Floating Covers Market Accounting for US$ 330 Million by 2019
Posted: Feb 03, 2019
Future Market Insights delivers vital insights on the floating covers market in its report titled "Floating Covers Market: Global Industry Analysis 2013 – 2017 and Opportunity Assessment 2018 – 2027". In terms of revenue, the global floating covers market is projected to expand at a CAGR of 4.8% during the forecast period.
Floating covers are geosynthetic covers placed over above-ground reservoirs, and help prevent contamination of stored liquid from outside sources such as animal waste, which can reduce water portability, evaporation of the contained liquid, prevent nasty odours, and minimize the emission of volatile organic compounds. Water stored within a reservoir that features a floating cover will have superior chemical stability, reducing the use of chlorine and other balancers for the storage of potable water. Floating covers have a modest & low maintenance design. Floating covers are made with a geomembrane that has high UV tolerance and extremely low permeability, ensuring long-term protection of the reservoir contents against rain, snow, and damage from UV rays.
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In the report, FMI suggests that the wastewater/liquid treatment application segment is expected to drive the global demand for floating covers during the forecast period. Globally, various industries such as chemical, food processing & brewing, and others are demanding floating covers for the storage of effluent and its treatment. This factor is foreseen to drive the growth of the global floating covers market during the forecast period.
The global floating covers market is expected to be dominated by the Asia Pacific (APAC). China is expected to be highly attractive in terms of market share, while India is expected to be highly attractive in terms of floating covers growth rate during the forecast period. The growth of floating covers in the Asia Pacific (APAC) is due to the high preference for floating covers for various applications such as agriculture (slurry, lagoons), wastewater/liquid treatment, and others. Also, the presence of radially emerging economies, and rising awareness about the best practises for water storage and wastewater treatment are expected to be the critical drivers for the growth of the floating covers market in the APAC region.
Western Europe and North America regions are significant shareholders of the global floating covers market and are projected to record a healthy growth rate during the forecast period. The excellent weatherability, UV resistance, cost-effectiveness, and robust yet flexible nature of floating covers makes them an ideal solution for various applications such as wastewater/liquid treatment, chemical treatment, and others are appears as a critical driver for the growth of the floating covers market. The U.S. and Germany are expected to remain the dominant countries in North America and Western Europe regions respectively, accounting for the largest market of floating covers during the forecast period.
Latin America and the MEA are expected to be promising markets for the growth of the floating covers market. Emerging economies in the Middle East & Africa and Latin America are expected to represent high incremental opportunities due to the increasing use of floating covers for applications such as mining storage ponds, agriculture (slurry, lagoons), wastewater/liquid treatment, food processing & brewing, chemical treatment, and others.
The companies involved in the manufacturing of floating covers are laying emphasis on enhancing the properties of floating covers, and increasing their global footprint via acquisitions and expansions. The manufacturers of floating covers are likely to eye the profitable region of the Asia Pacific (APAC) in the coming years. Radially emerging economies with the rapid expansion of various industries such as food processing and brewing, chemical, and others are likely to create significant opportunities for the floating covers market during the forecast period.
Key players operating 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, and Aquatan (Pty) Ltd among others.
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