regional scope - North America; Europe; Asia Pacific; Latin America; MEA
Country scope - US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Report coverage - Revenue forecast, company ranking, competitive landscape, growth factors, and trends

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Geogrid is a geosynthetic material formed by combining the intersecting ribs and it is used to stabilize a terrain. Geogrids are mainly made up of polymers such as polyester, high-density polyethylene, and polypropylene. Geogrids are used as a base reinforcement to retain subsoils below roads and to reinforce retaining walls of a structure. The physical properties of geogrid such as minimal elongation with high tensile modulus and high tensile strength, make it a material of choice to be used as a reinforcement material. However, the lack of adequate quality control in developing countries and volatility in pricing of raw materials may restrict the growth of the geogrid market. On the other hand, the inclination toward better construction technology is likely to showcase growth opportunities for the geogrid market during the forecast period.

Increase in Global Infrastructural Activities to Boost in the Global Market

The geogrid market is anticipated to grow in the forecast period owing to the increasing investment in upgrading the infrastructure development, increase in road construction activities in the developing economies such as China, Japan, India, and superior properties associated with geogrid that results in reduction in maintenance cycles & cost. However, the lack of adequate quality control in developing countries and volatility in pricing of raw materials restricts the growth of the geogrid market. On the other hand, the inclinations toward better construction technology are likely to showcase growth opportunities for the geogrid market during the forecast period.

The rise in the infrastructural development activities around the world specifically in countries such as the US, China, India, Japan, and other countries have led to an increase in the demand for geogrid. Geogrids are basically flexible structure and is mostly used to reinforce as well as paving the foundation layer which helps in strengthening and expanding the lifespan of the infrastructural work.

The COVID-19 pandemic is adversely affecting economies and industries in various countries due to government-imposed lockdowns, travel bans, and business shutdowns. Chemical & materials is one of the major industries suffering serious disruptions such as supply chain breaks, technology event cancellations, and office shutdowns. The shutdown of various plants and factories in North America, Europe, Asia Pacific, South America, and the Middle East & Africa, has restricted the global supply chain and negatively impacted the manufacturing activities, delivery schedules, and product sales. The geogrid market is impacted by the pandemic due to shortfall in production along with halt in ongoing infrastructural development and construction projects due to global lockdown.

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Geogrid Market: Type

Based on type, the geogrid market is segmented into uniaxial geogrid, biaxial geogrid, and triaxial geogrid. The biaxial geogrid segment captured the largest share in the global geogrid market in 2019 and it is estimated to maintain its dominance during the forecast period. This growth can be attributed to superior junction strength and optimum load-bearing properties. The increasing demand for geogrids in road construction is mainly driving the biaxial geogrids segment of the market across the globe. In addition, they find use in soil stabilization, subbase reinforcement, foundation engineering, flyovers, bridges, and highway construction applications. Their beneficial features such as high tensile stiffness, excellent durability, and stretch resistance may favor the demand for biaxial geogrids during the forecast period.

Geogrid Market: Competitive Landscape and Key Developments

BPM geosynthetics; HUESKER Synthetic GmbH; Tensar Corporation; NAUE GmbH & Co. KG; Carthage Mills, Inc.; SOLMAX; S i A Pietrucha Sp. z o.o; BOSTD Geosynthetics Qingdao Ltd; Thrace Group; Wrekin Products Ltd; TMP GEOSYNTHETICS; Strata Systems, Inc.; and Reed & Graham, Inc are among the major players operating in the global geogrid market.

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