Increasing Sport Events to Boost Global Artificial Turf Market Growth in the Coming Decade
According to a recent study from Future Market Insights, the global artificial turf market is estimated to be valued at $3,803.1 million and is expected to expand with a CAGR of 5.8% over the forecast period to reach $6,660.6 million by the end of 2027. Globally, the consumption of artificial turfs was pegged at 130.0 (Mn meter sq) in 2016 and is expected to increase with a CAGR of 5.4% over the forecast period and reach approximately 231 (Mn meter sq) by the end of 2027.
Trends in the global artificial turf market include: extensive use of artificial grass turfs in various applications; replacement of natural grass with artificial grass at sports venues; low replacement rate; growing popularity of sports events in Western Europe; availability and visibility of different types of products will help in the growth of the artificial turf market; and growing installation of artificial grass in MEA region.
Seven regions, North America, Latin America, Eastern Europe, Western Europe, Japan, Asia-Pacific excluding Japan (APEJ) and MEA, were examined in the report. The APEJ region is a key market that accounts for a major share in the global artificial turf market. The market in APEJ is expected to register relatively high CAGR over the forecast period and is expected to represent a high opportunity in the global artificial turf market, owing to growing infrastructure development and rising per capita expenditure. The APEJ market for artificial turfs is expected to dominate the global artificial turf market during the forecast period.
For more information, visit www.futuremarketinsights.com.