New York, Aug. 03, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Turf Protection Global Market Report 2023" - https://www.reportlinker.com/p06479862/?utm_source=GNW
, Nuturf Pty. Ltd., Dow Agro Sciences LLC, Pure Ag LLC., Syngenta AG, AMVAC Chemical Corporation, BASF SE, Bayer AG, and UPL Limited.
The global turf protection market is expected to grow from $6.18 billion in 2022 to $6.52 billion in 2023 at a compound annual growth rate (CAGR) of 5.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The turf protection market is expected to reach $7.81 billion in 2027 at a CAGR of 4.6%.
The turf protection market consists of sales of fungicides, turf colorants, spray pattern indicators, and turf blankets.Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Turf protection refers to flooring materials that are perforated, allowing air, water, and light to saturate the subsurface and protect turf from melting. It is used to protect and improve the appearance of turfgrass by reducing damage.
North America was the largest region in the Turf protection market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in turf protection report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of products in turf protection are stress protection, pest protection chemicals, and scarification.Stress protection refers to a condition that occurs for a variety of reasons, mostly due to hot temperatures and environmental extremes.
The various types of turf protection including mechanical, chemical, and biological, which are used for several applications, such as landscaping, golf, sports, and sod growers.
The increasing focus on sports is expected to propel the growth of the turf protection market going forward.Sport refers to an activity involving physical and mental skills, with a primary focus on the activity and elements of competition or social participation.
Turf protection is primarily used on sports fields or on stadiums as an artificial surface that looks and performs like real grass.It helps drain water away, minimizes required storage space, and prevent from damages.
For instance, in September 2022, according to University Campus of Football Business (UCFB) Limited, a UK-based higher education institution dedicated to the football and sports industry, the sports sector is estimated to be worth a staggering $39 billion in the UK, and between 2022 and 2026, total income is projected to expand at an average annual rate of 9.15 %. Furthermore, in January 2023, according to Sports & Fitness Industry Association, a US-based a trade association, sports participants in US is increased from 67 million in 2020 to 68.3 million in 2021, up 1.8 %. Therefore, the increasing focus on sports is driving the growth of the turf protection market.
Product innovation is a key trend gaining popularity in the turf protection market.Major companies operating in the turf protection market are focused on developing innovative products to strengthen their position in the market.
For instance, in May 2021, BASF SE, a Germany-based chemical company introduced the insecticide Alucion 35 WG, a type of insecticide used for golf courses.This solution helps in controlling a wide range of surface-feeding insects, including nuisance ants, plant-eating ground bugs, caterpillars, and yearly bluegrass beetles.
Alucion 35 WG insecticide is the only pyrethroid-containing insecticide for golf courses with a non-restricted use label and is anchored in an excellent formulation for easy mixing and handling to deliver healthy greens and uninterrupted play.
In April 2021, Signature Systems Group LLC., a US-based manufacturer and distributor of innovative composite matting solutions acquired Matrax LLC. for an undisclosed amount. With this acquisition, Signature Systems Group LLC. hopes to expand its product line, significantly diversify its clientele and end markets, and accelerate its product service platform to a global level. Matrax LLC. is a US-based manufacturer of high-density, light-duty plastic mats that offer turf protection and ground protection.
The countries covered in the turf protection market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The turf protection market research report is one of a series of new reports that provides turf protection market statistics, including turf protection industry global market size, regional shares, competitors with a turf protection market share, detailed turf protection market segments, market trends and opportunities, and any further data you may need to thrive in the turf protection industry. This turf protection market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06479862/?utm_source=GNW
About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
__________________________
