Soil Stabilization Market Scenario
The global Soil Stabilization Market is expected to register a CAGR of 4.58% from 2019 to 2024 and reach USD 28.18 billion by the end of 2024. Soil stabilization is a process that alters the physical properties of soil through various additives and improves compressibility, durability, strength, and resistance to softening by water. This process is applicable to the building & construction sector. Market Research Future (MRFR) has published a research report about the global Soil Stabilization Market that predicts a surge for this market between 2019 and 2024. Analyzing the market structure, this report evaluates the future growth potential of the market. It analyzes the strategies of the key players in the market and follows the competitive developments such as joint ventures, new product developments, mergers and acquisitions, research and developments (R & D) in the market.
Graymont Limited (Canada), Carmeuse (Belgium), The Low & Bonar Group (UK), Tensar International Corporation (US), Boral Limited (Australia), Adelaide Brighton Cement (Australia), SCR-Sibelco NV (Belgium), Caterpillar Inc. (US), The Volvo Group (Sweden), are some of the key players in the global soil stabilization market.
The Global Soil Stabilization Market has been segmented based on application, stabilizer, technique, and lastly region. The application-based segmentation of this market comprises agricultural, non-agricultural, and industrial. Based on the stabilizer, the market has been segmented into bitumen, fly ash, lime, molasses, polymers, sodium silicate, and others. On the basis of technique, the market has been segmented into chemical, mechanical, and thermal.
The regional segmentation of The Global Soil Stabilization Market segments this market into regional markets namely Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa (MEA). The Asia Pacific held the largest market share in 2017 and during the forecast period, it is expected to emerge as the fastest growing market. This has happened due to rapid industrialization and urbanization in major economies such as China and India. Other factors driving the market growth in this region include growing awareness about soil management techniques, increased income of farmers, and many upcoming infrastructures, road, and hydraulic construction projects in India and China.
The markets in Latin America and the MEA region are estimated to witness substantial growth during the forecast period. In Latin America, the key country-specific markets are Argentina and Brazil, followed by the rest of Latin America. In the MEA region, the common factors hurting the market growth lack of awareness, lack of education, lack of technological development, and political instability. During the forecast period, Kuwait, Iran, and the United Arab Emirates (UAE) are expected to emerge as the biggest markets in this region.
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