Global Floating Covers Market, By Material Type (Linear Low-Density Polyethylene (LLDPE), High-Density Polyethylene (HDPE), Polyvinyl Chloride (PVC), Polypropylene (PP), Others), Application Type (Mining Storage Ponds, Agriculture, Waste Water/Liquid Treatment, Food Processing and Brewing, Chemical Treatment, Utilities and Other) – Industry Trends and Forecast to 2029
Market Analysis and Size
The floating covers are largely gaining traction owing to their simple and flexible design, low maintenance requirement and their easy installation. Additionally, they offer various advantages, such as they help manage odors by preventing stored liquid from becoming contaminated, diluted, or evaporating. They are made of high-quality, flexible geomembrane lining material.
Global floating covers market was valued at USD 952.66 million in 2021 and is expected to reach USD 1450.98 million by 2029, registering a CAGR of 5.40% during the forecast period of 2022-2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, patent analysis and technological advancements.
Report Scope and Market Segmentation
2022 to 2029
2020 (Customizable to 2014 - 2019)
Revenue in USD Million, Volumes in Units, Pricing in USD
Material Type (Linear Low-Density Polyethylene (LLDPE), High-Density Polyethylene (HDPE), Polyvinyl Chloride (PVC), Polypropylene (PP), Others), Application Type (Mining Storage Ponds, Agriculture, Waste Water/Liquid Treatment, Food Processing and Brewing, Chemical Treatment, Utilities and Other)
U.S., Canada, Mexico, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia- Pacific, Brazil, Argentina, Rest of South America, South Africa, Saudi Arabia, UAE, Egypt, Israel, Rest of Middle East and Africa
Market Players Covered
EJ Group Inc (U.S.), Eagle Manufacturing Group (U.S.), Fibrelite (U.K.), Crescent Foundry (India), Saint-Gobain (France), Industrie POLIECO – MPB SRL (Italy), Ducast Factory LLC (UAE), Terra Firma Industries (India), Hygrade Water (New Zealand), Prime Composites (Australia), MC PVC Pipes Limited (Nigeria), Manhole Covers Limited (U.K.), Aliaxis Group SA (Belgium), Bass & Hays Foundry, Inc. (U.S.), HUBER SE (Germany), HYDROTEC Technologies AG (Germany), Peterborough (U.K.)
Floating covers are geo-synthetic covers that are placed over ground ponds to prevent pollution of the liquid being stored from outside sources, such as animal waste, which can reduce the portability of water, evaporate the liquid being trapped, and remove offensive odours that can reduce the release of volatile organic compounds.
Floating Covers Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:
- Growth In Demand of Floating Covers
The growing utilization of the covers to protect water from evaporation, algae, odor, and other external contaminants is driving up demand for the product due to its increased strength, affordability, light weight, excellent UV resistance, and other desirable qualities.
- Increased Awareness Regarding Features
A floating cover system consists of numerous modules or lateral floats that are joined together to make a substantial cover; the lateral floats keep the entire cover afloat and guard against cover inflation and wind damage. The device also includes a web of anchors that withstand wind uplift forces and permit the cover to rise and fall in response to liquid levels. The main characteristics of a floating cover include good thermal insulation, a straightforward, adaptable design, low maintenance needs, simplicity in installation, odor control, ease of conversion to a bio-gas collector system, wind-lift resistance, puncture and tear resistance, UV resistance, defense against pollution and algae growth, and evaporation control.
Furthermore, the rapid urbanization and rising demand for technologically advanced products such as floating covers made of reinforced PVC will further propelled the growth rate of floating covers market. These expansion of various end use industries will drive market value growth.
- Stringent Regulations and Use of High Quality Plastic
The stringent government regulations for protection of water bodies from pollution will further enhance market growth trends extend profitable opportunities to the market players in the forecast period of 2022 to 2029. Additionally, the increased usage of high-quality plastic such as Linear Low-Density Polyethylene (LLDPE), High-Density Polyethylene (HDPE), and Polyvinyl Chloride (PVC) will further expand the future growth of the floating covers market.
- Drawbacks of Floating Covers
The worldwide floating covers market's revenue growth is somewhat constrained over the forecast period due to a few negative factors. The market's predicted revenue development would be hampered by a number of drawbacks related to floating covers, including their high vulnerability to bacterial contamination, ice action, debris accumulation, external damage, and animal invasion.
- Lower Life Expectancy And Requirement Of Repair And Inspection
Also, the lower life expectancy in comparison to rigid cover installations, an increasing requirement for routine membrane repair and inspection, and the dangers of contamination and algal growth because of the poor quality of the plastic components will prove to be a demerit for the floating covers market. These factors will challenge the floating covers market growth rate.
This floating covers market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the floating covers market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Floating covers Market
The recent outbreak of coronavirus had a significant influence on the floating covers market. The market for floating covers suffered as a result of the recent coronavirus outbreak. The market suffered a significant financial blow as a result of the major interruptions in various manufacturing and supply-chain operations brought on by the various precautionary lockdowns imposed by governments to stop the spread of disease. The manufacturing industry is likewise in chaos as a result of the closure of industrial operations. It has also been mandated that the majority of industrial and suburban development projects cease operations. This has had an impact on the world market for floating covers.
Since most projects have been placed on hold or delayed owing to a lack of raw materials and labor, floating covers producers are expected to experience a number of problems due to lower future demand and cash flow restrictions.
In August 2021, A new CSPE floating cover supply and installation project was given to Layfield USA Corp. for the Seattle Public Utilities Lake Forest Park Reservoir in Washington State, United States. By the middle of October 2021, the company was supposed to have finished the project.
Global Floating covers Market Scope
The floating covers market is segmented on the basis of material type and application type. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
- Linear Low-Density Polyethylene (LLDPE)
- High-Density Polyethylene (HDPE)
- Polyvinyl Chloride (PVC)
- Polypropylene (PP)
- Mining Storage Ponds
- Waste Water/Liquid Treatment
- Food Processing and Brewing
- Chemical Treatment
Floating covers Market Regional Analysis/Insights
The floating covers market is analyzed and market size insights and trends are provided by country, material type and application type as referenced above.
The countries covered in the floating covers market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the floating covers market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period of 2022-2029. The market growth over this region is attributed to the high demand for treated and potable water in food and beverage and pharmaceutical industries within the region.
Asia-Pacific on the other hand, is estimated to show lucrative growth over the forecast period of 2022-2029, due to the favorable government policies as well as the rising usages of the product in farm activities, waste water treating units, water storing plants and others in the region.
The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Floating covers Market Share Analysis
The floating covers market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to floating covers market.
Some of the major players operating in the floating covers market are
- EJ Group Inc (U.S.)
- Eagle Manufacturing Group (U.S.)
- Fibrelite (U.K.)
- Crescent Foundry (India)
- Saint-Gobain (France)
- Industrie POLIECO – MPB SRL (Italy)
- Ducast Factory LLC (UAE)
- Terra Firma Industries (India)
- Hygrade Water (New Zealand)
- Prime Composites (Australia)
- MC PVC Pipes Limited (Nigeria)
- Manhole Covers Limited (UK)
- Aliaxis Group SA (Belgium)
- Bass & Hays Foundry, Inc. (U.S.)
- HUBER SE (Germany)
- HYDROTEC Technologies AG (Germany)
- Peterborough (U.K.)