The soil stabilization market is projected to reach USD 27.80 Billion by 2022, from USD 22.09 Billion in 2017, growing at a CAGR of 4.70%. Rapid urbanization and improved quality & properties of soil stabilization materials are some of the major factors that are expected to drive the demand for soil stabilization.
Based on application, the soil stabilization market has been segmented into industrial, non-agriculture, and agriculture. The industrial segment dominated the global market, and this trend is expected to continue through the forecast period. The rising technological advancements in machinery and additives help the industry players grow and capitalize on the existing opportunities. Soil stabilization finds industrial applications in roads, airfields, railroads, embankments, reservoirs, bank protection, canals, dams, and coastal engineering. With the infrastructure development across the globe, innovations are foreseen to drive the market for soil stabilization materials in the coming years.
South America is projected to be the fastest-growing region in the global market during the forecast period, owing to the increase in the usage of soil stabilization in the agricultural as well as industrial sector. The soil stabilization market in South America is in its emerging phase and is experiencing rapid growth. Brazil and Argentina are focused on industrial and agricultural sectors due to the emphasis on transportation and production of crops for export in the global market. The regional market players for soil stabilization is also focused on the reduction of dust control and soil erosion, as it helps to minimize wastage of crop and improve crop yield to meet consumer demand in the international market.
Established infrastructure in developing countries is one of the major factors restraining the growth of the soil stabilization market, globally. Developed countries such as the US, Germany, the UK, and Japan have established infrastructure for public, commercial, and transport sectors. The already-developed infrastructure in these countries presents low prospects for new construction activities.
The key players in global soil stabilization market include Caterpillar (US), AB VOLVO (Sweden), FAYAT (France), WIRTGEN GROUP (Germany), CARMEUSE (US), Global Road Technology (Australia), Soilworks (US), Graymont (Canada), SNF Holding (US), Aggrebind (US), IRRIDAN USA (US), and Altacrete (Canada).
