Report : Geogrid Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Uniaxial Geogrid, Biaxial Geogrid, and Triaxial Geogrid), Application (Road Construction, Railroad Stabilization, and Soil Reinforcement), and Manufacturing Method (Extruded, Knitted/Woven, and Bonded)
Increase in Global Infrastructural Activities to Escalate Geogrid Market Growth
According to our latest market study on “Geogrid Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Type (Uniaxial Geogrid, Biaxial Geogrid, and Triaxial Geogrid), Application (Road Construction, Railroad Stabilization, and Soil Reinforcement), and Manufacturing Method (Extruded, Knitted/Woven, and Bonded),” the 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. The report highlights key factors driving the market growth and prominent players along with their developments in the market.
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.
The geogrid market is anticipated to grow during the forecast period, owing to rise in investment in upgrading the infrastructure development; increase in road construction activities in the developing economies such as China, Japan, and India; and superior properties associated with geogrid, resulting in reduction in maintenance cycles and cost. The rise in infrastructural development activities around the world, specifically in countries such as the US, China, India, and Japan, has led to an increase in demand for geogrids. Geogrids are basically flexible structures, and they are mostly used to reinforce, as well as pave the foundation layer which helps in strengthening and expanding the lifespan of the infrastructural work. The demand for geogrids to be used in infrastructural activities has also increased due to the high resistance against physical degradation and loss of rigidity which is due to chemical aggressive environments. Geogrids provide low maintenance requirement for infrastructures, as well as better sustainability, which will maintain the infrastructural work for a longer period. In the US, the government has planned to increase investment in infrastructure construction, which will basically include roads, ports and bridges, telecommunications, energy & utilities, and water and sewerage. This, in turn, is expected to rise the adoption of geogrid in the coming years. The governments of countries such as Mexico and the UK are investing heavily in the development of rail tracks as well as road transportation, which will lead to an increase in demand of geogrids to help in reinforcing these infrastructural structures.
Tensar; Solmax; Carthage Mills; Huesker Synthetic GmBH; Naue GmBH And Co. Kg; Sia Pietrucha Sp. Z O.O; TMP Geosynthetics; BPM Geosynthetics; Bostd Geosynthetics Qingdao Ltd; Strata Systems, Inc.; and Wrekin Products are among the well-established players in the global geogrid market.
Impact of COVID-19 Pandemic on Geogrid Market
Coronavirus pandemic first began in Wuhan (China) in December 2019, and since then, it has spread across the globe. As of April 2021, the US, India, Brazil, Russia, the UK, France, Spain, Italy, Turkey, Germany, Colombia, and Argentina are among the worst affected countries in terms of confirmed cases and reported deaths. The coronavirus pandemic has affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The chemical & materials industry is one of the major industries suffering serious disruptions, such as supply chain breaks, technology events cancellations, and office shutdowns, as a result of this pandemic. The shutdown of various plants and factories in leading regions such as North America, Europe, Asia Pacific, South America, and the Middle East & Africa has affected the global supply chain and negatively impacted the manufacturing, delivery schedules, and sales of various goods. Furthermore, various companies have already announced possible delays in product deliveries and slump in future sales of their products. In addition to this, the global travel bans imposed by countries in Europe, Asia, and North America are affecting the business collaborations and partnership opportunities. All these factors are anticipated to affect the chemical & materials industry in a negative manner, thereby act as restraining factor for the growth of various markets related to this industry in the coming months. 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.
The report includes the segmentation of the global geogrid market as follows:
Global Geogrid Market, by Type
Geogrid Market, by Application
Geogrid Market, by Manufacturing Method
Global Geogrid Market, by Geography