(MENAFN- GlobeNewsWire - Nasdaq) Portland, OR, Jan. 25, 2023 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global ground protection mats market generated $425.7 million in 2021, and is projected to reach $639.1 million by 2031, growing at a CAGR of 4.3% from 2022 to 2031. The report examines changing market dynamics, major segments, the value chain, the competitive scenario, and the regional landscape. This research provides valuable guidance to market leaders, investors, shareholders, and startups in developing strategies for long-term growth and gaining a competitive advantage.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $425.7 million |
| Market Size in 2031 | $639.1 million |
| CAGR | 4.3% |
| No. of Pages in Report | 250 |
| Segments Covered | Load Type, Connection, Thickness, Application, Distribution Channel, and Region. |
| Drivers | Expanding economies of developing countries Rise in constructions of residential as well as economic properties |
| Opportunities | Increasing availability of ground protection mats through online channels |
| Restraints | Increase in rental services for ground protection mats |
Covid-19 Scenario:
The outbreak of the COVID-19 pandemic slowed the growth of the global ground protection mats market. The worldwide suspension of construction for an extended period halted the use of ground protection mats. The halt in operations of specialty stores dealing in the sale of ground protection mats also hampered the sales of ground protection mats during the pandemic. This also contributed significantly to the downfall of the market during Covid-19. The resuming of construction activities and increasing availability of ground protection mats through online channels after the removal of lockdowns helped the market regain footing. This growth is expected to continue in the future.
The research report divides the global ground protection mats market into detailed segments based on load type, connection, thickness, application, distribution channel, and region. The report uses tables and figures to provide detailed information about the various segments and sub-segments. Engaged market participants and investors can develop strategies based on the report's highest revenue-generating and fastest-growing segments.
According to load type, the extreme load segment accounted for most of the ground protection mats market in 2021 and is expected to maintain its leadership status during the forecast period, registering the highest growth with a CAGR of 4.2% from 2022 to 2031. The demand for extreme load ground protection mats is growing because they provide prior support in difficult soil conditions and speed up construction processes.
The linked segment held the largest market share in 2021, accounting for more than 90% of the global ground protection mats market, and is expected to maintain its revenue lead during the forecast period due to benefits such as being able to be built in a small space and modified to meet the user's demands.
Depending on the thickness of the mats, the 20mm mats segment accounted for a significant market share in 2021 due to its wide usage in the industrial and commercial sectors because it provides stability and support and can withstand weights of up to 200 tons. The 15 mm segment is expected to have significant growth during the forecast period for the market.
According to the ground protection mats market size, the industrial segment held the largest market share in 2021 accounting for nearly three-fifths of the entire market size. The commercial segment is expected to have the highest growth, registering a CAGR of 4.9% in revenue terms.
Based on the distribution channel, the specialty stores segment accounted for the highest share in 2021, holding most of the global ground protection mats market. It is expected to continue its leadership status during the forecast period. This segment is estimated to grow at the highest CAGR of 4.1% during the forecast period, while the online channels segment is also expected to have significant growth during the forecast period.
According to the region, Europe held the largest share in 2021, accounting for nearly half of the global ground protection mats market share. It is expected to maintain its dominant revenue share in 2031. Furthermore, the Asia-Pacific region is expected to exhibit the fastest CAGR of 4.8% during the forecast period. The study also looks at regions such as North America and Latin America.
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Leading market players of the global ground protection mats market analyzed in the research include Justrite Safety Group, Newpark Resources, Inc, Quality Mat Company, Signature Systems Group, LLC, W. W. Grainger, Inc., Qingdao Ketian Materials Co., Ltd, CGK Group BVBA, Groundtrax Systems Ltd., Tangyin Sanyou Engineering Plastic Co., Ltd., and Greatmats Corp.
The report thoroughly examines these key global ground protection mats market players. To increase their market share and maintain dominant positions in various regions, these players have used strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others. To highlight the competitive scenario, the report highlights business performance, operating segments, product portfolio, and strategic moves of market players.
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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. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. 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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