According to Market Research Future (MRFR), the global pervious pavement market would garner a significant growth by 2022, registering an impressive CAGR throughout the forecast period (2016 to 2022). Pervious pavement, sometimes also referred as permeable pavement or porous concrete, offers an alternative paving surface with a high porosity that allows stormwater to pass through voids into the ground below. The idea of permeable pavements basically proposes reducing floods, raising water tables, and replenishing aquifers. It focuses on tackling the increasing concerns of flooding in urban areas and controlling the stormwater run-off.
It is extensively used in structures such as driveways, sidewalks, commercial & multi-acre spaces, parking lots, and low-traffic streets. Due to its high porosity, this pavement type is often considered as durability compromised. However, it is still used in a large number of applications that have grown drastically over recent years. Pervious pavement makes an ideal choice for developing green parking lots, rain gardens, solar covers, and other creative elements.
Choosing permeable pavement for landscaping has a tremendous impact on the environment. Over the past few years, an increasing number of rain harvesting projects are escalating the demand and market size of pervious pavement, constantly.
Additional factors that are influencing the growth of the market include increasing application areas, such as residential roads, low-volume pavements, low-water bridges, well linings, walls (including load-bearing walls), patios, and swimming pool decks, among others. Rising demand from commercial, residential, and public infrastructure, worldwide, propels the growth of the Pervious Pavement Market. Moreover, the modern construction industry, alongside, the growing environmental concerns such as the depletion of groundwater level and stormwater management foster the market growth.
On the flipside, the volatility of prices and the demand-supply gap in raw materials required for this type of pavement are some of the factors hampering the growth of the market. Nevertheless, some of the unique advantages that the pervious pavement offers, such as reduced costs of total construction due to the reduced need for road salt and conventional drainage features would brilliantly support the market growth.
Pervious Pavement Market – Segments
The report segments the market into four key dynamics to widen the scope of understanding,
By Material: Pervious Concrete, Porous Asphalt, and Interlocking Concrete Pavers, among others.
By Design: Structural and Hydrological, among others.
By Application: Floors and Hardscape, among others.
By Regions: Asia Pacific, North America, Europe, and the Rest-of-the-World.
Pervious Pavement Market – Geographical Analysis
The European region dominates the global pervious pavement market. Substantial investments are made in the increasing number of infrastructure redevelopment projects by public and private organizations, which, as a result, drive the regional market. However, due to the reduction in construction demand and sub-performing economic conditions, the pervious pavement market in this region is expected to grow comparatively at a slower rate throughout the forecast period.
These situations would favor the North American region, to take the lead in the global pervious pavement market over the assessment period. In 2015, North America pervious pavement market had accounted for the second largest share, globally. The US market, backed by the rising construction and rebuilding projects, contribute to the growth of the regional market, majorly.
Furthermore, increasing infrastructure development projects in the region, led by huge investments, impact the growth of the regional market, positively. Augmenting demand from the residential construction sector alongside, the presence of innovative manufactures and a high number of end-use industries pushes up the regional market growth. Besides, an increasing number of pervious pavement installations in parking lots and commercial areas are propelling the growth of the regional market.
The Asia Pacific pervious paving market is emerging as a lucrative, globally. Rapidly developing economy in the region is fueling the already flourishing modern construction sector. Besides, the brisk urbanization, investment in infrastructure, and government support are some of the factors would create a massive demand in the market. The latest trend of rain harvesting is supporting market growth, generating a significant amount of demand for the pavement.
Pervious Pavement Market – Competitive Landscape
Highly competitive, the global pervious pavement market appears to be fragmented with many large and small-scale players alongside the new entrants forming a competitive landscape in the market. Matured players increasingly focus on maximizing their market share while new entrants find it difficult to compete with them in terms of technology and overall bandwidth. To gain a competitive advantage in this market, innovation, mergers & acquisitions, and brand reinforcement remain the key trends for the leading players.