The global geogrid market was valued at US$ 931. 49 million in 2019 and is projected to reach US$ 2,079. 02 million by 2028; it is expected to grow at a CAGR of 9. 4% from 2020 to 2028. Geogrid is a geosynthetic material formed by combining the intersecting ribs and it is used to stabilize a terrain.
New York, May 20, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Geogrid Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type, Application, and Manufacturing Method" - https://www.reportlinker.com/p06073136/?utm_source=GNW
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.
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.
By region, the geogrid market is segmented into North America, Europe, Asia Pacific (APAC), South America (SAM), and Middle East & Africa (MEA).In 2019, Asia Pacific contributed to the largest share in the global geogrid market.
The growing use of geogrids in the emerging economies such as China and India due to rise in infrastructure investments, development of rail, and increase in road construction & maintenance activities is anticipated to drive the geogrid market in the region.The governments in the region are taking various initiatives to attract investments in industrial development.
Economies such as India and China are attracting investors in the long term.For instance, governments of these countries focus on attracting FDIs by taking several initiatives such as signing international bilateral agreements, entering into public/private partnerships, and improving base and logistics and social use infrastructure, and other such initiatives.
Thus, several government initiatives for the industrial development provide a huge market opportunity for the expansion of the geogrids market in this region. In addition, the ever-growing development of transportation sector in India, Japan, and China is also favoring the future growth and value of this market. The growing consumer awareness regarding product applications for soil-reinforcement in addition to its eco-friendly nature, will further accelerate market growth.
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.Furthermore, various companies have already predicted possible delays in product deliveries and slump in future sales of their products.
The travel bans imposed by countries in Europe, Asia, and North America are hindering the business collaborations and partnerships opportunities. All these factors are hampering the activities in the chemical & materials industry, which is restraining the growth of various markets related to this industry.
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.
The overall global geogrid market size has been derived in accordance with to both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants of this process include industry experts, such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants, such as valuation experts, research analysts, and key opinion leaders, specializing in the global geogrid market.
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