LONDON--(BUSINESS WIRE)--Technavio’s latest report on the global geogrids market provides an analysis of the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
The global geogrids market is expected to grow at a CAGR of almost 13% during the forecast period. Geosynthetics are made from polymeric material and are connected to a key structure or framework for designing purposes. They can be natural or synthetic and are used in a wide range of applications such as roadways, soil embankment, railways, marine and airport runways. Widely used polymer materials in the manufacture of geogrids include polyesters, polyethylene (PE), polyvinyl alcohols (PVA), and others that are produced in a compact form and then stretched in sheets with grids. Geogrids offer high tensile strength by holding the walls of the structure.
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The top three emerging trends driving the global geogrids market according to Technavio chemicals and materials research analysts are:
- Increasing mergers & acquisitions (M&As)
- Adoption of natural geosynthetics
- Increasing investments in research and development (R&D)
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Increasing mergers & acquisitions
The market is fragmented because of the presence of small regional manufacturers. Cost leadership and innovation help vendors remain competitive in the market. The key players acquire the small players to increase their market share and improve their global presence.
“M&A will help big players to exploit the emerging markets and improve their product portfolio according to the regional needs. For instance, Hanes Geo components acquired terrafix Geosynthetics in 2017. In 2013, Strata Systems, a Glen Raven company acquired 50% of the equity in Geo Solucões, which will help Strata Systems gain market share and increase customer base in South America,” says Mohd Shakeel Iqbal, a lead analyst at Technavio for research on metals and minerals.
Adoption of natural geosynthetics
The use of geotextile with natural fiber is becoming a popular alternative to polymeric geotextile for applications in the temporary or non-critical areas. Price fluctuations of the raw material used to produce the synthetic product have a direct effect on the demand.
“Synthetic geotextile is expensive in the developing countries, and they have an abundant supply of renewable raw materials like jute, coir, carbon fiber, and others for natural geosynthetics. For instance, four different varieties of natural fiber have been developed at IIT Delhi for controlling soil erosion,” adds Shakeel.
Increasing investments in research and development
The global geogrids market is growing as the key vendors are investing heavily in R&D of new materials and technologies for manufacturing geogrids. Globally, especially in developed nations, engineers use geogrids as an essential component in various projects.
Geogrid is a rigid polymer that stabilizes and improves the performance of subsoils in roads and other infrastructure. Tensar International invests heavily in third-party research to develop new products in the Tensar’s TriAx series of geogrids products. These products are available on consumer request.
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