Turf protection Market Size, Share, Statistics, Trends, Strategy, Segmentation Analysis and Forecast to 2024
Turf protection Market refers to the protection and maintenance of turfs by using chemical, biological, or mechanical products. The global market accounted for a revenue of USD 5.2 billion in 2018 and is projected to register a CAGR of 4.5% during the forecast period of 2019 to 2024. The Market industry is expected to offer lucrative opportunities for the vendors active in the global Turf protection market owing to the rising demand for biological Market systems. The innovative bio-based Market products are eco-friendly in nature and offer high-performance in protecting turfs from pests and abiotic stress. For instance, Zelto, a bio-based product, was launched by Marron Bio Innovations, Inc. in January 2018. It is based on a novel bacterium that offers Market against chinch bugs, weevils, and caterpillars. Additionally, it is effective in protecting turfs from various nematodes such as ring, root knot, cyst, sting, and lance. Thus, market players are investing in their research and development activities to develop and launch bio-based products and exploit the growth opportunities in this lucrative market.
Some of the key players are Syngenta AG (Switzerland), Soil Technologies Corporation (US), Epicore BioNetworks Inc. (US), The Andersons Inc. (US), FMC Corporation (US), Lucerne Biotech UK Ltd. (UK), Eco Sustainable Solutions Ltd. (UK), CoreBiologic, LLC (US), Corteva Agriscience (US), Pure AG (US), Backyard Organics, LLC (US), Idemitsu Kosan Co., Ltd. (Japan), TeraGanix, Inc. (US), Evans Turf Supplies Ltd. (New Zealand), and Nuturf Pty. Ltd. (Australia).
Based on product type, the global market has been divided into mechanical, chemical, and biological. The chemical segment is expected to garner the largest revenue share in 2018. The dominance of the segment can be attributed to the high usage of synthetic chemicals irrespective of the stringent regulations imposed on their use. Additionally, chemical turf protectants are cost-effective and are highly efficient. However, the biological segment is expected to register the highest CAGR during the forecast period owing to the increasing focus of customers and market players on biological protectants as they are environment friendly.
By application, the global market has been classified as scarification, pest protection, stress protection, and others. The pest protection segment is expected to garner the largest market share during the review period and register the highest growth rate due to the necessity of managing pests in turfs due to the increasing use of pesticides for turf protection as pests deteriorate the aesthetic or functional value of turfs.
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The global market has been segmented, by region, into North America, Europe, Asia-Pacific, and the rest of the world.
The market in North America is projected to dominate the global turf protection market owing to the availability of good infrastructure for turf industry in the region, mainly in the US. Additionally, the adoption of synthetic pesticides and herbicides as cost effective turf protection solutions is also driving the growth of the regional market. However, infrastructure development and the growth of tourism industry in Asia-Pacific is expected to fuel the demand for turfs in the region, which in turn is expected to assist in registering the highest growth rate for the Asia-Pacific market.
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