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Geogrid Market Report

RA06749

Geogrid Market by Type (Uniaxial Geogrid, Biaxial Geogrid, and Triaxial Geogrid), Application (Road Industry, Railroad Industry, Soil Reinforcement, and Others), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2021–2028

RA06749

Pages: 175

Jan 2022

COVID-19

pandemic has shown to have an enormous impact on most
industries.

Click Here to access our comprehensive analysis of the

Impact of covid-19 on Geogrid Market

Global Geogrid Market Analysis

The global geogrid market size is predicted to garner $35,24,980.7 thousand in the 20212028 timeframe, growing from $18,02,666.7 thousand in 2020, at a healthy CAGR of 9.0%.

Market Synopsis

The growing investment in rail and road infrastructure is the main factor driving the demand for the geogrid in Europe. For instance, according to OECD data, European Union, the UK, Norway, and Switzerland invested around $951 billion and $1,513 billion in developing rail and road infrastructure from 2000 to 2019.

Creep failure of the geogrid layer is expected to hinder the growth of the market. Furthermore, geogrid can break due to low tensile strength, thereby hindering the geogrid market growth over the forecast period.

According to the regional analysis, the Asia-Pacific geogrid market is anticipated to grow during the review period and generate a revenue of $14,59,342.0 thousand in 2028, with a CAGR of 9.8%. The growing importance of geogrid in soil reinforcement and road construction is the key factor driving the growth of geogrid in the region.

Geogrid Overview

Geogrids are geosynthetic materials that are used as reinforcing materials in the construction industry. They can be used in soil reinforcement, retaining walls, and more. Geogrids are geosynthetic materials composed of polymeric materials, formed by interlocking grids. They are composed mainly of polyester, high-density polyethylene, and polypropylene.

Impact Analysis of COVID-19 on the Global Geogrid Market

The spread of novel coronavirus had a devastating effect on several sectors, both directly and through necessary measures to avoid contracting the virus. Several countries imposed complete lockdowns, social distancing norms, and travel bans to contain the spread of the virus. Moreover, people are isolating themselves from public gatherings and marketplaces to prevent contracting the virus.

The impact is also being felt by the geogrid sector. The necessary measures imposed to prevent the spread of the virus had disrupted the construction industry. The implementation of social distancing norms had disrupted the availability of a skilled workforce, which led to disruption in daily activities and delayed planned/ongoing construction activities.

Due to complete lockdown, availability and movement of supply trucks were affected. Furthermore, the restricted movement of supply trucks disrupted the movement of construction products to markets and consumers, both within and across borders. Thus, the COVID 19 had significant impact on the global geogrid market.

Growing Investment in the Infrastructure Development Activities to Drive the Market Growth

Infrastructure development is the key driver for economic growth. As a result, countries such as the U.S., China, and India are investing in power, bridges, dams, roads, and urban infrastructure development to increase their connectivity with neighboring countries and the world. For instance, since 2014, infrastructure development has increased three-fold in India.

In Union Budget 2021, the Government of India has allocated $32.02 billion to boost the transport infrastructure in the country. Furthermore, the government expanded the ‘National Infrastructure Pipeline (NIP)’ to 7,400 projects. As of July 2021, through the NIP, the government invested $1.4 trillion in infrastructure development projects.

In recent years, China has increased spending on the infrastructure development. China is building roads, rails, bridges, and ports under the Belt and Road initiative, which entails strengthening connectivity and cooperation across six main economic corridors encompassing Mongolia and Russia; Eurasian countries; Central and West Asia; Pakistan; and other countries. These initiatives and investments are projected to fuel the demand for the geogrid during the forecast period.

To know more about global geogrid market drivers, get in touch with our analysts here.

Fluctuating Raw Material Price to Restrain Market Growth

Geogrid is a reinforcement material used to stabilize civil work. They are made of polyester, polyethylene, and polypropylene, among others. These raw materials are vulnerable to fluctuating crude oil prices. Crude oil prices directly influence the price of raw materials necessary for manufacturing geogrid. Therefore, the fluctuating price of crude oil is expected to hinder the market growth during the forecast period.

