Assessment of COVID-19’s Effect on Global Artificial Grass Turf Market 2020-2024 | Rising Demand for Artificial Grass in Landscape and Sports Applications to Boost the Market Growth | Technavio
LONDON–(BUSINESS WIRE) – The global artificial turf market is projected to grow by $ 1.49 billion in 2020-2024. The report also includes the market impact and new opportunities arising from the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually wear off in the following quarters – with limited impact on economic growth for the full year.
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Several sports facilities, such as athletics tracks, golf courses, and stadiums for soccer and basketball, require water for the maintenance of the grounds and tracks. However, various government agencies limit landscaping services such as landscape irrigation due to the lack of water. Global warming is responsible for nearly 20% of the global increase in water scarcity. These factors drive the demand for artificial turf. The increasing demand for artificial turf in landscape and sports applications will therefore promote the growth of the artificial turf market in the forecast period.
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Technavio says that technological advances will have a positive impact on the market and will contribute significantly to its growth over the forecast period. This research report also analyzes other key trends and market drivers that will affect market growth in 2020-2024 period.
Artificial Grass Market: Advances In Technology
Advances in technology to develop artificial turf products are driving the global marketplace. Intense competition and high demand for high quality playing surfaces have led to the creation of third generation artificial turf, which is similar to natural grass. This type of artificial grass has advantages such as safety, durability and high wear resistance. Several providers offer advanced artificial turf. For example, Synlawn Artificial Grass, a subsidiary of Sport Group Holdings, offers artificial turf products developed with HeatBlock technology. The technology lowers rising temperatures by reflecting sunlight, thereby reducing heat build-up and thermal emissivity. Similarly, FieldTurf, a subsidiary of Tarkett, has introduced the CoolPlay filling system, which lowers the surface temperature by at least 30% compared to lawns with sand and rubber infills. All of these factors drive the demand for artificial turf.
“Factors such as the increase in partnerships with sports clubs and stadiums and the availability of hybrid grass will have a significant impact on the growth in market value for artificial turf over the forecast period,” says a senior analyst at Technavio.
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Artificial grass market: segmentation analysis
This market research report segments the Artificial Turf market by application (Sports and Recreation and Landscaping) and geography (Europe, North America, APAC, South America, and MEA).
The European region led the artificial turf market in 2019, followed by North America, APAC, South America and MEA. However, over the forecast period, the North American region is expected to experience the highest incremental growth due to factors such as an increase in the use of artificial turf for landscaping residential and commercial properties, adverse climatic conditions for natural grass, and the need for water conservation and the increase in the number of Sporting events.
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Some of the key issues covered in the report are:
Market positioning of providers
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