What is the future of Geogrid Market? Know Covid Impact on Size, Share & Forecasts
June 29, 2020
The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Geogrid Market.
It was estimated prior to this unanticipated outbreak that the Geogrid Market was expected to grow at a CAGR of 11.2% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
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Geogrid is mainly a geosynthetic material that is used in the reinforcement of soil and other similar elements. These are known to have higher strength in comparison to soil.
Geogrid is of different types such as uniaxial geogrids, biaxial geogrids, and triaxial geogrids. Road construction, railroad stabilization, soil reinforcement, and others are some of the application areas of geogrids.
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
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Based on the type, the market is segmented as uniaxial geogrids, biaxial geogrids, and triaxial geogrids. The biaxial geogrid segment captured the largest share of the market in 2018, and is estimated to maintain its dominance during the forecast period. This growth is owing to the exceptional junction strength and optimum load bearing properties of the biaxial geogrid. Higher demand for geogrids for road construction is mostly bolstering the market for biaxial geogrids globally, as they are employed in the construction of highways, flyovers, and bridges.
Based on the application type, the market is segmented as road construction, railroad stabilization, soil reinforcement, and others. Road construction is estimated to be the largest application type segment of the geogrid market. Geogrids offer an improved road surface quality and safety of roads, eliminated need of over-excavation and disposal of poor-quality soil, high performance of earth moving vehicles, low maintenance requirements, and resistance against inclement weather conditions such as heavy rains to the structure or area. Further, their use is environmentally safe, as it aids in reducing carbon emissions.
In terms of regions, North America is estimated to become the largest market for geogrids during the forecast period with the countries such as the U.S. expected to modernize and expand its prevalent infrastructural facilities in the coming five years. On the other hand, the market in Asia-Pacific is estimated to register high growth during the forecast period, in terms of value and volume. Europe is also expected to offer substantial growth opportunities during the forecast period.
Key Players:
Some of the major players in the geogrid market are ACE Geosynthetics, Asahi-Kasei Geotech, BOSTD Geosynthetics Qingdao Ltd., Carthage Mills, CTM Geosynthetics, GSE Environmental, Inc., HUESKER inc., NAUE GmbH & Co. KG, Officine Maccaferri SpA, and Propex Operating Company.
Features of the Report
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
The Geogrid Market analysis report discusses the following heads in great detail:
- Market structure: Overview, industry life cycle analysis, supply chain analysis
- COVID-19 Impact Assessment
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
- Market trend and forecast analysis
- Market segment trend and forecast
- Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
- Attractive market segments and associated growth opportunities
- Emerging trends
- Strategic growth opportunities for the existing and new players
- Key success factors
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