Report ID: SQSG15F2018 | Region: Global | Published Date: April, 2023 | Pages: 157 | Tables: 63 | Figures: 75
Artificial Turf Market size was valued at USD 3.11 billion in 2021 and is poised to grow from USD 3.28 billion in 2022 to USD 5.1 billion by 2030, growing at a CAGR of 5.4% in the forecast period (2023-2030).
Rising demand for durable, easy to maintain, and cost-effective flooring products for the use in outdoor applications across the globe are the major factor driving the growth of the global artificial turf market over the forecast period. Increase in use of artificial turf in playgrounds, lawns, and gardens due to their numerous benefits such as save water, ease-to-use, long life, and eliminates harmful fertilizers is also likely to be a key driving factor for the market in the coming years.
Furthermore, infrastructure development couple with the growth in construction sector is another key factor favoring the market growth for artificial turf. Artificial turf has gained a high demand in the construction projects for houses, playgrounds, sports arenas, and commercial gardens. According to our findings, the global construction industry was valued at USD 7.3 trillion in 2021 and is expected to reach USD 12.6 trillion by 2028. Thus, this increase in construction industry is expected to have a positive impact on the global artificial turf market during the forecast period.
In addition, rising popularity of sporting events for games such as cricket, football, rugby, hockey, and golf is also contributing to the growth of the global artificial turf market. Many new artificial turfs are being set up and install for soccer and rugby grounds, with the most notable development being the usage of artificial turfs for the FIFA World Cup and FIFA Women’s World Cup.
US Artificial Turf Market is poised to grow at a sustainable CAGR for the next forecast year.
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Global artificial turf market is segmented on the basis of material, application, and region. By material, the market is segmented into polyethylene, polypropylene, and nylon. By application, the market is categorized into residential, commercial, and sports. By region, the Artificial Turf Market is divided into North America, Europe, Asia pacific, Latin America, and MEA.
Artificial Turf Market Analysis by Material
By material type, polyethylene segment accounted for the largest share of the market in 2021 due to the superior characteristics of the material such as resilience, high durability, and softness. Furthermore, polyethylene is highly resistant to water absorption, durable than polypropylene, and softer than nylon, which makes it a perfect choice for variety of applications. Therefore, the demand for polyethylene is expected to gain a significant growth rate during the forecast period.
Moreover, nylon holds the second largest market share because of their properties such as resistant to UV radiation, most heat resistant material, and much longer colour life. In addition, innovations in materials for long colour holding, high-melting point, and wear resistant are further projected to drive the market growth of artificial turf.
Artificial Turf Market Analysis by Application
By application, the sports segment held the largest market share in 2021 at a healthy CAGR and is expected to maintain its dominance throughout the forecast period. Increasing participation in several sports events by young generation across the globe has created lucrative opportunities for the growth of the market in the coming years. Development of new sports arenas and grounds for playing outdoor sports including rugby, soccer, and tennis has led to the growing demand for artificial turf.
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Globally, Europe accounted for the largest market share in terms of revenue in 2021 and is projected to grow at a significant CAGR during the forecast period. Presence of a huge number of sports arenas, stadiums, switching trends from natural to synthetic grass, and rising popularity of sports among young generation are some of the major factors driving the growth of the market in the region. According to a data by Germany’s Presidency of the Council of European Union, in 2018, there were around 91,000 sports club running in Germany, and is expected to reach 100,000 sports club by 2023.
Furthermore, Asia Pacific is expected to register a significant growth rate over the forecast period owing to growing constructions and rising investments by international companies in the region. In addition, rising government support for the development of sports activities in countries such as India, China, and Brazil is further driving the demand of global artificial turf market.
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Artificial Turf Market Drivers
Artificial Turf Market Restraint
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The global artificial turf market is fairly competitive with the top 5 players of market accounted for more than 45% of market share, and Tarkett Group is a major leading player in the global market. Key players of market are mainly focusing on the expansion, mergers & acquisition, and new product launches as key strategies to get command on higher market share and fulfil their customers need. Moreover, research & development activities for the advancements in the technologies are another factor on which key players are likely to implement over the forecast period.
Top Players in the Global Artificial Turf Market
Artificial Turf Market Recent Developments
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According to our analysis, the global artificial turf market is witnessing a significant growth during the forecast period owing to rise in health awareness among people, growth in construction sector, and several number of sporting events happening across the globe. In addition, the challenges associated with natural grass such as high maintenance cost, use of fertilisers, frequent cutting, and grass allergies has also created lucrative opportunities for the artificial turf to replace the original from the artificial one. However, complications come under an artificial turf like sinking holes and spots, foul odour, lifted edges, and drainage problems are expected to have a negative impact on the global market in the near future.
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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For the Global Artificial Turf Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Artificial Turf Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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Product ID: SQSG15F2018