The Soil Stabilization Market is estimated at USD 22.09 Billion in 2017, and is projected to reach USD 27.80 Billion by 2022, at a CAGR of 4.70% during the forecast period. The market is driven by factors such as improved quality and properties of soil stabilization materials and urbanization. The use of different soil stabilization additives in the optimum quantities provides numerous benefits to the soil. Rapid urbanization, particularly in the developing regions, is driving the growth of the construction industry, thereby fueling the soil stabilization market growth.
Asia Pacific is estimated to account for the largest share in the global soil stabilization market, in terms of value, in 2016, owing to increasing awareness about soil management practices. With rapid urbanization, the use of soil stabilization has increased; thus, it contributed to the growth in awareness about improved quality and properties of soil stabilization additives. The focus of manufacturers on investments to purchase soil stabilization machines is another factor contributing to the growth of this market in the Asia Pacific region.
The continuous modernization of various additives/stabilizing agents and stabilization machines by the manufacturers in the Asia Pacific region presents several opportunities for the soil stabilization industry. This has also increased the demand for infrastructural development among the industrial and non-agricultural sectors in the region, and further provides opportunities for soil stabilization machine manufacturers in the region.
The South American market is projected to grow at the highest CAGR during the forecast period. The countries covered under the region include Brazil and Argentina. Rising demand for infrastructural development and increasing income levels in emerging economies such as Brazil and Argentina are the key factors that drive the growth of the soil stabilization market. The development and growth of various agricultural sectors drive the demand for soil stabilization in the region.
Key players are Caterpillar (US), AB VOLVO (Sweden), FAYAT (France), WIRTGEN GROUP (Germany), and CARMEUSE (US).