As indicated in a new market research study by Future Market Insights, the roughly US$ 850 million floating covers market is likely to display around 4.5% yearly growth in the revenue, in 2019. The report projects steady revenue growth prospects for global floating covers landscape over the next few years, predominantly driven by sustained demand for an increasing number of wastewater treatment plants.
While agricultural application of floating covers also continues to generate moderate revenue, the demand for floating covers for protecting potable water reservoirs is also cited as an important factor pushing the growth of floating covers market growth.
Functional Attributes of Floating Covers Account for Steady Demand
Prominently attributed to their low maintenance design and excellent UV tolerance, floating covers continue to witness stable consumption also due to remarkably low permeability and the ability to provide long-term protection to water bodies against environmental adversities and contaminating agents.
A senior market research analyst at FMI explains, “Superior material strength, lightweight nature, economic price point, and exceptional flexibility collectively account for the ideal attributes of floating covers that push their adoption for a range of applications, including prevention of external contamination as well as odor”. “Rapidly increasing awareness about water conservation and prevention of contamination will continue to provide an impetus to the steadily growing demand for floating covers in coming years,” adds the analyst further.
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Voluminous industrial wastewater quantity is collected and stored on a daily basis, before the actual treatment process. Manufacturers are thus increasingly targeting wastewater treatment plants that hold high potential to generate demand for specific sizes of floating covers on a regular basis.
In addition, food processing facilities, brewing companies, and chemical treatment and manufacturing units continues to register decent consumption of floating covers, according to research.
Biodegradability Is Still a Major Concern
Despite the positive growth outlook projected for floating covers landscape, sustainability remains a major concern for both manufacturers and consumers. Floating covers are generally manufactured from plastic-derived materials and take a longer time period for degradation in the environment.
Moreover, complete biodegradability of the key manufacturing materials used in floating covers is still a debatable issue that continues to attract research interests worldwide. This could remain a limiting factor against the growing demand for floating covers over the foreseeable future, says the report.
The report concludes that among linear low-density polyethylene (LLDPE), high-density polyethylene (HDPE), Polyvinyl Chloride (PVC), and Polypropylene (PP), it is more likely that HDPE will continue to experience a dominant revenue share over others – attributed to high recyclability of the thermoplastic material compared to all others in the list.
Elaborating on the trends that are dictating marketing and product innovation strategies of floating covers manufacturers, the FMI analyst says, “Apart from customized floating covers, a growing trend of modular floating covers is identified to be shaping the market growth in recent years. Application-specific material innovations is also an important factor influencing the adoption of floating covers worldwide. FMI research foresees growing applicability of floating covers in biogas recovery”.
Floating Covers Market Remains a Fragmented Landscape
The global market for floating covers is a highly fragmented landscape wherein smaller companies account for around 95% share of the total market revenue.
Maintaining the focal point on consumer convenience, leading manufacturers of floating covers are strategizing product premiumization with an objective to add value to the existing customer base.
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A majority of companies competing in the floating covers marketplace are also concentrating on regional market expansion, especially across developing economies.
Raven Industries Inc., one of the prominent players operating in the global floating covers landscape, recently inked an agreement to strategically acquire Colorado Lining International with an objective to expand the global outreach. The company more recently launched a new production facility in Texas that enables the company to support end-to-end production of floating covers.
The report on floating covers landscape throws light on in-depth company profiles that help evaluate strategies of competitors, their key offerings, financial status, and recent developments. Some of the profiled players include GSE Environmental, Inc., Cooley Group, Nilex Inc., Royal TenCate, Hexa-Cover A/S, FLI France SAS, Industrial & Environmental Concepts, Inc., Aquatan (Pty) Ltd., and Advanced Water Treatment Technologies, besides Raven Industries Inc.
In-depth regional analysis of the global market for floating covers reveals that owing to steadily growing floating covers demand for agricultural, water treatment, and water storage applications, APAC remains the most attractive regional territory for manufacturers of floating covers.
Moreover, Germany and the US continue to drive floating covers market in developed regions, whereas markets across developing economies across Latin America and MEA are likely to demonstrate a promising outlook for market growth.