The global geogrid market size was nearly USD 1.15 billion in 2021 and is set to increase to about USD 2.01 billion by 2030 with a compound annual growth rate (CAGR) of nearly 4.71% between 2022 and 2030.
The size of the global geogrid market is expected to become around USD 2.01 billion in 2030 from USD 1.15 billion in 2021 growing at the rate (CAGR) of 4.71%. This report discusses market research on the global geogrid market, its market growth factors, and challenges. The report also talks about the opportunities available to stakeholders and potential investors for the geogrid market, discussing the recent changes due to the pandemic.
A geogrid is a geosynthetic material made up of linked parallel sets of tensile ribs with large enough openings to enable the surrounding soil, stone, or other geotechnical material to pass through. When utilized with suitably sized aggregate infill, geogrids provide reinforcement, stability, and even filtration. They are commonly utilized in civil engineering applications and are made of polymers such as polypropylene, polyethylene, or polyester.
Geogrids are known to reduce the thickness of unpaved roads along with costs by around fifty percent. These are also useful for soil stabilization, prevention of soil erosion, turf enforcement, containment, and several other purposes.
Construction activities were halted all over the world, resulting in a decreased demand for geogrids. Another issue was the temporary shutdown of manufacturing units that resulted in a shortage in the supply of geogrids and investors started to hesitate to invest in businesses related to geogrids and construction. Geogrids require raw materials to be produced such as copper, aluminum, fixtures, steel, et cetera. The pandemic resulted in a lockdown, and the supply chain was disrupted affecting the supply of raw materials and causing labor shortages in the construction business, thereby hampering the market growth during the pandemic.
Urbanization to boost market growth due to increased construction
Because of their favorable properties, such as high ductile strength, ease of handling, and environmental protection, the construction industry's rising infrastructure advancement activities and development are likely to expedite the market expansion. The construction industry in developing countries is booming, because of rapid urbanization, growing population, and upcoming infrastructural projects. As a result, the geogrid industry is likely to increase significantly in the future years.
Supply chain disruptions and pandemic restrictions to restrain the market
The COVID-19 epidemic has wreaked havoc on global supply chains in unexpected ways. Supply-demand mismatches have forced geogrid producers in a variety of industries to deal with issues such as increased material prices, transportation interruptions, port congestion, and changing consumer behavior. All these factors have stymied the market growth.
Demand for sustainable geogrid is on the rise
Sustainability has become the focus of construction in the current times, especially for home improvement projects and housing plans. Sustainable buildings focus on using eco-friendly materials for constriction, that also have high-quality imported granular fills. The North American market is considered the most promising region in terms of home construction and expansion of metropolitan cities.
Increased need for trained and skilled laborers for the installation
Geogrids are used by both governments as well as the private sector to establish foundations for infrastructures over soft and hard soil. Being a discovery, it was brought into the construction industry quite recently. Installation requires a systematic product installation to help withstand heavy pressure and ensure the safety & durability of the overhead structure. To do so, a skilled labor force is required, who ensure proper installation. Lack of these along with wrong installation techniques acts as a challenge for the global geogrid market.
The global market is bifurcated on the basis of material, product, application, and region. The market is divided into three categories based on the materials used: HDPE, polypropylene, and polyester. Polyester is the most demanding type of geogrid as of 2021, given its advantages of head resistance, increased life span, elasticity, lightweight, and cost-saving. HDPE is the least popular variety, due to its use in soil reinforcement. Since soil reinforcement is the least contributing segment in a type of geogrid, it affects the HDPE segment as well.
The market is divided into three categories based on product: uniaxial, biaxial, and multiaxial.
In terms of application, geogrids can be identified as road construction, railroad, soil reinforcement, and others. Road construction and railroad cover the majority share of the geogrid market. This is due to the increased demand for port area constructions, airports, and heavy-duty roads which increase the construction segment increasing demand for geogrids.
|Report Attributes||Report Details|
|Report Name||Geogrid Market Research Report|
|Market Size in 2021||USD 2.01 Billion|
|Market Forecast in 2030||USD 1.15 Billion|
|Compound Annual Growth Rate||CAGR of 4.71%|
|Number of Pages||183|
|Forecast Units||Value (USD Billion), and Volume (Units)|
|Key Companies Covered||Tensar Corporation, Reed & Graham Inc., BPM Geosynthetics, Solmax International, Inc., Strata Systems, Inc., Huesker Synthetic GmBH, BOSTD Geosynthetics Qingdao Ltd., Naue GmBH and Co. Kg, Tmp Geosynthetics|
|Segments Covered||By Material, By Product Built, By Application and By Region|
|Regions Covered||North America, Europe, Asia Pacific (APAC), Latin America, Middle East and Africa (MEA)|
|Countries Covered||North America: U.S and Canada
Europe: Germany, Italy, Russia, U.K, Spain, France, Rest of Europe
APAC: China, Australia, Japan, India, South Korea, South East Asia, Rest of Asia Pacific
Latin America: Brazil, Argentina, Chile
The Middle East And Africa: South Africa, GCC, Rest of MEA
|Historical Year||2016 to 2020|
|Forecast Year||2022 - 2030|
|Customization Scope||Avail customized purchase options to meet your exact research needs. Request For Customization|
North America is likely to dominate the market during the forecast period
North America has the highest proportion of the global geogrid market. Manufacturers' focus in the United States is expected to boost the regional market. The increased government investment in building projects has resulted in a significant increase in infrastructure development.
The rapid economic and infrastructural growth in European countries like Germany, France, Greece, the United Kingdom, and Italy has made Europe one of the most significant marketplaces.
The industrial and fiscal progress of developing countries in the Asia Pacific such as India, South Korea, and China is propelling the market to new heights.
Key players are known in the market for their quality products, advanced materials, and reasonable prices. This helps the companies grow their consumer base while holding a major share of the market. The important providers in the global geogrid market are:
The global geogrid market is segmented as follows:
Rapid urbanization is resulting in a boom in the construction industry in developing countries because of a growing population, and upcoming infrastructural projects promoting the growth of the global geogrid market.
The size of the global geogrid market is expected to become around USD 2.01 billion in 2030 from USD 1.15 billion in 2021 growing at the rate (CAGR) of 4.71%.
North America has the highest share of the global geogrid market. Manufacturers' focus in the United States is expected to boost the regional market. The increased government investment in construction projects has resulted in a significant increase in infrastructure development.
The important players in the global geogrid market are Tensar Corporation, Reed & Graham Inc., BPM, Geosynthetics, Solmax International, Inc., Strata Systems, Inc. and Huesker Synthetic GmBH.