Geogrids are geosynthetic materials that are used to strengthen soil for walls, roadway bases, steep slopes, and others. They are strong in tension, allowing them to transfer forces to a larger area of soil. They are extensively used in the construction industry, and are composed of polymeric materials like polyvinyl alcohol, polypropylene, polyethylene, or polyester that are formed by interlocking grids.
Forecast Analysis of the Global Geogrid Market
Increasing investments in the infrastructure development activities across the globe is expected to drive the growth of the global geogrid market over the forecast period. In addition, rapid growth in the economy of various nations across the globe is further expected to bolster the growth of the market in the near future. Moreover, the rising investments in road infrastructure across the globe is expected to create massive opportunities for the growth of the market. However, constant fluctuations in the prices of raw materials are expected to impede the growth of the global geogrid market during forecast period.
According to the report published by Research Dive, the global geogrid market is expected to generate a revenue of $35,24,980.7 thousand by 2028, growing exponentially at a CAGR of 9.0% during the forecast period 2021-2028. The major players of the market include HUESKER International, Maccaferri Spa, Naue GmbH & Co. KG, Propex Operating Company, LLC, GSE Environmental, TENAX SPA, Carthage Mills, Inc., Tensar, Wrekin Products Ltd., Low & Bonar, and many more.
Key Developments of the Global Geogrid Market
The key companies operating in the industry are adopting various growth strategies & business tactics such as partnerships, collaborations, mergers & acquisitions, and launches to maintain a robust position in the overall market, which is subsequently helping the global geogrid market to grow exponentially.
For instance, in July 2019, HUESKAR International, Germany-based provider of high-quality geosynthetics for numerous applications, launched its new ecoLine geogrids that are made from are made from recycled polyethylene terephthalate, in order to provide sustainable solutions during production processes.
In March 2021, HUESKAR Group, a family-owned, global geotechnical design and geosynthetics manufacturing company known for providing long-term design strength and enhanced durability system solutions, announced that they have launched the Fortrac T eco PET recycled yarn geogrid that can be used for the construction of steep slopes, retaining structures, bridging of sinkholes and embankments on piles. They totally dispense the need for primary raw materials, and sustainably supports resource conservation and CO2 emission savings.
In December 2021, Tensar Corporations, a global leader in geogrid engineered solutions for civil construction, announced that they entered into an agreement to be acquired by Commercial Metal Company (CMC), a steel and metal manufacturer based in Irving, Texas, in order to strengthen CMC’s strategy to expand its leadership in construction solutions.
Most Profitable Region of the Global Geogrid Market
The Asia-Pacific region is expected to be most lucrative and generate a revenue of $14,59,342.0 thousand during the forecast period. Growing demand for biaxial geogrid in soil reinforcements in this region is expected to drive the growth of the market. In addition, the increasing initiatives taken by the government for developing roads, bridges, damns, and others in this region is further expected to accelerate the growth of the regional geogrids market during the forecast period.
COVID-19 Impact on the Global Geogrid Market
The outbreak of COVID-19 has had a devastating impact on the growth of the global geogrid market, owing to the prevalence of lockdowns in various countries across the globe. Lockdowns adversely put a hold on all the ongoing and upcoming construction activities across the globe. In addition, stringent restrictions imposed by the government on import and export of raw materials further declined the demand for geogrids around the world. Thus, the global geogrid market has had a negative growth during the pandemic period.