Growing Investment in Developing Road Infrastructure to Generate Huge Opportunities

Roads play an important role in the economic development of any country. Furthermore, sustainable & efficient transportation provides access to employment, health, and education services, thereby playing a vital role in eliminating poverty. Moreover, road infrastructure is the most important of all public assets as it opens up more areas and stimulates economic and social development.

Europe has more than 5.5 million kilometers of road network at an estimated value of $9,000 - $11,000 billion. Nevertheless, owing to continuous use and time, these roads are aging. As a result, it requires maintenance, renewal, and modernization. Furthermore, to strengthen connectivity in linking regions and countries, in 2013 a regulation on trans-European transport network (TEN-T) was adopted. As part of the Trans-European Transport Network (TEN-T) policy, a Europe-wide network of railway lines, roads, railroad terminals, inland waterways, airports, and ports, is being developed.

The ultimate objective is to close gaps, eliminate barriers, and facilitate trade. To assist and help Member States in developing their part of the TEN-T, from 2007 to 2020, the EU allocated approximately $78 - $85 billion for roads, of which around $38- $42 billion went to TEN-T roads. Such initiatives are projected to provide growth opportunities for the geogrid market.

To know more about global geogrid market opportunities, get in touch with our analysts here.

Geogrid Market
By Type

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Based on type, the market has been divided into uniaxial geogrid, Biaxial Geogrid, and triaxial geogrid. Among these, biaxial geogrid sub-segment accounted for highest market share in 2020 and it is estimated to show the fastest growth during the forecast period. Download PDF Sample Report

Source: Research Dive Analysis

The biaxial geogrid sub-type is anticipated to have a dominant market share and generate a revenue of $17,05,354.3 thousand by 2028, growing from $8,44,228.5 thousand in 2020. The biaxial geogrid has high tensile strength. It can stretch in longitudinal and transverse directions owing to which stress is equally distributed in both directions. Furthermore, biaxial geogrid material is made through the process of extruding, sheet forming, punching, and stretching, therefore, they have good bearing capacity. Moreover, owing to the high tensile strength, biaxial geogrid is widely used in civil construction. Growing investment in infrastructure development is the main factor driving the biaxial geogrid market.

Geogrid Market
By Application

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Based on application, the market has been divided into road, railroad, soil reinforcement, and others. Among these, the road sub-segment accounted for the highest revenue share in 2020.

Source: Research Dive Analysis

The road sub-segment is anticipated to have a dominant market share and generate a revenue of $12,15,511.3 thousand by 2028, growing from $6,26,673.6 thousand in 2020. The roads play a crucial role in bridging gap between producer and market, facilitating the social and economic development of the country. To enhance connectivity within and the neighboring region, countries such as India, China, the U.S., and European Union are investing billions of dollars for construction, repair, maintenance, and modernization of roads. These factors are driving the demand for geogrid in road construction.

Geogrid Market
By Region

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The geogrid market was investigated across North America, Europe, Asia-Pacific, and LAMEA.

Source: Research Dive Analysis

The Market for Geogrid in Asia-Pacific to be the Most Dominant

The Asia-Pacific geogrid market accounted for highest market share in 2020 and it is estimated to show the fastest growth during the forecast period. Asia-Pacific was the highest revenue contributor, accounting for $7,04,842.7 thousand in 2020, and is estimated to reach $14,59,342.0 thousand by 2028, with a CAGR of 9.8%. The demand for geogrid in Asia-Pacific is driven by high demand for biaxial geogrid in soil reinforcement and road construction industry. Furthermore, supportive government initiatives for developing roads, railroad, dams, and bridges will further boost the demand for geogrid in the region.

Competitive Scenario in the Global Geogrid Market

Acquisition and investment are common strategies followed by major market players.

Competitive Scenario in the Global Geogrid Market

Source: Research Dive Analysis

Some of the leading geogrid market players are GSE Environmental, Maccaferri Spa, Naue GmbH & Co. KG, Propex Operating Company, LLC, Low & Bonar, TENAX SPA, Carthage Mills, Inc., Tensar, HUESKER International, and Wrekin Products Ltd.

