According to Future Market Insights’ latest market report titled “Floating Covers Market: Global Industry Analysis 2013 – 2017 and Opportunity Assessment 2018 – 2027”, the increasing adoption of floating covers for various applications is expected to escalate the growth of the floating covers market, during the forecast period. Globally, the revenue generated by the floating covers market has been estimated to be around US$850.0 Mn in 2018 and is projected to increase at a CAGR of 4.8% in terms of value during the forecast period.
Floating Covers – Market Definition
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.
Floating Covers – Market Dynamics
The fast-paced growth of the floating covers market is due to their excellent properties. High UV resistance, durability, lightweight, strength, economical nature, and robust yet flexible nature make them ideal for various applications. This factor is likely to fuel the growth of the global floating covers market during the forecast period.
Floating covers are globally used to protect water from evaporation, odour, algae, or any other external contamination. Many users consider floating covers to be the best solution for water prevention. This factor is expected to fuel the size of the global floating covers market during the forecast period. Globally increasing awareness about the storage and protection of water from various water bodies such as, a pond, is foreseen to create a significant demand for floating covers during the forecast period.
The unimaginable quantity of industrial wastewater generated daily needs to be stored properly for treatment. Hence, the extensive use of floating covers for wastewater/liquid treatment is expected to fuel the shaer of the global floating covers market during the forecast period. Also, the significant use of floating covers for chemical treatment, food processing and brewing, utility, and others is expected to push the growth of the global floating covers market during the forecast period.
Regardless of the positive outlook, floating covers take a longer time to biodegrade. The plastic material, mainly linear low-density polyethylene (LLDPE), high-density polyethylene (HDPE), Polyvinyl Chloride (PVC), and Polypropylene (PP) used for the production of floating covers require years to biodegrade, which appears as a major restraint for the floating covers market. When exposed to sunlight, polyethylene chains become fragile and then turn into microscopic granules. Some scientists doubt whether these granules ever decompose fully.
This could also affect marine and terrestrial environments and may pose a risk of infiltration of plastic particles through marine food. Due to this, consumers are becoming more aware of the ill-effects of plastic covers which eventually may hamper the growth of the floating covers market in the near future.
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Global Floating Covers Market –Competition Analysis
Detailed profiles of floating covers manufacturers are also included in the report to evaluate their strategies, key product offerings, financials, and recent developments. The 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 Waste Treatment Technologies, and Aquatan (Pty) Ltd amongothers.
Few of the key developments & trends observed among floating covers manufacturers are:
- Various floating covers manufacturers are channelizing their efforts to strengthen their business across the globe. In order to achieve this, they are following a strategy of acquisition and expansion.
- On 22nd August 2017, Raven Industries Inc. signed an agreement to acquire Colorado Lining International. This transaction involved the paying of approximately US$14 million to Colorado Lining International.
- On 1st March 2017, Raven Industries Inc. announced additional production capacity in Texas. This expansion will help the company to process its raw material into finished containment.
- In order to retain and increase their customer base, floating covers manufacturers are aiming for premiumization of floating covers along with keeping consumer convenience at the epicentre.
In the global floating covers market report, we have discussed individual strategies followed by company profiles. The ‘Competitive Landscape’ section is included in the floating covers market report to provide report audiences with a dashboard view and company share analysis of top manufacturers operating in global floating covers market.
Key Segments Covered in the Global Floating Covers Market
By Material Type
- Linear Low-density Polyethylene (LLDPE)
- High-density Polyethylene (HDPE)
- Polyvinyl Chloride (PVC)
- Polypropylene (PP)
By Application Type
- Mining Storage Ponds
- Agriculture (Slurry, Lagoons)
- Waste Water/Liquid Treatment
- Food Processing & Brewing
- Chemical Treatment
- Utilities & Other
- North America
- Latin America
- Rest of Latin America
- Western Europe
- Rest of Western Europe
- Eastern Europe
- Rest of Eastern Europe
- Australia & New Zealand
- Rest of APAC
- GCC Countries
- South Africa
- North Africa
- Rest of MEA