Market Definition:
GeoGrids are geo-synthetic materials made by interconnecting grids that are used in the construction industry as a reinforcing material. Its application ranges from soil fortification, reinforcement of retaining walls, and various other new application areas, such as mining, etc., flourishing in recent years. They are manufactured either by weaving polymeric fibers together, or by punching holes in sheets, followed by stretching in different directions. It possesses high tensile strength with the ability to distribute load across a large area which increases their suitability for infrastructure activities.
Market Insights:
The Global GeoGrid Market is expecting to propagate at around 8% CAGR in the forecast period of 2022-27. The growth of the market attributes primarily to the burgeoning government investments in building infrastructure, such as roads, highways, bridges, & ports, among others. With the application of geogrid, the structure or the area where it is applied is improved since it provides better surface quality & safety of roads, eliminates the need for over-excavation, disposal of poor quality soil, and involves low maintenance. The rapid infrastructural developments for strengthening road networks have stimulated the demand for geogrids across different regions, including Asia-Pacific & Europe in recent years.
| Report Coverage | Details |
|---|---|
| Study Period | Historical Data: 2017-20 |
| Base Year: 2021 | |
| Forecast Period: 2022-27 | |
| CAGR (2022-2027) | 8% |
| Regions Covered | North America: USA, Canada, Mexico |
| Europe: Germany, The UK, France, Italy, Spain, Rest of Europe | |
| Asia-Pacific: China, Japan, India, South Korea, Australia, Rest of Asia Pacific | |
| South America: Brazil, Rest of South America | |
| Middle East & Africa: Saudi Arabia, UAE, Israel, Egypt, Rest of Middle East & Africa | |
| Key Companies Profiled | 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 |
| Unit Denominations | USD Million/Billion |
Furthermore, with the growing demand for geogrids, companies engaged in geogrid businesses are rapidly enhancing their capabilities by investing substantially in research & development, introducing environmentally sustainable solutions, etc., to capture the emerging opportunities in the US, Germany, France, China, Japan, etc. For instance:
However, the widening awareness gap about the geogrid has impeded the growth of its global market. A significant portion of potential end-users is unaware of geogrids & it's benefits like enriched performance, durability, and better productivity of infrastructure assets. Moreover, the lack of awareness campaigns, workshops, etc., for promoting the use of geogrids has also posed a significant growth challenge to its global market.
Disruption in Raw Materials Supply due to the Covid-19 Pandemic had a Transitory Impact on the Global GeoGrid Market
The global imposition of lockdown measures to curb the spread of coronavirus led to a disruption in the supply chain of raw materials, such as high-density polyethylene, polyester, & coatings, among others, required for manufacturing geogrids, entwined with price fluctuations. Since the pandemic, the prices of crude oil have rapidly soared, which has led to turbulence in the availability of raw materials.
As a result, the prices of geogrids significantly hiked due to limited stock available in the market. Hence, the Covid-19 pandemic resulted in increased costs of geogrids. Additionally, the shortage of raw materials led to the discontinuation of geogrids production globally.
However, with the gradual relaxation in mobility restrictions worldwide and the resumption of manufacturing units, the demand for geogrids experienced a steady revival in early 2021. Currently, the market is on the trajectory of recapturing its usual growth pace & expects to flourish in the years to come.
