Geogrid Market size was valued at USD 1,306.9 Million in 2022, expanding at a CAGR of 5.1% from 2023 to 2030.
Geogrids are geosynthetic materials that are utilized as reinforcement in buildings. These are geosynthetic materials used as reinforcing elements in the building industry. It can be employed in soil reinforcement or in the reinforcement of retaining walls, and many other applications for the material are in the works. The significant demand and application of Geogrids in construction is owing to their high tension and capacity to distribute load over a vast area. There are dozens of geogrids and other geosynthetic products on the market. Biaxial and multi-axial geogrids provide the functions of stabilization and filtration. Uniaxial geogrid provides the function of reinforcement.
Geogrid Market - Market Dynamics:
An increase in demand for high-speed rail transmission networks and a rise in demand from building construction and the road industry are expected to propel market demand
The demand for Geogrids will naturally rise as many countries focus on building or establishing high-speed rail networks. Geogrids provide essential stability and aid in reducing track deformation over time. As cities continue to expand, so will the demand for construction materials such as Geogrids. Roads built with Geogrids are less prone to rutting and other forms of degradation, resulting in a longer service life. According to the ministry data, only 1,975 km of road projects were awarded between April and July of 2022, compared to 2,434 km of road projects awarded in the year-ago period. Also, the nation's master showed that in 2019, the Production Value of Construction of Roads and Motorways in Italy grew 2.7% compared to a year earlier. Continuous research and development may provide growth opportunities for innovative Geogrid products with improved qualities, expanding their variety of applications. However, Geogrids' market share may be impacted by competing geosynthetic products or traditional construction methods.
Geogrid Market - Key Insights:
As per the analysis shared by our research analyst, the global Geogrid market is estimated to grow annually at a CAGR of around 5.1% over the forecast period (2023-2030)
The Geogrid industry is projected to grow at a significant rate due to the growing awareness of sustainable growth
Based on Product type segmentation, Biaxial Geogrid was predicted to show maximum market share in the year 2022
Based on Application segmentation, Road Industry was the leading type in 2022
On the basis of region, Asia Pacific was the leading revenue generator in 2022
Geogrid Market- Segmentation Analysis:
The Global Geogrid Market is segmented on the basis of Product Type, Application, and Region.
The market is divided into three categories based on product type: Uniaxial Geogrid, Biaxial Geogrid and Triaxial Geogrid. Biaxial Geogrid Dominates the market growth. Biaxial Geogrids are especially popular for road construction projects since they stabilize the soil in both longitudinal and transverse dimensions. This is useful when the load is projected to be applied from multiple directions, such as moving traffic on a road.
The market is divided into three categories based on application: Road Industry, Railroad Stabilization, Soil Reinforcement, and Others. The Road Industry sector dominates the market and is likely to maintain its dominance during the forecast period. Geogrids are becoming increasingly popular in the road business because of the multiple benefits they provide in terms of road longevity, cost savings, and overall increased performance.
Geogrid Market- Geographical Insights
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. Asia Pacific is expected to dominate the growth of the market, due to an increase in infrastructure development activities. As the region's economies grow, there is a greater investment in infrastructure development from both the public and private sectors. Robust transportation networks are required to support expanding industries and trade. This includes highway, railway, and port development, all of which can benefit from Geogrid applications. According to China Briefing news, Infrastructure spending has had a huge role to play in China's meteoric economic rise over the past three decades. Fixed assets investment grew by 4.9 percent in 2021, up from 2.9 percent growth in 2020 but slower than the 5.1 percent growth in 2019. Europe held the second largest region for the market, due to the Demand for Geogrids from building construction and also a huge investment in transport infrastructure activities.
Geogrid Market- Competitive Landscape:
The geogrid market's competitive landscape is established by the industry's major firms, their market shares, strategic actions, and product portfolios. Companies are investing in research and development to create innovative goods as the need for sustainable and efficient construction solutions grows. For example, there are ongoing initiatives to create geogrids out of recyclable materials. Because of the wide geographical demand for infrastructure, particularly in emerging countries, several firms are strategically expanding their footprint in regions such as Asia-Pacific, Africa, and South America. Given the market's competitive nature, companies are constantly looking for ways to differentiate their products, whether through improved performance, cost-effectiveness, or novel uses. For example, Tensar Corporation, a global leader in geogrid-engineered solutions for civil construction, and a portfolio company of Castle Harlan Inc.'s fund Castle Harlan Partners V, L.P., announced nowadays it has entered into a definitive agreement to be acquired by Commercial Metals Company as part of CMC's strategy to expand its leadership in construction solutions.
Recent Developments:
On April 7, 2021, Solmax, the global leader in the production of high-quality polyethylene geomembranes for industrial and environmental applications announced it has reached an agreement with Koninklijke Ten Cate on the acquisition of TenCate Geosynthetics, a global provider of geosynthetics and industrial fabrics. Caisse de depot et placement du Quebec (CDPQ) and Fonds de solidarite FTQ, Solmax's long-term financial partners, are both investing in this transaction.
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows: