Geogrid Market worth 1099.2 Million USD by 2022

CITY, Country, 2021-Dec-02 — /EPR Network/ —The geogrid market is estimated to account for USD 708.7 Million in 2017 and is projected to reach USD 1099.2 Million by 2022, at a CAGR of 9.2% from 2017 to 2022. This growth can be attributed to the increased demand for geogrids in infrastructure activities worldwide. In addition, increased cost savings in road construction and maintenance is projected to boost the consumption of geogrids.

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Biaxial geogrid segment is the fastest-growing type segment of the geogrid market

Based on type, the biaxial geogrid segment of the geogrid market is projected to grow at the highest CAGR during the forecast period. These geogrids have garnered industry-wide acceptance for their performance and general characteristics. They are generally used to stabilize and reinforce soils in the construction of roads, parking lots, and building foundations. Biaxial geogrids are highly suitable for conditions such as weak subgrades, contaminated soils, heavy loads, high granular costs, and shallow buried utilities.

Road construction emerged as the largest application segment of the geogrid market in 2016

Based on application, road construction emerged as the largest application segment of the geogrid market in 2016. Geogrids significantly enhance the site access, while reducing costs and future maintenance. In addition, the use of geogrids is environmentally safe, as its use reduces carbon emissions. The usage of geogrids provides the structure or area with improved road surface quality and safety of road and low maintenance requirements.

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Europe is the largest market for geogrids

Europe was the largest market for geogrids, in terms of volume, in 2016. Germany is a key consumer of geogrids in Europe. The increased use of geogrids in infrastructural activities has contributed to the growth of the geogrid market in this region. New product launches & developments and expansions are the key growth strategies adopted by the leading manufacturers of geogrids in Europe.

Tensar (U.S.), Tencate (Netherlands), Maccaferri (Italy), Huesker (Germany), Naue (Germany), Pietrucha (Poland), TMP Geosynthetics (China), Wrekin Products (U.K.), Thrace (Greece), Carthage Mills (U.S.), and Bostd Geosynthetics Qingdao (China) are the key players operating in the geogrid market.

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