Developed economies have formulated regulations concerning erosion control and sustainable infrastructure development. Such regulations and initiatives are identified as underlying driving factors of the market. On the flipped, low awareness of closely amongst infrastructure developers in emerging economies and competition from substitute products, such as groggier and somberness are identified as minor restraints in the global closely market. Future Market Insights 2 From regional perspective, North America and Asia Pacific represented prominent markets for closely globally in 2014.
In terms of market value, closely market in developing countries is collectively projected to grow at CRAG of 10. 2% while closely market in developed countries is collectively projected to grow at CRAG of 7. 4% during the forecast period. Asia Pacific region is expected to be the largest closely market in terms of value by 2025, followed by North America, Western Europe, and other regions. From materials perspective, high density polyethylene (HIDE) is extensively used across the globe for closely manufacturing followed by polypropylene, polyester and other polymeric alloys.
HIDE commanded around 68. 6% share by value in 2014 and is projected to remain the largest market segment by 2025 with a share of around 64%. Prices for these materials are anticipated to increase over the forecast period owing to increasing energy costs, crude oil prices ND complex manufacturing processes. From application perspective, earth reinforcement, channel protection and slope protection are the prominent applications of closely which constituted around 86% of market value in 2014 and are collectively projected to exhibit value CRAG of 8. 8% over the forecast period.