Artificial Turf Market to Bolster at CAGR of 5.9% from 2021 to 2031 Attributing to the Expansion of Hotels and Airports Worldwide
Future Market Insights Global and Consulting Pvt. ltd
Emergence of Hybrid Grass, horizontal integration, and expanding distribution channel will accelerate the sales for artificial turf over the coming years. Europe artificial turf market will exhibit healthy growth at 4.3% CAGR during the forecast period
NEWARK, Del, Nov. 18, 2022 (GLOBE NEWSWIRE) — The global artificial turf market is anticipated to register a robust CAGR of 5.9% over the valuation period from 2021 to 2031. The global market reached a valuation of US$ 4,119.7 in 2021 and is predicted to showcase lucrative growth till 2031. According to Future Market Insights’ historical estimations, the global artificial turf market grew at a CAGR of 1.8% from 2016 to 2020. The global artificial turf market is anticipated to surge on a year- on-year (YoY) growth of 5.7% between 2020 and 2021.
The growth of the global artificial turf market is attributed to an escalating population of sports events and rising demand in the commercial and residential sectors for landscaping. The market is further favored by the rising number of sports events and stadiums all over the world due to which the market volume for artificial turf is likely to surpass 146 Mn Sq.m through 2031. As per the predictions, strong growth of the global artificial turf market is anticipated on the basis of the surging use of artificial grass turfs for landscaping in commercial and residential spaces across the globe.
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Historically, artificial turfs were reserved for mini golf courses, football grounds, and sports fields. However, in recent years, these turfs have made their way into the general community life of the urban population owing to the increasing applications in the leisure and landscaping sector. In addition to that, the emergence of customized and recyclable products is predicted to propel the global artificial turf market growth even further.
The global artificial turf market is expected to generate robust growth over the projection period attributed to the rising number of hotels, restaurants, and airports across the globe is expected to drive the market. The usage of artificial turfs is rising in these infrastructures of diverse applications including decorating balconies, swimming pools, and rooftops. Therefore, with the surging expansion within the hospitality industry, the market for artificial turfs is likely to witness steady growth.
The escalating popularity of sports events for games such as football, cricket, hockey, golf, and others coupled with upcoming global sports events is expected to drive the market. The market is predicted to gain a significant increase over the number of international sporting events such as football and cricket matches, among others.
Artificial turfs have a diverse range of applications and are progressively being utilized for preparing fields that host these sports as they are more durable and do not lose their significance even after years. Due to the emergence of various sports events such as the Football Champion League Matches, and Hockey Junior Pan American Championship, among others, the demand for artificial turfs is expected to skyrocket over the coming years.
Owing to technological advancements, the emergence of hybrid turf technology and third-generation turfs have taken the industry to the next level. Manufacturers are rapidly launching new turfs with shock pads, anti-bacterial properties, and natural components such as cork, crumb driver, and rubber zest to reduce the chances of injuries. These developments are expected to offer a conducive environment for overall market growth.
An immense rise in the demand for attractive artificial lawns in several gated societies and communities is expected to bode well for the market. It has been observed that urban homeowners are rapidly tilting towards spending on lawns and playgrounds in societies. Furthermore, such facilities are often considered crucial to the aesthetic value of any property. Since artificial turfs are used to eliminate the contact of harmful pesticides and fertilizers used for natural grass, these turfs are progressively gaining traction in residential applications.
Due to the revolutionizing of artificial turfs and other flooring materials, the key industry manufacturers are consistently emphasizing using cost-effective manufacturing techniques and biodegradable materials such as polylactic acid (PLA) fiber type to develop eco-efficient solutions.
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Over recent years, the majority of the key market players have invested heavily in research and development initiatives, contributing to the innovation of several innovative and creative products. Key market players are focusing on expanding their product portfolio through strategic collaboration, mergers & acquisitions of small and medium-scale companies.
More Insights into the Artificial Turf Market
Attributing to the rise in the disposable income of people across the UK is propelling the sales of artificial turfs for landscaping and sports applications. According to FMI, the artificial turfs market in the UK is expected to expand at a steady pace over the forecast period 2021 to 2031.
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Artificial Turf Market by Category
By Infill Materials:
Table of Content
1. Executive Summary
1.1. Market Overview
1.2. Market Analysis
1.3. FMI Analysis and Recommendations
1.4. Wheel of Fortune
2. Market Introduction
2.1. Market Taxonomy
2.2. Market definition
3. Market Viewpoint
4. Global Artificial Turf Market Analysis and Forecast
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