Porter’s Five Forces Analysis for the Global Geogrid Market:

  • Bargaining Power of Suppliers: The majority of the companies operating in the geogrid industry buy various raw materials such as polyethylene, polypropylene, and others from various suppliers. However, presence of large number of suppliers reduces their profits as the buyer can switch from one supplier to another based on the basis of cost factor and demand.
    Thus, the bargaining power of suppliers is low.
  • Bargaining Power of Buyers: There are significant number of suppliers in the market. Buyers can easily switch from one supplier to another.
    Thus, buyer’s bargaining power will be high.
  • Threat of New Entrants: Specialized knowledge is not required to manufacturer geogrid. Furthermore, production and labor costs are relatively low in China and India. However, companies that are in the geogrid market are much more globalized.
    Thus, the threat of the new entrants is moderate.
  • Threat of Substitutes: Geotextiles made of slit-film are stronger and offer an efficient and cost-effective alternative to rigid, punched-and-drawn geogrids.
    Thus, the threat of substitutes is moderate.
  • Competitive Rivalry in the Market: The companies operating in this market are focusing on bringing innovative technologies in geogrid which increases the industry competition.
    Therefore, competitive rivalry in the market is high.

Aspect

Particulars

  Historical Market Estimations

  2019-2020

  Base Year for Market Estimation

  2020

  Forecast Timeline for Market Projection

  2021-2028

  Geographical Scope

  North America, Europe, Asia-Pacific, LAMEA

  Segmentation by Type

  • Uniaxial Geogrid
  • Biaxial Geogrid
  • Triaxial Geogrid

  Segmentation by Application

  • Road Industry
  • Railroad Industry
  • Soil Reinforcement
  • Others

  Key Companies Profiled

  • GSE Environmental
  • Maccaferri Spa
  • Naue GmbH & Co. KG
  • Propex Operating Company, LLC
  • Low & Bonar
  • TENAX SPA
  • Carthage Mills, Inc.
  • Tensar
  • HUESKER International
  • Wrekin Products Ltd

Frequently Asked Questions
 

A. The size of the global geogrid market was over $18,02,666.7 thousand in 2020 and is projected to reach $35,24,980.7 thousand by 2028.

A. GSE Environmental, Maccaferri Spa, Naue GmbH & Co. KG, and Propex Operating Company, LLC are some of the key players in the global Geogrid market.

A. Increasing demand for geogrid in road construction is driving the market for geogrid during the forecast period.

A. Geogrids are used in stabilizing the soil in road, railroad, bridge, and civil constriction activities.

A. The global geogrid market is expected to grow at a CAGR of 9.0% from 2021 to 2028.

1.Research Methodology

1.1.Desk Research
1.2.Real time insights and validation
1.3.Forecast model
1.4.Assumptions and forecast parameters

1.4.1.Assumptions
1.4.2.Forecast parameters

1.5.Data sources

1.5.1.Primary
1.5.2.Secondary

2.Executive Summary

2.1.360° summary
2.2.By Type trends
2.3.By Application trends

3.Market overview

3.1.Market segmentation & definitions
3.2.Key takeaways

3.2.1.Top investment pockets
3.2.2.Top winning strategies

3.3.Porter’s five forces analysis

3.3.1.Bargaining power of consumers
3.3.2.Bargaining power of suppliers
3.3.3.Threat of new entrants
3.3.4.Threat of substitutes
3.3.5.Competitive rivalry in the market

3.4.Market dynamics

3.4.1.Drivers
3.4.2.Restraints
3.4.3.Opportunities

3.5.Technology landscape
3.6.Regulatory landscape
3.7.Patent landscape
3.8.Pricing overview

3.8.1.by Product
3.8.2.by Application product

3.9.Market value chain analysis

3.9.1.Stress point analysis
3.9.2.Raw material analysis
3.9.3.Manufacturing process
3.9.4.Application analysis
3.9.5.Operating vendors

