Press Release Description

Advancements in Geogrid Technology to Propel Global Geogrid Market

The Global Geogrid market is projected to grow at a CAGR of around 8% during the forecast period of 2022-27, cites MarkNtel Advisors in the recent research report. The market growth is attributed to the rising construction industry driven by factors such as urbanization, population growth, and increasing disposable income. This growth is expected to boost demand as they are widely used to develop roads, bridges, and other infrastructure projects. Moreover, several governments across the globe have introduced initiatives to promote the use of geosynthetic materials in infrastructure expansion. For instance, in the US, the Federal Highway Administration (FHWA) has recommended the usage of geosynthetic materials in road construction projects.

Furthermore, the emergence of new & innovative geogrid materials and technologies is presumed to drive market growth in the coming years. These advancements have led to the development of stronger & more durable geosynthetic materials that are capable of withstanding harsh environmental conditions. However, many potential end-users are not aware of them or their advantages, such as improved infrastructure asset productivity & longevity. Hence, the absence of awareness campaigns, workshops, etc., to promote the usage has significantly hampered the market's ability to expand.

In addition, as a result of the enhanced demand, companies involved in the industry are rapidly upgrading their capabilities by making significant R&D investments, introducing environmentally friendly solutions, etc., to take advantage of new opportunities in the US, Germany, France, China, Japan, and other countries, have elevated the market growth, further states the research report, “Global Geogrid Market Analysis, 2023.”

Biaxial Geogrids to Hold a Significant Share in the Market

Based on the type, the market is further bifurcated into Uniaxial Geogrids, Biaxial Geogrids, and Triaxial Geogrids. Among them, Biaxial witnessed a moderate share in the market during the historical years owing to the rising awareness of the benefits. Biaxial are more effective than traditional construction materials, such as soil, rock, and asphalt, in terms of soil stabilization, reinforcement, and erosion control. This has led to a raised demand for biaxial, especially in infrastructure & civil engineering projects. They are also strong, in both the longitudinal & transverse directions, which is why they are frequently utilized for the construction of buildings, like bridges, flyovers, highways, and landfills. Hence, these factors have led to a surge in demand for biaxial geogrids globally in the coming years.

In addition, when compared to uniaxial, biaxial have three times more roadbed thickness. As a result, their deployment is comparatively higher in large infrastructural projects in North America, Asia-Pacific, etc., that involve building pavement & stabilizing soil, thus, contributing to the market's revenue growth in the forthcoming years.

North America to Lead the Market

Geographically, North America captured a considerable share of the Global Geogrid market during the historical years. The factors responsible for market growth are surging investments in infrastructure development, which has recently had a positive impact on the region's demand. The rising use of geogrids in improving infrastructure capabilities is mostly due to their cost-effectiveness & other key characteristics, such as their lightweight design, ease of handling, high-temperature stability, etc.

In recent years, North America has had a significant amount of infrastructure that is aging & in need of repair or replacement. This has led to a growing demand for these geosynthetic materials in construction & infrastructure projects. Moreover, increasing energy & mining projects in the region are anticipated to push market growth in the coming years due to their effectiveness in soil stabilization & reinforcement.

Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including (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) are looking forward to strengthening their market position.

Key Questions Answered in the Research Report

  1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
  2. What are the trends that have shaped the industry to its current form?
  3. What key factors would propel and impede the industry across the region?
  4. How has the industry been evolving in terms of geography & product adoption?
  5. How has the competition shaped across various regions, followed by their comparative factorial indexing?
  6. How have buying behavior, customer inclination, and expectations from product manufacturers evolved during 2018-28?
  7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?