Market Overview:
MarkNtel Advisors has released a new report that highlights the strong growth trajectory of the Geogrid Market, The Global Geogrid Market is projected to grow at a CAGR of around 8% during the forecast period, i.e., 2022-27. Various factors are attributed to the growth of the market like growth in automobile production, growing focus on lightweight & sustainable materials, rising demand for luxury & customized interiors, increasing focus on safety standards, and the adoption of Advanced Driver Assistance Systems (ADAS). The report provides valuable insights into the drivers, trends, and challenges shaping the future of the Geogrid Market. It offers an in-depth look at the key players, geographical performance, and the segments leading the charge in market share.
Industry Outlook & Forecasts:
- Forecast Period: 2022-2027
- CAGR (2022-2027): 8%
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Global Geogrid Market Segmentation Breakdown:
The Geogrid Market explores the industry by emphasizing the growth parameters and categorizes including geographical segmentation, to offer a comprehensive understanding of the market dynamic. The further bifurcations are as follows:
- By Application
- Roads & Highways
- Railway Tracks
- Bridges & Dams
- Residential & Commercial Buildings
- Others (Sea Ports, Airport Runways, Solid Waste Landfills, etc.)
- By Type
- Uniaxial GeoGrids
- Biaxial Geogrids
- Triaxial Geogrids
Of them all, Biaxial geogrids accounted for a noteworthy share in the Global GeoGrid Market during 2017-20.
- By Manufacturing Method
- Extrusion
- Knitten/Woven
- Bonded/Welded
Here, the demand for Knitted/Woven Geogrids experienced modest growth in the previous few years.
Geographical Growth Insights:
By Region
- North America
- South America
- Europe
- Middle East & Africa
- Asia-Pacific
Of all regions worldwide, North America accumulated the highest share in the Geogrid Market during the historical period.
MarkNtel Advisors Highlights Key Market Drivers for Geogrid Market:
Mounting Infrastructure Construction Buzz to Steer the Market Growth
The rise in infrastructure developments across countries like China, India, the UK, Canada, etc., has led to the escalating demand for geogrids worldwide. In addition to these, it also benefits other industries, including heavy vehicles & equipment, railways, etc., by enhancing the performance of earth-moving vehicles and confrontation against severe weather situations, such as heavy rains.
The expanding size of the global construction industry focusing on the rehabilitation of existing roads & bridges is expected to complement the demand for geogrids in the coming years. The engineering & maintenance challenges, including weathering effects, poor drainage, aging of road surfaces, increased traffic, etc., due to the heavyweight of vehicles causing cracks on roads & highways, have shifted focus toward a more sustainable alternative, such as geogrids. Hence, these aspects are projected to fuel the growth of the Global GeoGrid Market during 2022-27.
- In 2021, the US government approved a USD 1 trillion investment bill, of which USD 240 billion was allocated for rebuilding roads, bridges, public transit, airports, & railways. Moreover, the aggregating burden of perpetual maintenance of the infrastructure settings, such as roads, etc., has also propagated the usage of geogrids.
A Comprehensive Analysis of Leading Companies in Global Geogrid Market
- Ace Geosynthetics
- Glen Raven Inc.
- Huesker Synthetic GmbH
- Low & Bonar PLC
- Maccaferri Group- SECI SPA
- Naue GmbH & Co. CG
- Tenax SPA
- Koninklijke ten Cate BV
- Tensar Corporation
- Wrekin Products Ltd.
- Asahi-Kasei Geotech
- Diamond Grid
- GSE Environemental
- Machine-TST
- Low & Bonar
- Maruti Rub-Plast
- CTM Geosynthetics
- Carthage Mills
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Growth Opportunity: Surge in Railway Development
In railway tracks, geogrids help stabilize the substructure on soft soil, reinforce soil walls & steep stones, asphalt reinforcement, spread loads over piles, etc. Hence, they play a crucial role in reducing the maintenance costs associated with tracks while preventing structural deficiencies as the deployment of GeoGrid ensures the structural integrity of the base aggregate and the capacity of the railway. Consequently, the rising railway development & up-gradation projects in several countries worldwide would lead to a notable demand for geogrids in the upcoming years, which would act as an area of lucrative growth opportunity for the global market. For instance:
In 2020, the Canadian National Railway Company (CN) announced to invest approximately USD 82 million across Saskatchewan, USD 82 million across Manitoba, USD 15 million across New Brunswick, and USD 7.8 million across Nova Scotia. These investments would be channelized on replacing rails & ties, along with the maintenance of bridges, level crossings, culverts, signal systems, and other track infrastructure.
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