3.9.5.1.Raw material suppliers
3.9.5.2.Product manufacturers
3.9.5.3.Product distributors

3.10.Strategic overview

4.Geogrid Market, by Type

4.1.Uniaxial Geogrid

4.1.1.Market size and forecast, by region, 2020-2028
4.1.2.Comparative market share analysis, 2020 & 2028

4.2.Biaxial Geogrid

4.2.1.Market size and forecast, by region, 2020-2028
4.2.2.Comparative market share analysis, 2020 & 2028

4.3.Triaxial Geogrid

4.3.1.Market size and forecast, by region, 2020-2028
4.3.2.Comparative market share analysis, 2020 & 2028

5.Geogrid Market, by Application

5.1.Road Industry

5.1.1.Market size and forecast, by region, 2020-2028
5.1.2.Comparative market share analysis, 2020 & 2028

5.2.Railroad Industry

5.2.1.Market size and forecast, by region, 2020-2028
5.2.2.Comparative market share analysis, 2020 & 2028

5.3.Soil Reinforcement

5.3.1.Market size and forecast, by region, 2020-2028
5.3.2.Comparative market share analysis, 2020 & 2028

5.4.Others

5.4.1.Market size and forecast, by region, 2020-2028
5.4.2.Comparative market share analysis, 2020 & 2028

6.Geogrid Market, by Region

6.1.North America

6.1.1.Market size and forecast, by Type, 2020-2028
6.1.2.Market size and forecast, by Application , 2020-2028
6.1.3.Market size and forecast, by country, 2020-2028
6.1.4.Comparative market share analysis, 2020 & 2028

6.1.5.U.S.

6.1.5.1.Market size and forecast, by Type, 2020-2028
6.1.5.2.Market size and forecast, by Application , 2020-2028

6.1.6.Canada

6.1.6.1.Market size and forecast, by Type, 2020-2028
6.1.6.2.Market size and forecast, by Application , 2020-2028

6.1.7.Mexico

6.1.7.1.Market size and forecast, by Type, 2020-2028
6.1.7.2.Market size and forecast, by Application , 2020-2028

6.2.Europe

6.2.1.Market size and forecast, by Type, 2020-2028
6.2.2.Market size and forecast, by Application , 2020-2028
6.2.3.Market size and forecast, by country, 2020-2028

6.2.4.Germany 

6.2.4.1.Market size and forecast, by Type, 2020-2028
6.2.4.2.Market size and forecast, by Application , 2020-2028

6.2.5.UK

6.2.5.1.Market size and forecast, by Type, 2020-2028
6.2.5.2.Market size and forecast, by Application , 2020-2028

6.2.6.France

6.2.6.1.Market size and forecast, by Type, 2020-2028
6.2.6.2.Market size and forecast, by Application , 2020-2028

6.2.7.Spain

6.2.7.1.Market size and forecast, by Type, 2020-2028
6.2.7.2.Market size and forecast, by Application , 2020-2028

6.2.8.Italy 

6.2.8.1.Market size and forecast, by Type, 2020-2028
6.2.8.2.Market size and forecast, by Application , 2020-2028

6.2.9.Rest of Europe

6.2.9.1.Market size and forecast, by Type, 2020-2028
6.2.9.2.Market size and forecast, by Application , 2020-2028

6.3.Asia Pacific

6.3.1.Market size and forecast, by Type, 2020-2028
6.3.2.Market size and forecast, by Application , 2020-2028
6.3.3.Market size and forecast, by country, 2020-2028

6.3.4.China

6.3.4.1.Market size and forecast, by Type, 2020-2028
6.3.4.2.Market size and forecast, by Application , 2020-2028

6.3.5.Japan

6.3.5.1.Market size and forecast, by Type, 2020-2028
6.3.5.2.Market size and forecast, by Application , 2020-2028

6.3.6.India 

6.3.6.1.Market size and forecast, by Type, 2020-2028
6.3.6.2.Market size and forecast, by Application , 2020-2028

6.3.7.South Korea 

6.3.7.1.Market size and forecast, by Type, 2020-2028
6.3.7.2.Market size and forecast, by Application , 2020-2028

