The geogrids market is expected to record a CAGR of over 4% during the forecast period. Major factors driving the market studied are increasing application in road construction and growing application in preventing landslides. Dearth of awareness among consumers is expected to hinder the growth of the market studied.
- Application of geogrids in road construction dominated the market and is expected to grow during the forecast period owing to increasing demand because of its high tensile strength and minimal elongation nature.
- In high terrain areas, geogrids support soil laterally and aids in constructing roads easily.
- Asia-Pacific region dominated the market, with the largest consumption from countries such as China, India and Japan.
Key Market Trends
Increasing Demand in Road Construction
- A geogrid is a geosynthetic material used to reinforce soils, retaining walls as well as subbases or subsoils below roads or structures. Geogrids are strong in tension, which allows them to transfer forces to a larger area of soil thereby reinforcing it.
- The structure of the grid defines the reinforcing capacity. Geogrids of triangular and rectangular patterns are the most renowned grids across the world because of the technical aspect that it binds the structures more firmly with greater shear strength.
- In November 2019, Indian highways ministry announced their intensions to award road projects worth INR 50,000 crore (~USD 7 billion) for the construction of about 4,500 roadways in length across India.
- Application of geogrids in road construction has dominated the market. China leads in the usage of geogrids followed by Canada, the United States, and India.
Asia-Pacific Region to Dominate the Market
- The Asia-Pacific region is expected to dominate the market for geogrids during the forecast period. With increasing road construction in developing countries, such as India, China, and Japan, the use of geogrids is increasing in the region.
- The Chinese government planned to increase infrastructure investment, in order to ensure the stability of its sagging economy. According to the report represented in the annual session of the National People’s Congress in March 2019, CNY 1.8 trillion (~USD 257.15 billion) of investment was planned for road construction and waterways projects.
- The Indian government set a target for constructing 65,000 km of national highway by 2022 with an estimated budget of INR 5.35 lakh crores (~USD 74.75 billion) and hence, creating a major scope for this market in the region.
- Owing to several advantages of using geogrids, in terms of overall cost of construction, ease of installation, sustainability, structural durability and flexibility, prevention of soil erosion, resistance to earthquakes, and ease of construction for structures like roads and slopes, the demand for geogrids market is expected to increase over the coming years.
- The aforementioned factors, coupled with government support, are contributing to the increasing demand for geogrids market during the forecast period.
The geogrids market is fragmented with players accounting for a marginal share of the market. The major companies include NAUE GmbH & Co. KG, Officine Maccaferri Spa, TECHFABINDIA, TenCate Geosynthetics Asia Sdn Bhd, and TENAX SPA.
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