Ground Protection Mats Market Forecast 2031: Reaching USD 639.1 million with a 4.3% CAGR
Ground Protection Mats Growth-demand
By application, the commercial segment is projected to witness the highest CAGR of 4.9%, in revenue terms, as per ground protection mats market size.
WILMINGTON, DELAWARE, UNITED STATES, August 27, 2024 /EINPresswire.com/ -- The ground protection mats market size was valued at $425.70 million in 2021, and is estimated to reach $639.1 million by 2031, growing at a CAGR of 4.3% from 2022 to 2031.
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Ground protection mats are customized mats that offer an excellent option for safeguarding both the environment and the equipment when heavy equipment is used on soft ground. Ground protection mats may help with a variety of duties such as constructing temporary paths for passengers, keeping utility vehicles from being mired in the mud, and preserving turf from vehicle damage. High-Density Polyethylene (HDPE), polypropylene, recyclable plastic, fiberglass, and other materials are used to manufacture the ground protection mats. The ground protection mats are virtually indestructible as the mat can withstand the weight of cranes, bulldozers, tractors, and others. It is safe to use in both cold and hot weather conditions. The polyethylene layer works as a waterproof surface, and dirt and gravel may be readily removed from the surface.
The building business has grown admirably during the last decade. The U.S., China, and India account for more than half of global growth. The growing population and the emergence of new firms and commercial organizations are driving the ground protection mats market demand for residential and corporate real estate. The expansion of the global economy also helps the expansion of educational institutions, healthcare, social welfare, and the consumer retail market for the country's population. The rising demand for homes, along with the availability of limited time, is pressuring the building industry to accelerate its processes to satisfy the demand on time. This requires the use of heavy machinery and safety tools, which is expected to ensure the safety of the workers and will help to speed up the process.
Ground protection mats are used in the construction sector to provide not only safety but also a stable platform for machines to perform correctly and boost the mobility of construction trucks in difficult terrains. The construction industry's continued expansion is projected to fuel the ground protection mats market growth. The growing popularity of ground protection mats in many industries has resulted in an increase in the market for rental mat services. All these ground protection mats market trends is creating ground protection mats market opportunity. Companies in the event and construction sectors are looking for ground protection mats that they can hire and return when they are no longer needed. Businesses can use the rental service to save on the costs and liabilities involved with acquiring ground protection mats. The rental service also removes the requirement for the mats to be stored in the company's warehouse and cuts down on shipping costs. As a result, the mat rental industry discourages businesses from acquiring new mats, lowering overall sales of ground protection mats. The market is being hampered by a reduction in new ground protection mat sales.
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In light of the increased construction activity, motorway development, and industrial expansion in emerging nations such as India, ground protection mats have gained broad appeal. Furthermore, the expanded global penetration of various online portals, as well as the expansion of various manufacturer offers or discounts, tempt a large client base to purchase ground safety items through online retail. The digital distribution channel has increased client reach, making it a crucial revenue source for many organizations.
Market Segmentation:
According to ground protection mats market analysis, the ground protection mats market is segmented into load type, connection, thickness, application, distribution channel, and region. On the basis of load type, the market is categorized into extreme load, heavy load, and medium load. On the basis of connection, it is divided into linked and locked. By thickness, the market is segmented into 10 mm, 15 mm, 20 mm, and others. On the basis of application, the market is divided into residential, commercial, industrial, corporate, and others.
By distribution channel, the market is divided into hypermarkets/supermarkets, specialty stores, retailers, online retail, and others. On the basis of region, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Spain, Italy, and Rest of Europe), Asia-Pacific (China, India, Japan, Australia, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
Major Key Players:
The players operating in the global ground protection mats market have adopted various developmental strategies to expand their ground protection mats market share, increase profitability, and remain competitive in the market. The key players profiled in this report 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 other ground protection mats industry players are Grassform Group, LODAX, Quality Mat Co., Signature Systems Group, LLC, SuperMats, Inc., TVH India Private Limited, Maco Corporation, Groundtrax Systems Ltd., Great Mats Corp., Ground Guards Ltd., Multimatts, Regenatech, Fods, LLC, Ultimate Solutions, Discount Ramps, Sunbelt Rentals Inc., Cope Plastics Inc., Grassmats USA LLC., LuxTek GmbH, Danrec A/S, Technix Rubber & Plastics Ltd., Frank Wall Enterprises LLC., IBEX Supplies Ltd., Online Hardware PTY LTD., KTI Fencing Inc., Yak Mat, LLC, Protectmat NZ Ltd., Brandon Hire Station, and West County Equipment Rentals, LLC.
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KEY FINDINGS OF STUDY
On the basis of load type, the extreme Load segment is projected to witness the highest CAGR of 4.2%, in revenue terms in ground protection mats industry, during the forecast period.
On the basis of connection, the linked segment is expected to grow at a significant CAGR during the forecast period.
On the basis of thickness, the 15 mm segment is expected to grow at a significant CAGR during the ground protection mats market forecast period.
On the basis of application, the commercial segment is projected to witness the highest CAGR of 4.9%, in revenue terms, as per ground protection mats market size.
On the basis of distribution channel, the online retail segment is expected to grow at a significant CAGR during the forecast period.
On the basis of country, the U.S. was the largest country, in terms of revenue generation for ground protection mats market in 2021.
On the basis of region, Asia-Pacific is anticipated to witness highest growth rate, registering a CAGR of 4.8% from 2022 to 2031.
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