Artificial Turf Market Size, Share, Growth, Trends and Industry Research Report, 2019 to 2025
by Susan Hill Business ConsultantThe
global artificial turf market size is expected to reach
USD 3.8 billion by 2025, accelerating at a CAGR of 5.4% over the forecast
period, as per a new report by Grand View Research Inc. Durability, low
maintenance, and affordable costs compared to natural grass are the key factors
that are likely to drive the demand for artificial turf in sports and lawns
applications over the projected period.
Increasing
number of international outdoor sports events across the globe and rising need
for low maintenance of stadiums & playgrounds are likely to augment the
artificial turf market growth. Furthermore, increasing demand for artificial
turf in modern residential construction to improve the aesthetic appeal of
living and backyard areas is anticipated to aid the market growth. In addition,
rising living standards and high spending capacities of individuals in
developing economies are likely to support the product demand in residential
renovation activities.
Suitable
characteristics exhibited by the product for use external areas and resistance
to wear & UV rays are expected to increase its penetration in commercial
applications. Rising demand for the product in offices, hotels, and in the
corridors and seating areas of institutional buildings is expected to drive its
demand over the forecast period. Commercial application segment is expected to
register a CAGR of 5.1%, in terms of volume, over the forecast period owing to
increasing utilization of artificial turf in educational institutes,
playgrounds, malls, and walkways. Moreover, development of industrial areas and
growing construction of modern architecture are anticipated to augment the
market growth of artificial turf.
Key players
in the market are focusing on the development of artificial turf with enhanced
strength and ability to sustain heavy traffic and high temperatures, which is
likely to aid product utilization in commercial applications. Product quality,
affordable pricing, and well-established distribution channels are expected to
be the key success factors for the market players. Players are focusing on
improvements in the backing materials of artificial turf to hold turf threads
firmly and new sewing technologies to cater to the demand in several flooring
applications.
Further key
findings from the report suggest:
- Polyethylene-based
artificial turf segment was valued at USD 1.5 billion in 2018 on account
of its characteristics including softness, durability, longer lifespan,
low maintenance, and reduced use of fertilizers and chemicals
- Asia Pacific is
expected to be the fastest-growing market for artificial turf, denoting a
CAGR of 6.0%, in terms of revenue, over the projected period owing to
increasing product penetration in residential and commercial applications
- Europe is
expected to be a key market for the product, wherein a majority of the
demand is driven by sports grounds such as rugby, tennis, hockey, and
baseball
- In the Middle
East, an increasing number of sports clubs across Saudi Arabia, Qatar, and
the UAE and unfavorable weather conditions for natural grass are likely to
support the demand for artificial turfs in the region
- Prominent
players in the artificial turf market are engaged in providing
installation and maintenance services along with color and pattern
customization to sustain in the competitive environment.
Access full
research report on global artificial turf market:
www.grandviewresearch.com/industry-analysis/artificial-turf-market
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Created on Oct 10th 2019 05:08. Viewed 429 times.