6.3.8.Australia 

6.3.8.1.Market size and forecast, by Type, 2020-2028
6.3.8.2.Market size and forecast, by Application , 2020-2028

6.3.9.Rest of Asia Pacific

6.3.9.1.Market size and forecast, by Type, 2020-2028
6.3.9.2.Market size and forecast, by Application , 2020-2028

6.4.LAMEA

6.4.1.Market size and forecast, by Type, 2020-2028
6.4.2.Market size and forecast, by Application , 2020-2028
6.4.3.Market size and forecast, by country, 2020-2028

6.4.4.Latin America  

6.4.4.1.Market size and forecast, by Type, 2020-2028
6.4.4.2.Market size and forecast, by Application , 2020-2028

6.4.5.Middle East 

6.4.5.1.Market size and forecast, by Type, 2020-2028
6.4.5.2.Market size and forecast, by Application , 2020-2028

6.4.6.Africa

6.4.6.1.Market size and forecast, by Type, 2020-2028
6.4.6.2.Market size and forecast, by Application , 2020-2028

7.Company profiles

7.1.GSE Environmental 

7.1.1.Company overview
7.1.2.Key executives
7.1.3.Company snapshot
7.1.4.Operating business segments
7.1.5.Product portfolio
7.1.6.R&D expenditure
7.1.7.Business performance
7.1.8.Key strategic moves and developments

7.2.Maccaferri Spa 

7.2.1.Company overview
7.2.2.Key executives
7.2.3.Company snapshot
7.2.4.Operating business segments
7.2.5.Product portfolio
7.2.6.R&D expenditure
7.2.7.Business performance
7.2.8.Key strategic moves and developments

7.3.Naue GmbH & Co. KG

7.3.1.Company overview
7.3.2.Key executives
7.3.3.Company snapshot
7.3.4.Operating business segments
7.3.5.Product portfolio
7.3.6.R&D expenditure
7.3.7.Business performance
7.3.8.Key strategic moves and developments

7.4.Propex Operating Company, LLC

7.4.1.Company overview
7.4.2.Key executives
7.4.3.Company snapshot
7.4.4.Operating business segments
7.4.5.Product portfolio
7.4.6.R&D expenditure
7.4.7.Business performance
7.4.8.Key strategic moves and developments

7.5.Low & Bonar

7.5.1.Company overview
7.5.2.Key executives
7.5.3.Company snapshot
7.5.4.Operating business segments
7.5.5.Product portfolio
7.5.6.R&D expenditure
7.5.7.Business performance
7.5.8.Key strategic moves and developments

7.6.TENAX SPA

7.6.1.Company overview
7.6.2.Key executives
7.6.3.Company snapshot
7.6.4.Operating business segments
7.6.5.Product portfolio
7.6.6.R&D expenditure
7.6.7.Business performance
7.6.8.Key strategic moves and developments

7.7.Carthage Mills, Inc.

7.7.1.Company overview
7.7.2.Key executives
7.7.3.Company snapshot
7.7.4.Operating business segments
7.7.5.Product portfolio
7.7.6.R&D expenditure
7.7.7.Business performance
7.7.8.Key strategic moves and developments

7.8.Tensar

7.8.1.Company overview
7.8.2.Key executives
7.8.3.Company snapshot
7.8.4.Operating business segments
7.8.5.Product portfolio
7.8.6.R&D expenditure
7.8.7.Business performance
7.8.8.Key strategic moves and developments

7.9.HUESKER International

7.9.1.Company overview
7.9.2.Key executives
7.9.3.Company snapshot
7.9.4.Operating business segments
7.9.5.Product portfolio
7.9.6.R&D expenditure
7.9.7.Business performance
7.9.8.Key strategic moves and developments

7.10.Wrekin Products Ltd

7.10.1.Company overview
7.10.2.Key executives
7.10.3.Company snapshot
7.10.4.Operating business segments
7.10.5.Product portfolio
7.10.6.R&D expenditure
7.10.7.Business performance
7.10.8.Key strategic moves and developments

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.

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