NEWARK, Del, Nov. 02, 2023 (GLOBE NEWSWIRE) -- In 2022, it was estimated that the soil stabilization material market was worth US$ 19,803.30 million. The industry is projected to be valued at US$ 21,123.30 million by the end of 2023. The global market for soil stabilization material is anticipated to garner a 6.60% CAGR over the course of the forecast period, reaching a value of US$ 40,025.23 million by 2033.
Rapid infrastructure development and urbanization are major contributors, as nations engage in constructing structures, roads, and highways that require sturdy foundations made of these materials.
The market is also greatly impacted by the increasing focus on environmental sustainability at the same time. With the rise of global ecological initiatives and legislation, soil stabilizing materials that lessen environmental effect and encourage responsible land use are becoming more and more important.
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Technological developments are also a major factor in the market's expansion. New developments in soil stabilizing materials, like sophisticated polymers and environmentally friendly additives, increase their efficacy and adaptability and offer more sustainable and productive solutions. This complies with strict environmental rules and meets the changing needs of the agriculture and construction industries.
Key Takeaways from the Market Analysis
- Throughout the projected period, the soil stabilization material market in the United States is projected to expand at a 7.80% CAGR.
- The United Kingdom market for soil stabilization materials is estimated to rise at a 5.50% CAGR between 2023 and 2033.
- The soil stabilization material market in Germany will likely increase at a rate of 5.60% CAGR.
- As of 2023, the soil stabilization material market in China is projected to flourish at a CAGR of 7%.
- Throughout the forecast period, the soil stabilization material market in India is anticipated to develop at a rate of 7.10% CAGR.
- By 2023, the minerals and stabilizers category is projected to reach 61.4% of the market share.
- The industrial sector is projected to gain 47% of the global market in 2023.
“The need for ecologically friendly soil stabilization materials is driven by the global trend towards eco-friendly practices as well as reduced environmental impact in building and agriculture,” remarks Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).
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Competitive Landscape
Many important companies are expanding into new markets and forming strategic partnerships. They collaborate with local building firms, authorities, and other pertinent entities to create a presence in regions seeing a surge in infrastructure development. These partnerships improve market position by giving key players in the global soil stabilization materials sector access to new client bases and encouraging information sharing.
Key Developments
- Graymont declared in 2023 that it has signed a deal to buy Compact Energy, a large lime processing facility strategically positioned in Banting, Selangor, Malaysia, near Port Klang, the main container port in the country. The deal is expected to close in the fourth quarter of 2023.
- In 2021, Caterpillar unveiled the RM400 rotary mixer, an enhanced and more advanced model of the RM300 rotary mixer. Numerous new features and enhancements are included, such as 19% greater power, a more sophisticated working environment, and improved mobility. These qualities enable contractors to fulfill stringent requirements in full-depth reclamation as well as soil stabilization applications.
Report Scope
| Attribute | Details | ||
| Projected market value in 2023 | US$ 21,123.30 million | ||
| Projected market value in 2033 | US$ 40,025.23 million | ||
| Forecast CAGR from 2023 to 2033 | 6.60% | ||
| Forecast period | 2023 to 2033 | ||
| Historical period | 2018 to 2022 | ||
| Market analysis | Value in US$ million | ||
| Key regions covered |
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| Key countries profiled |
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| Key market segments |
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| Key companies profiled |
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More Valuable Insights Available
Future Market Insights offers an unbiased analysis of the global soil stabilization material market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the global soil stabilization material market, the market is segmented on the basis of material type (polymers, minerals & stabilizing agents, portland cements), applications (industrial, roads, runways, landfills, non-agriculture) and region (North America, Latin America, Western Europe, Eastern Europe, South Asia and Pacific, East Asia, The Middle East & Africa).
About the Chemicals and Materials Division at Future Market Insights
The chemicals and materials domain at Future Market Insights offers expert analysis, time efficient research, and strategic recommendations with the objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 billion+ data points, the team has been analyzing the market lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts.
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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