|Market Size in 2022
|Market Forecast in 2030
|CAGR (in %)
|USD 1200 Million
|USD 3300 Million
Floating Covers Market
The global floating covers market size was evaluated at $1200 million in 2022 and is slated to hit $3300 million by the end of 2030 with a CAGR of nearly 5% between 2023 and 2030.
Floating covers are made up of geomembrane having huge ultra-violet tolerance with highly reduced permeability. This is likely to offer long-term protection for the tank contents against heavy rainfall, snowflakes, and ultraviolet rays. As these covers are geo-synthetic, they are placed over the reservoir ground. It helps in avoiding pollution of liquid stored in the reservoir. Apart from this, the product offers low maintenance costs and is cost-effective.
The massive use of the product in various end-use sectors will steer the global market size over 2023-2030
The large-scale acceptance of floating covers in myriad end-use sectors will influence the expansion of the global floating covers market over the forthcoming years. The product helps minimize water evaporation, avoid nasty odors, VOC emissions, and contamination of liquid from animal wastes. This, in turn, will steer the sales of floating covers business over the forecast timespan. Apart from this, water that is stored in a tank covered with a floating cover is likely to possess huge chemical stability as well as potability, thereby driving product penetration across various sectors.
In addition to this, the favorable characteristics of the product including high UV resistance, strength, and light-weightiness will embellish the global floating covers market trends. Growing awareness pertaining to storing & protecting water bodies like lakes and ponds is anticipated to help the global floating covers market reach escalating heights of growth over the years to come. Adoption of the business strategy of launching new projects by governments across the globe has played a key role in leveraging market expansion along with contributing significantly towards global market profitability. For instance, in the second half of 2021, Layfield USA Corporation was given a CSPE floating cover supply & deployment venture for Lake Forest Reservoir which is a part of Seattle Public Utilities in the USA. Such moves will boost the elevation of the business space in the U.S. and across the globe.
Growing risks of bacterial contamination can prove to be a big hurdle for global industry expansion
The rise in susceptibility to bacterial contamination and debris accumulation can restrict the expansion of the global floating covers industry. Lesser lifespan in comparison to rigid cover deployments and the need for routine inspections & membrane maintenance can put brakes on the global industry surge.
The need for reducing water evaporation is predicted to generate a huge demand for products over the forecast period
Favorable product features such as less permeability and outstanding ultraviolet resistance can benefit the growth of the global floating covers market. Additionally, the need to prevent water from evaporating has translated into massive demand for floating covers, thereby assisting the global market in unleashing new perspectives of growth.
Lack of raw material supply resulting in high product costs can prove to be a huge threat to the global industry expansion over 2023-2030
Less availability of raw materials leading to a rise in product costs can put up a big challenge for the global floating covers industry elevation. Furthermore, disruption in supply chain activities due to the outbreak of a pandemic such as COVID-19 can further challenge global industry expansion.
The global floating covers market is sectored into type, application, and region.
In type terms, the global floating covers market is segregated into linear low-density polyethylene, polypropylene, high-density polyethylene, polyvinyl chloride, and others segments. Furthermore, the linear low-density polyethylene segment, which garnered nearly half of the global market share in 2022, is predicted to record the fastest CAGR in the ensuing years. The growth of the segment in the upcoming years can be owing to the large-scale application of the product in the healthcare sector as a result of its strength, UV resistance, flexibility, and puncture & tear resistance. Apart from this, these products find a spectrum of applications in water-treated lake reservoirs, retention ponds, lagoons, and canals.
Based on application, the global floating covers industry is bifurcated into chemical treatment, mining, food processing, wastewater treatment, agriculture, and others segments. Moreover, the wastewater treatment segment, which contributed remarkably towards the global industry revenue in 2022, is set to dominate the global industry surge over the assessment timeline. The segmental growth over the estimated timeline can be subject to large-scale demand for floating covers in wastewater treatment units for preventing microorganism growth and odor. Apart from this, strict laws for properly removing wastewater will proliferate the use of floating covers in wastewater treatment activities.
|Floating Covers Market
|Market Size in 2022
|USD 1200 Million
|Market Forecast in 2030
|USD 3300 Million
|CAGR of 5%
|Number of Pages
|Key Companies Covered
|EJ Group Inc., Eagle Manufacturing Group, Fibrelite, Crescent Foundry, Saint-Gobain, Industrie POLIECO – MPB SRL, Ducast Factory LLC, Terra Firma Industries, Hygrade Water, Prime Composites, MC PVC Pipes Limited, Manhole Covers Limited, Aliaxis Group SA, Bass & Hays Foundry Inc., HUBER SE, HYDROTEC Technologies AG, Peterborough., and others.
|By Type, By Application, and By Region
|North America, Europe, Asia Pacific (APAC), Latin America, Middle East, and Africa (MEA)
|2017 to 2021
|2023 - 2030
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North America is projected to retain its global market leadership over the estimated timeframe
North America, which accounted for 48% of the global floating covers market revenue in 2022, will be the dominating region over the projected timeline. Moreover, the regional market growth over 2023-2030 can be credited to the rise in the application of floating covers in food processing, wastewater treatment, water treatment, and mining activities. In addition to this, humungous demand for products in the pharmaceutical sector in countries such as the U.S. will further pave the way for the regional market surge. Stringent government laws associated with freshwater protection have promoted the product demand in the utilities sector in the sub-continent. Additionally, the presence of giant firms in the region will further propagate the scope of product demand in the North American region.
Asia-Pacific floating covers industry is set to register the fastest CAGR in the next couple of years owing to a burgeoning demand for potable water for a wide range of industrial applications along with a need for durable floating covers for storage tanks and reservoirs in the densely populated countries such as India and China. Additionally, large-scale use of the product in farming and water storing units will contribute notably towards the regional market revenue.
The global floating covers market profiles key players such as:
Floating covers are made up of geomembrane having huge ultra-violet tolerance with highly reduced permeability.
The global floating covers market growth can be owing to the ability of the product to minimize water evaporation, preventing nasty odors & VOC emissions, and contamination of liquid from animal wastes.
According to a study, the global floating covers industry size was $1200 million in 2022 and is projected to reach $3300 million by the end of 2030.
The global floating covers market is anticipated to record a CAGR of nearly 5% from 2023 to 2030.
The Asia-Pacific floating covers industry is set to register the highest CAGR over the forecasting timeline owing to the burgeoning demand for potable water for a wide range of industrial applications along with a need for durable floating covers for storage tanks and reservoirs in the densely populated countries such as India and China. Additionally, large-scale use of the product in farming and water storing units will contribute notably towards the regional market revenue.
The global floating covers market is led by players such as EJ Group Inc., Eagle Manufacturing Group, Fibrelite, Crescent Foundry, Saint-Gobain, Industrie POLIECO – MPB SRL, Ducast Factory LLC, Terra Firma Industries, Hygrade Water, Prime Composites, MC PVC Pipes Limited, Manhole Covers Limited, Aliaxis Group SA, Bass & Hays Foundry, Inc., HUBER SE, HYDROTEC Technologies AG, and Peterborough.
The floating covers market report covers the geographical market along with a comprehensive competitive landscape analysis. It also includes cash flow analysis, profit ratio analysis, market basket analysis, market attractiveness analysis, sentiment analysis, PESTEL analysis, trend analysis, SWOT analysis, trade area analysis, demand & supply analysis, Porter’s five force analysis, and value chain analysis.