Geogrids are used for applications such as road construction, railroad stabilization, soil reinforcement, rock fall protection, erosion control, and basal reinforcement. The geogrid market is projected to reach USD 1099.2 million by 2022, at a CAGR of 9.2% from 2017 to 2022. Asia Pacific and North America are the key markets of geogrids. The increasing demand for refined products and stringent environmental regulations are the major factors driving the geogrid market.
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The Geogrid Market in the Asia Pacific region is projected to grow at the highest CAGR during the forecast period, in terms of value and volume. This growth can be attributed to the increasing infrastructural activities in the emerging countries and cost reduction in road construction and maintenance, worldwide.
Geogrids are widely used in road construction and railroad stabilization. Tensar (U.S.), BOSTD Geosynthetics Qingdao (China), and TMP Geosynthetics (China) are the major manufacturers of geogrids in this region. The ongoing global recovery is further projected to influence the demand for geogrids.
Europe emerged as the largest market of geogrids in 2016. Higher awareness about the usage of geogrids, especially in the construction industry of the emerging countries of Europe, is an important driver of the geogrid market in the region. Among all the countries in this region, Germany is the largest consumer of geogrids. The rising demand for geogrids from the infrastructure industry in Germany is further projected to propel the growth of the geogrid market in this region.
Based on type, the biaxial geogrids segment of the geogrid market is projected to grow at the highest CAGR between 2017 and 2022, in terms of volume. This growth can be attributed to the rising demand for biaxial geogrids for stabilization and reinforcement purposes. Other factors driving the biaxial geogrids segment include its high demand for road construction.
Based on application, the railroad stabilization of the geogrid market is projected to grow at the highest CAGR between 2017 and 2022, in terms of volume. This growth can be attributed to the increased rail infrastructure activities worldwide. The use of geogrids in for road construction has gained widespread acceptance around the world, but the usage of geogrids in the railroad industry is still growing, especially in the emerging economies.
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