The United States floating covers industry is poised for substantial growth, with a projected valuation of US$ 261.1 million by 2033, showing a steady CAGR of 3.4%. The increasing demand for treated water in the pharmaceutical and beverage sectors, along with the urgent need for demineralized water to support industrial power generation, will drive market expansion. Additionally, the growing requirement for freshwater protection aligns with the rising water usage, presenting new growth opportunities in the country, as highlighted by the University of Michigan’s Center for Sustainable Systems.
The global floating covers market is predicted to register a CAGR of 4.9% over the forecast period, as per FMI’s analysis. The industry’s size is anticipated to increase from US$ 1.1 billion in 2023 to US$ 1.7 billion by 2033 end.
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The rising traction for floating covers in several application segments due to their flexible and simple design, easy installation, and low maintenance requirement is propelling the market growth. In addition to this, an increase in the utilization of floating covers owing to several benefits, including odor management by preventing stored liquid from being evaporated, diluted, or contaminated, is projected to enhance market growth further over the forecast period.
The growing concern over the protection and maintenance of water bodies like ponds and lakes is also boosting the utilization of floating covers. In line with this, the rising pollution levels in urban cities is projected to have a favorable impact on the demand for floating covers. The wide-scale use of floating covers in farming activities, waste-water treatment units, and water-storing plants across the globe is also anticipated to have a positive influence over the forecast period.
The market outlook of floating covers is projected to enhance owing to robust urbanization and escalating demand for technologically advanced products like reinforced PVC consisting of floating covers. Additionally, stern government policies to protect water bodies from ever-increasing pollution is forecasted to extend profitable avenues for the expansion of floating covers businesses.
Key Highlights of the Floating Covers Industry:
- China floating covers industry is projected to lead the global market over the forecast period, as per FMI’s analysis. The market is estimated to attain US$ 353.8 million by 2033, expanding at a CAGR of 6.3% during 2023 to 2033.
- The United States floating covers industry is expected to assume a second-leading position over this decade. The market size of the United States market is projected to stand at US$ 261.1 million by 2033, registering a CAGR of 3.4% over the forecast period. The rising concerns over freshwater protection in the nation is expected to propel market growth.
- Globally as well as regionally, India is predicted to expand at a significant CAGR over the forecast period. The country is assessed to register 7.2% CAGR over the next 10 years and reach US$ 190.5 million by 2033. Rapid urbanization and healthy growth of application segments like agriculture are projected to support market growth.
- In Europe, Germany is projected to have a significant market share in the region. Germany floating covers industry is predicted to attain US$ 81.6 million by 2033, expanding at a CAGR of 2.3%.
- Another country in Europe region, France, is expected to contribute towards regional growth, exhibiting a CAGR of 2.3% over the forthcoming years. France floating covers industry is expected to reach US$ 58.7 million by 2033.
Updates Regarding New Innovations in the Global Floating Covers Market:
- In December 2022, IIT Kanpur supported the start-up Acquafront to launch floating solar grid at Kada Ghat, Kaushambi. The start-up has formulated a next-gen concept “i-Ghat”, which is a futuristic proposition to upgrade the quality of river ghats in India. i-Ghat involves the integration of reinforced-cement concrete (RCC) -based floats with electric-powered boats and solar cells. The project is powered by Steel Integrated Floating Jelly technology to prevent the impact generated by plastic floats.
- In February 2022, Raven Industries Inc. announced that its sub-division Raven Engineered Films has launched DuraCinch™ Strapping System, a strong addition to its line of grain cover solutions. The system is designed to secure grain covers in extreme conditions, providing longer-lasting protection for grain pile storage.
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Market Dynamics
The growth of the global floating covers market is attributed to their wide application and use across various domains. Floating covers are used widely across waste water treatment plants for odour control and also to dissuade wildlife from accessing the ponds. Manufacturers of floating covers are eyeing increased applications and end uses for floating covers, such as algae and methane collection, oil and gas frac lagoons, water storage reservoirs, waste lagoons, and evaporation ponds.
Gradually, manufacturers of floating covers are expected to have higher preference for durable and environment-friendly products, which require little to no maintenance. Growth of the floating covers market is also driven by the need to protect water from evaporation and also to prevent the loss of water treatment chemicals such as chlorine etc. A key trend prevailing in the global floating covers market is the use of various plastic resins other than the traditional ones for enhanced mechanical performance of the floating covers.
A number of case shave been reported regarding the degradation of floating covers when exposed to chlorinated water. Hence, development of floating covers with materials that resist such chemical degradations is expected to bring in new opportunities of growth for the global floating covers market. It is anticipated that gradually, all manufacturers of floating covers will prefer products which do not become saturated or degrade in water, thus facilitating growth of the global floating covers market.
Market Segmentation
By Material Type:
- Linear Low-density Polyethylene (LLDPE)
- High-density Polyethylene (HDPE)
- Polyvinyl Chloride (PVC)
- Polypropylene (PP)
- Others
By Application:
- Mining Storage Ponds
- Agriculture (Slurry, Lagoons)
- Waste Water/Liquid Treatment
- Food Processing & Brewing
- Chemical Treatment
- Utilities & Other
By Region:
- North America
- Western Europe
- Eastern Europe
- Latin America
- Asia Pacific excluding Japan
- Middle East and Africa
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Floating Covers Market: Key players
Some of the key players operating in the global floating covers market are Industrial & Environmental Concepts, Inc., ETP, Inc., Advanced Water Treatment Technologies Inc., Solmax, GSE Environmental, BTL Liners, Albers Alligator, Aeramix, and Pooled Energy.
Author
Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail’s strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.
Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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