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
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
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The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
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The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.