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Artificial Turf Market is projected to reach $5,842 million by 2023, growing at a CAGR of 12.7% from 2019 to 2023.

04-12-2019 02:59 PM CET | Industry, Real Estate & Construction

Press release from: Allied Market Research

Artificial Turf Market is projected to reach $5,842 million

According to a new report published by Allied Market Research, titled, Artificial Turf Market by Material and Application: Global Opportunity Analysis and Industry Forecast, 2017-2023, the global artificial turf market was valued at $2,530 million in 2016, and is projected to reach $5,842 million by 2023, growing at a CAGR of 12.7% from 2017 to 2023. The polypropylene artificial turf segment accounted for more than 24% share of the global artificial turf market in 2016.

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Artificial turf is largely used in sports requiring grass surface with high durability. Some of the advantages of using artificial turfs in sports include uniform high-quality grass surface, low maintenance, weather resistance, and fewer chances of injuries due to the soft bristles. Furthermore, it is used in landscaping and other applications. Artificial grass fibers are made from polymers such as polyethylene, polypropylene, and polyamide. Each of these polymers comes with its own characteristics and qualities, which decides its applicability. However, the high initial cost of artificial turfs is a major restraint for the growth of the market.

Based on material, the market is segmented into polyethylene, polypropylene, and polyamides. The polyethylene artificial turf segment is projected to be the most lucrative segment from 2017 to 2023 and accounts for the two-thirds share of the global artificial turf by 2023 due to its long shelf life and gentle nature on the human skin. Furthermore, the low price of polyethylene artificial turf fuels the market growth for polyethylene artificial turf.

Based on application, the market is segmented into a contact sport, leisure & landscaping, and others. The contact sport segment is estimated to grow at the highest CAGR during the forecast period, owing to the growing need for high-quality grass surface that offers enhanced protection to players, good playing surfaces, and low maintenance of the surface.

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Key Findings of the Artificial Turf Market:
• The polyamides artificial turf segment is expected to grow at a significant CAGR of 14.50%, in terms of value, from 2017 to 2023.
• The contact sport segment is projected to grow at a CAGR of 13%, in terms of value.
• The artificial turf market in Asia-Pacific is expected to grow at the highest CAGR of 13.90%, in terms of value.
• Europe artificial turf accounted for more than 46% of the global market in 2016.
• The U.S. accounted for more than 77% of the North American market in 2016.

In 2016, North America and Europe collectively accounted for more than 74% of the global artificial turf industry, in terms of value. This was attributed to the growing popularity of using artificial turf in sports arenas and landscaping. Furthermore, European sports associates have recommended the use of artificial turf playing surfaces due to minimal chances of injuries to players. The artificial turf market in Asia-Pacific is projected to grow at the highest rate, followed by LAMEA, owing to the growing demand in sports stadiums and water crisis in this region.

The major companies profiled in this report are Victoria PLC (Avalon Grass), Sportfield Deutschland Holding GmbH (AstroTurf), CoCreation Grass Corporation, FieldTurf, Global Syn-Turf, Inc., Controlled Products, LLC (GrassTex), ForestGrass, Synlawn Artificial Grass, The Dow Chemical Company (DOW), and TigerTurf.

About Us:-

Allied Market Research (AMR) is a full-service market research and business consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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