The global floating covers market is poised for robust growth, with sales expected to surpass USD 1.1 billion in 2023. Expanding at a healthy compound annual growth rate (CAGR) of 4.9%, the market is set to reach a total value of USD 1.7 billion by 2033.
These advanced covers offer significant advantages, including easy installation due to their geosynthetic properties, making them ideal for placement over reservoir grounds. A key driver of the market is the increasing need to protect liquids stored in reservoirs from pollution.
Floating covers act as a protective barrier, preventing contamination from debris, dirt, leaves, and bird droppings, all of which can compromise the quality of stored water or other liquids.
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An important feature of floating covers is their adaptability. They can be easily retrofitted onto existing tanks and lagoons, offering a cost-effective solution for enhancing reservoir protection. Additionally, these covers play a crucial role in preventing the growth of algae, further ensuring the purity and integrity of stored liquids.
As industries continue to focus on sustainability and pollution control, the demand for floating covers is expected to rise, reinforcing their role as an essential tool for reservoir management across various sectors, including water treatment, agriculture, and industrial storage.
The growing concern over the protection and maintenance of water bodies like ponds and lakes is also boosting the utilization of floating covers. In line with this, the rising pollution levels in urban cities is projected to have a favorable impact on the demand for floating covers.
Key Highlights of the Floating Covers Industry:
- China floating covers industry is projected to lead the global market over the forecast period, as per FMI’s analysis. The market is estimated to attain USD 353.8 million by 2033, expanding at a CAGR of 6.3% during 2023 to 2033.
- The United States floating covers industry is expected to assume a second-leading position over this decade. The market size of the United States market is projected to stand at USD 261.1 million by 2033, registering a CAGR of 3.4% over the forecast period. The rising concerns over freshwater protection in the nation is expected to propel market growth.
- Globally as well as regionally, India is predicted to expand at a significant CAGR over the forecast period. The country is assessed to register 7.2% CAGR over the next 10 years and reach USD 190.5 million by 2033. Rapid urbanization and healthy growth of application segments like agriculture are projected to support market growth.
- In Europe, Germany is projected to have a significant market share in the region. Germany floating covers industry is predicted to attain USD 81.6 million by 2033, expanding at a CAGR of 2.3%.
- Another country in Europe region, France, is expected to contribute towards regional growth, exhibiting a CAGR of 2.3% over the forthcoming years. France floating covers industry is expected to reach USD 58.7 million by 2033.
Competitive Market Landscape to Stimulate Market Expansion
The floating covers business has a significant number of manufacturers. In order to acquire a competitive advantage, competitors are forming mergers and acquisitions, collaborations, and joint ventures. In addition, a few significant players focus on obtaining new orders from well-known companies to deliver their in-house products for usage in a variety of projects.
Market Participants in the Global Floating Covers Market Include
- Raven Industries Inc.
- GSE Environmental, Inc.
- Royal TenCate
- Cooley Group
- Nilex Inc.
- FLI France SAS
- Hexa-Cover A/S
- Industrial & Environmental Concepts, Inc.
- Advanced Water Treatment Technologies
- Aquatan (Pty) Ltd.
Floating Covers Industry by Category
By Material:
- Linear Low-density Polyethylene
- High-density Polyethylene
- Polyvinyl Chloride
- Polypropylene
- Other Materials
By Application:
- Mining Storage Ponds
- Agriculture
- Waste Water / Liquid Treatment
- Food Processing & Brewing
- Chemical Treatment
- Utilities & Other
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific
- Middle East and Africa
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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