Cold Patch Market: Introduction
- Presence of water in cracks or potholes softens the pavement base and results in the loss of support on the pavement surface. This loss causes asphalt breakup and material loss, thus leaving the pavement structure susceptible to deterioration. Therefore, pavement maintenance has become a cost-effective way of increasing the life of the pavement infrastructure system. This, in turn, has led to an increase in use of pavement maintenance materials, such as cold patch, to fill the potholes.
- Cold patch is also called cold mix asphalt and is made of a quarter-inch chip and a proprietary oil. Proprietary oil helps in keeping the asphalt soft and thus, repel water. It is mainly used for the maintenance and rehabilitation of pavement infrastructure, which includes repairing of potholes, water/sewer cuts, overlay, and bad spots. The technique helps in decreasing the damage and preventing the pavement from costly renovation or reconstruction. In addition, cold patching also increases user and vehicle safety.
- Repairing a pothole can prove to be expensive and time-consuming process. Cold patch can considerably reduce the repairing time and cost, as cold patches are ready-to-use. This is expected to drive the cold patch market in the near future.
- Cold patch is a cost-effective solution over hot patch as these does not require special equipment’s for the production of hot patch. In addition, cold patch does not demand superheating and slow cooling, which is commonly used during the production of hot patch.
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Key Drivers of Cold Patch Market
- Changing climatic conditions worldwide has led to the rise in the number of natural calamities, such as floods, etc. This causes severe destruction of government infrastructure, including pavements, thus demanding their repair. This factor is expected to drive the cold patch market, as these are commonly used in the winter season. Moreover, cold patches help in improving the life span of the pavement and reduce deterioration, thereby avoiding costly repairs.
- Cold patches is prominently used in various applications, such as water/sewer cuts, overlay, potholes, and others
Expansion of Construction Sector to offer Lucrative Opportunities
- Increase in investments, government initiatives, and economic growth in developing and developed economies are projected to drive the construction industry in the near future. In addition, increasing population, technological advancements in the construction sector, and rapid urbanization in developing countries are anticipated to boost the construction of highways, streets, and bridges in developing countries, such as India, China, etc.
- Rise in the number of vehicles on roads has led to traffic congestions, thus fueling the need and construction of highways, streets, and bridges. Furthermore, in order to improve connectivity to rural areas, new streets are being constructed. This is expected to require reconstruction of pavements in the near future, thus boosting the cold patch market.
Availability of Substitutes and Fluctuation in Raw Material Prices to Hamper Market
- Cold patch is made of bitumen, a product of oil refining process. As it is made of bitumen, it is prone to volatility in commodity prices. This is likely to be a major challenge for the cold patch market, which results in low investments in cold patch related projects.
- This has led to the increase in the production of eco-friendly cold patch, such as GreenPatch. It is a high performance cold patch, which is designed for repairing and maintaining roadways. GreenPatch contains more than recycled materials; it emits zero toxic VOCs, and does not produce any hydrocarbons.
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North America to Hold Major Share of Global Cold Patch Market
- In terms of region, the global cold patch market can be split into five regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- In tropical and northern climates, particularly in North America, heavy rainfall and snowfall result in the development of cracks and potholes in roads and pavements. This is projected to drive the market for cold patch in the region.
Key Players Operating in Global Cold Patch Market
The cold patch market is moderately concentrated with few manufacturers accounting for a major share of the market. Some of the key players operating in the global cold patch market include:
- Ergon Asphalt & Emulsions, Inc.
- EZ Street Company
- Fulton Hogan
- Tiki Tar Industries India Limited
- Material Resources
Global Cold Patch Market: Research Scope
Global Cold Patch Market, by Application
- Water/Sewer Cuts
- Overlay Patching
- Pothole Patching
- Others (Bad Spot Patching, etc.)
Global Cold Patch Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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