Published Date: 2019-07-09 | Views: 52 | Consumer Goods
QYR Consulting has added a new research study on the global artificial turf market, which bears the title “Global Artificial Turf Market Report, History and Forecast 2014-2025.” According to the research study, the global artificial turf market is predicted to grow at a healthy CAGR of 6.3% during the forecast period 2019-2025. By 2025, the global market size is expected to increase to more than US$3.3 Bn. In 2018, it was around US$2.0 Bn. Players are anticipated to focus on providing innovative services and adopting effective pricing strategies to cement a strong position in the global market.
Expansion of Application beyond Sports to Help Increase Sales
The gradually increasing use of artificial turf in residential as well as commercial applications outside the sports industry is anticipated to create lucrative revenue opportunities for manufacturers. Advantages of using artificial turf such as low maintenance are predicted to attract a high number of end users. Increasing interest in sports and growing number of national and international sports tournaments could be other factors augmenting the demand for artificial turf.
However, greater absorption of heat compared to natural grass, which could cause burns and other injuries to players, is one of the major challenges that manufacturers may have to deal with. Moreover, the non-biodegradable nature of artificial turf is expected to hamper its adoption.
Global Artificial Turf Market: Market Segmentation
On the basis of application, the global artificial turf market could be segmented into non-contact sports, landscaping, leisure, contact sports, and others. Among these, contact sports accounted for a significant share of the global market. Need for good playing surfaces in areas where natural grass could be difficult to grow due to unfavorable climate conditions is expected to push the growth of the contact sports segment. By type of product, the global market could be segmented into tuft grass>25 mm type, tuft grass<10 mm type, and tuft grass>10 and <25 mm type.
Global Artificial Turf Market: Geographical Analysis
Europe is foreseen to secure a leading share of the global artificial turf market because of the rise in demand in countries such as the UK and France. Growing popularity of collision sports such as rugby and contact sports such as soccer is predicted to help with the growth of the artificial turf market in European countries. High installation of synthetic pitches and artificial turf pitches for different sports could be another growth driver of the Europe market. On the other hand, Asia Pacific could be a faster-growing market with China taking charge of the market growth in the region.
Global Artificial Turf Market: Market Competition
The report covers key players of the global artificial turf market including Act Global, Domo Sports Grass, Polytan GmbH, CoCreation Grass, FieldTurf, Shaw Sports Turf, and TenCate. The nature of the competitive landscape could be moderately fragmented, according to market experts. Globally, Tarkett Group is expected to become a top industry player, whereas TenCate is prophesied to secure a leading position in Europe. Analysts expect players to compete on the basis of price, product portfolio, and product differentiation.