According to a new market research report published by Credence Research “Artificial Turf Market(Material Type – Polyethylene, Polypropylene, and Polyamides; Installation – Wall Cladding and Flooring; Application – Contact Sports, Non-contact Sports and Leisure and Landscaping) – Growth, Future Prospects and Competitive Analysis, 2018 – 2026”, the artificial turf market was valued at US$ 3.25 Bn in 2017 and will be reaching US$ 8.56 Bn in 2026 growing at a CAGR of 10.5% during the forecast period from 2018 to 2026.
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The artificial turf market stood at US$ 3.25 Bn in 2017 and expected to reach US$ 8.56 Bn in 2026 growing at a CAGR of 10.5% during the forecast period from 2017 to 2026. In recent years, artificial turfs are finding increased application across sports stadiums and commercial playground surfaces. Artificial turfs provide numerous advantages over natural grass. As compared to natural grass, artificial turfs involve a much lesser maintenance cost. Moreover, other benefits such as versatility & preparation and weather utility further leading to the increasing adoption of artificial turfs. These turfs have a low environmental impact as they are recyclable, need less water and reduce the use of fertilizers and pesticides. This has led to the increasing application of artificial turfs across, homes, golf courses, businesses and public spaces. Rising urbanization is another prominent factor aiding the artificial turf market positively. This factor is particularly evident in developing countries where artificial turfs are increasingly being used for landscaping purposes. Growth in the number of sport events across the world and stadiums switching to artificial turfs are two prominent factor complimenting the artificial turf market growth. For instance, US Bank Stadium is expected to install a new artificial turf in 2019. Reports suggest that the current turf was purchased for US$1.5 million. Similarly, Boise State University’s athletic stadium is expected to install a new blue artificial turf at the stadium in 2019. The installation would cost US$600,000 to $1 million.
By material type, the polyethylene segment held the largest market share in 2017. Polyethylene on account of its characteristics such as softness, durability and resiliency is the most preferred when it comes to turf material type. On the other hand, factors such as excellent wear resistance, high melting point and long color holding capacity would contribute to the growth of the polyamides segment in the coming years.
In terms of geography, Europe accounted for the largest market in 2017. The region houses a large number of sports stadiums. Moreover, many leading artificial turf manufacturers such as Victoria PLC, Tarkett, SportGroup and SIS Pitches among others are headquartered in the region. Growing number of commercial playground surfaces, high investment in infrastructure and rapid urbanization would drive the growth of the artificial turf market in Asia Pacific. Countries such as India and China helped by the growth of the construction sector and rising disposable income would lead this growth.
Key players profiled in the report include Shaw Industries, Tarkett, SIS Pitches Dowdupont, Victoria PLC, ACT Global, Tigerturf, Sport Group, Matrix Turf, Soccer Grass and Nurteks Hali among others.
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