Heliyon (Jun 2024)
Evaluating future strategies for sustainable growth of fiberglass composites industry in developing countries: A novel hybrid SWOT-Fuzzy extended PIPRECIA approach
Abstract
The global fiberglass-composite market is expanding tremendously due to its extensive applications in the construction and automotive sector. The progress in low-medium income developing countries is slow. This study explores an exclusive hybrid model of SWOT (strengths, weaknesses, opportunities, and threats) analysis and Fuzzy extended PIPRECIA (pivot pairwise relative criteria importance assessment) to evaluate the strategies for sustainable development of fiberglass composites industry in Pakistan as a representative of low-medium developing countries. SWOT analysis is employed for examining the factors and sub-factors which have been extracted from a real-time industrial survey. While internal and external factors are also critically established to formulate a TOWS matrix comprising nine proposed strategies. Later the preferences as proposed by experts are evaluated by Fuzzy extended PIPRECIA i.e., a MCDM (multi-criteria decision making) model. Finally, SWOT factors, sub-factors and strategic choices are orderly ranked and presented. The results of the study reveal that development of a suitable environment to attract investors for the advancement and growth of the local fiber composites manufacturing industry (WO2 i.e., 0.175) is a most desirable and highly prioritized strategic choice. While maximizing environmental research to reduce environmental impact and better management of resources (WT2 i.e., 0.076) is the least favorable. The application of this exclusively developed MCDM model will provide an insight to the policy makers and assistive in strategic management and sustainable development of composite industry in developing countries. While this model can also be effective for other complex planning and decision-making processes.
